Back on February 11th (known for the rest of my life as The Day I Should Have Covered Everything), gold did something very important: it jumped above a channel that had been confining its price action for literally years. I’ve circled the descending trendline which constitute the upper boundary of that channel. Gold, represented here by way of GLD, “escaped” its downtrend.

It turns out that was a pretty big deal, because it affirmed something which now seems clear: gold started a new bull market at the end of 2015. I suspect much, much higher prices ultimately lay ahead.