>>23431244>The late 70s/early 80s bullrun was only like two years between bottom and top I think?The bull run was way more than two years. In the US, the entirety of the 1970s was one of high inflation and gold did quite well although there were severe corrections. In the final blowoff top of the secular PMs bull market, gold bullion more than triple in price. At the top, Federal Reserve chairman Paul Volcker dropped the hammer on inflation by jacking the Fed funds rate to something like 20% while also doing other things to reduce money supply
PMs never recovered their highs after that point but inflation was so bad and so persistent throughout the 1970s that people had something of a reflexive memory to buy dips or behave as if they were in a high inflation environment. This caused Volcker to spike the Fed funds rate again in 1982, inducing yet another recession, to finally drive a stake in the heart of inflation.
Bond yields and gold prices essentially ground down continuously, with spikes here and there, until 2000. The bond bull market would have been over if not for the housing bubble and the subsequent response to the 2008 financial crisis whereby the Fed manipulated bond yields lower. All it cost was about $20 trillion.
My feeling is that we're maybe at the halfway point in this PMs bull market cycle. There may be much more runway depending on how badly the Fed continues to run errant, failed monetary policy.
