When profound developments are broadly ignored in a major field of investment, the lack of general interest confirms that the broad secular trend remains in its very early stages.
I addressed this topic in more detail on November 2, 2007, the day that gold moved above $800 for the first time in 27 years. The event hardly registered as a blip in national and international news coverage.
Today, a development far more profound than that of November 2, 2007 has occurred. Gold has registered its highest nominal value in history.
As I have written previously, "Gold did trade briefly at $887.50 on January 21, 1980 before collapsing in the 21-year bear market that took it to its dismal February 20, 2001 low at $255.00."
About three hours ago, the price of gold surged above $891.00 US dollars per ounce.
How have the media covered this groundbreaking event, for which gold investors have waited 28 years?
My primary reference is Yahoo.com. "Top stories," "world headlines" and "full coverage" make no mention of the story. OK, how about the business headlines?
Well Reuters Business has stories covering developments at Bear Stearns, Ford, AT&T and Countrywide Financial. But the gold story is not on the radar. You've got it.... An all-time record-high gold price is not even business news!
The good news, I suppose, is that the story registered on Reuters Canadian Business with two headlines: "Gold prices hit all-time record over US$875 an ounce amid rising oil prices" and "Gold company shares have room to grow as gold hits record, analysts say."
However, my guess is that mainstream Canadians, not to mention mainstream Americans, remain entirely unaware of this very significant story
The time will come when everyone will speak of the price of gold, but now is not that time.
When that time does come, the price of gold will be measured in the thousands of dollars.