| Yes it is. And here is why from Citi exploring all of the themes that I have used myself: It is difficult to avoid concluding, when looking at charts of oil, iron ore or the GSCI commodity index, that we are in a commodity bear market. There are myriad definitions of what constitutes a commodity bear market but one can usually only announce a bear market with certainty when it is already half-completed.
The two charts of gold and silver below show the 21-year uptrend in the 2-year moving average of each of those commodities. The fairly recent downturn implies that an entirely new ‘post-Supercycle’ phase lies ahead of us. It therefore seems easy to define gold and silver as being in a bear market right now and yet the 2-year moving average of the base metal index looks very similar...............................................Full Article: Source
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