🥇 Gold Just Pulled Back 13% from $5,589 — Bull Market Top, or the Buy-the-Dip of the Decade?
Everyone called the top in January when gold ripped to $5,589/oz. Now we're trading in the $4,500–$4,600 zone and the "I told you so" crowd is loud. But here's what they're missing.
The macro thesis didn't break — it strengthened. Inflation just printed 3.8%, the Fed is pricing in at least two rate cuts this year, central banks (especially BRICS) are still net buyers at a record pace, and global debt-to-GDP is at war-time levels. Goldman Sachs literally raised their year-end target to $5,400/oz during this pullback. That's not a bear's behavior — that's accumulation.
So is this a peak? Historically, gold bull markets don't end with -13% corrections — they end with euphoric blow-off tops, retail flooding in, and silver finally outperforming. None of that has happened yet. Your barber isn't asking you about gold ETFs. That alone tells me we're mid-cycle, not late-cycle.
My playbook: treat $4,400–$4,500 as the buy zone, scale in, and pair it with
$BTC . Gold = monetary insurance for the boomers,
$BTC = monetary insurance for millennials. Both are bets against the same thing — fiat debasement. In a world printing trillions, owning neither is the riskiest position of all.
Pullbacks in bull markets feel like tops. Tops feel like pullbacks. Don't confuse the two.
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