In an interview with Sprott Money News, Ed Steer, director of the Gold Anti-Trust Action Committee and market analyst at Casey Research, responded to a question on when the next leg up in the gold and silver bull markets will occur by stating that he expects the next run in the bull market “anytime.”
But as far as the next run in the bull market is concerned, I’m expecting it anytime, because we, this big $120 price drop, or whatever it was, in the last month or so of trading was all paper on the COMEX. Nothing really happened in the physical market to warrant a sell-off of that proportion. But as you said in your question, the usual suspects can do pretty much what they want in the paper market. Of course, what happens in the COMEX’s futures market directly affects the price.
So I think that, as far as I’m concerned, we’re getting very close to the bottom of this move down, and I’m expecting the next move up to be certainly within the next few weeks or months, rather than having to wait another year or so. I don’t think that’s in the cards at all.