Editor's note: Originally published at tsi-blog.com on December 10, 2019.
[This blog post is an excerpt from a recent TSI commentary]
During a gold bull market, the "true fundamentals", as indicated by our Gold True Fundamentals Model (GTFM), will be bullish most of the time. However, even during a bear market, there can be periods of a year or longer when the fundamental backdrop is bullish most of the time. This means that the GTFM can't be used to determine whether gold's long-term trend is bullish or bearish. The historical sample size is small, but