The Financial Post reports in its Wednesday, Feb. 4, edition that never before have the spot prices of gold and silver deviated so sharply from their moving averages in a bull market. The Post's guest columnist David Rosenberg writes that gold can pull back all the way to $3,800 per ounce and silver to $50 per ounce, and none of the fundamental secular trend lines would be violated. The long-term bullish outlook for gold, however, remains unchanged. We are still in the early stages, and there is potential for gold to peak at $12,000 per ounce. The principal demand driver is, has been and will remain the world's central banks. That is the primary reason why gold demand exceeds its supply every year. Central bank net purchasing is 1,000 tonnes annually with very little deviation from one year to the next. This primary reliable source of demand is not going away any time soon. Gold is also almost perfectly inversely correlated with the U.S. dollar, which is on the precipice of morphing from a correction to a full-on bear market. It is already down more than 10 per cent from the 2025 peak, and the pattern shows another 15 per cent to go. If that happens, we are clearing $6,000 per ounce on the gold price.