Gold Price Has Yet to Capitulate! Below is a standard chart that's relevant to all bubbles, the question is what phase is gold going through on the chart? Obviously gold is past it's "mania phase" of $1900 and yet to capitulate in price. Capitulation for the gold price in the 1980's was a 66% drop from it's 1980 high of $860. A 66% drop from $1900 gold would be $627, so the gold price has yet to experience a full on capitulation. Mining shares had their capitulation obviously as mismanagement forced the industry to it's knees as big write-drowns occurred, thus forcing them to develop the method of reporting an AISC to ensure investors that their projects are feasible. AlSC for the big producers is now between $500-$$900/oz and thus they can now weather a capitulation to $627 with a high of $860 for a couple of years till a new gold bull forms in 2019. The Comex is getting primed to capitulate the gold price ;)