So, I wonder, is the gold price past its lows? Are we in a new stealth bull market already, but no one has noticed? Time will tell, but like many of you reading this who have bought more gold recently, I reckon the past 2 years will turn out to have been one of the great buying opportunities we shall ever see for any asset class during our lifetimes.

If the long-term interest rate and inflation cycles turn in due course (next year or two, after a deflationary scare), then another gold-related asset (its miners) could also be set for a spectacular 20 years or so. Have a look at this long-term Barron's Gold Mining Index chart, which I have split into (fairly rough) sections.