"Gold has now fallen below $4,000 an ounce for the first time since November 2025, and suddenly everyone is proclaiming the bull market is dead. (...)

Expectations for tighter monetary policy under Kevin Warsh, a stronger U.S. dollar, and reduced fears of an immediate Middle East escalation combined to create the perfect environment for a sharp liquidation. (...)

What most analysts continue to miss is that a correction does not automatically signal the end of a secular bull market. The sovereign debt crisis has not disappeared. Europe’s financial problems have not been solved. Governments everywhere continue borrowing at unsustainable levels while geopolitical tensions remain elevated. Capital moves in waves, and violent corrections are a normal feature of every major bull market. During periods of international uncertainty, it is entirely possible for both gold and the U.S. dollar to strengthen together as capital flees political instability and sovereign debt risk around the world. Those who mistake a cyclical correction for the end of the trend usually discover they sold at exactly the wrong time."

https://www.armstrongeconomics.com/armstrongeconomics101/ecm-armstrongeconomics101/the-...