Gold: The beginning of a secular bull market to US$1,920

THE bull run on gold is only taking a breather for now. There has been an aggressive sell-off in gold in the past few weeks due to the new hawkish language from the Fed over plans to unwind its balance sheet reduction.

We are unfazed by this. The tightening of the Fed's monetary policy should not hinder the current secular uptrend in the long run.

Gold follows a long-term cycle of approximately every eight years. It forms a cyclical …