Gold Bull Market Moves Up to Phase Three

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Since September, gold has gained more than 20% (avg. 4.0% per month): steep gains indeed.

With the financial system crisis looming around the world, the gold bull market is starting to enter into its third phase...The first phase began in 2001 and continued for 54 months with gold gaining 100% (avg. 1.85% per month). The second phase began in 2005, lasted for 24 months with gold gaining 60% (avg. 2.5% per month).

The third phase is the most impressive yet. Its start coincided with the widespread recognition of a crisis in the western financial system, further exacerbated by the slowdown in the economy. It is difficult to predict the slope of the third phase, but the first few months have been promising. Since September, gold has gained more than 20% (avg. 4.0% per month): steep gains indeed. The length of Phase Three, we think, will at least rival that of Phase Two - 24 months or more.

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