I said, around that time, that we would go through a lengthy correction and congestion period, which we have done. We went from high optimism in the gold market to pessimism. Actually, the sentiment numbers you see in the gold market today are about as depressed as when gold declined in 2008 from over $1,000 to $700.
Corrections are to improve the technical situation of a market, and you go from high optimism to deep pessimism. That’s what has happened in the gold market ... They (various countries) constantly debase the currency which is bullish for the gold price. Therefore, the fundamentals remain fully intact for gold.
What was lacked was the improved technical situation of the gold market, and I think we are in the later stages of this cyclical correction. Probably this will end some time in the next two months or so, and then we will rally again and go to new (all-time) highs.”
- Felix Zulauf via a recent King World News interview, read the full interview here: