You will notice that during the two parts (70 to 75 and then 76 to 80) of the gold bull market, industrial production turned down significantly. Also, note that the downturn occured towards the end of those gold rallies and, in the case of the second one, continued until after the end of the gold rally.We are on a downward economic activity trend, and this should accelerate and continue until debt levels are acceptable for a new economic boom. I believe this will take at least 10 years.
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