International gold is down about 30% from January's record high. Li Xunlei, vice
chairman of the China Chief Economist Forum, said gold's long-term pattern is
characterized by extended bear periods and shorter bull runs. Since 1971 roughly
30 years were bears and 25 years bulls; each historic bull delivered more than
5x gains and typically lasted about 10 years. The current bull has risen roughly
3x and is approaching a 10-year duration, so market participants should remain
cautious.
