RE:Where's the Bottom?Gold is the ultimate fear trade. And fear takes a while manifest and to fade. People think of the immediate past and extrapolate it into the future. In the 70s there was stagflation. It caused a lot of fear about the future. I remember many people talking of closing their businesses and buying a farm to escape the coming calamity. Uncertainty about the future = fear = gold goes to 850. Again in 2012/13, there were a lot of ominous predictions regarding the consequences of the great financial crisis. Everyone was expecting an apocalypse from all the money printing and the devastating effects of the crisis were still evident even though a couple of years had passed. Uncertainty about the future = fear = gold goes to 1900. 2020 the pandemic caused great uncertainty about the future. Again gold goes to 2100. But after the mid 80s there was great prosperity. After 2013 there was great prosperity. Now again we are seeing unemoyment in the US hitting a 52 year low according to a recent report. People don't rush to buy gold when there is full employment and businesses are expanding....no one fears the future in such a case. In my opinion the bull run in the gold miners of late 2020 is over. What happens next is anyone's guess. We could see them slide back to 2015 levels. We could see gold back to 1200. But there is a bit of truth to the saying it's different this time. US debt to gdp at %125. Yes it is different this time. But how it plays out I don't know.