That's right: in the most power-packed bull run ever witnessed in the gold market, gold managed new highs only 20 days out of each 100! And that was, as far as we know, without having to contend with the Cabalistic antics we "moderns" have suffered!
This fact shocked me. To illustrate with one quick example from those days: gold set a new high for the move on November 15, 1976 at $138.85 per ounce (all prices using the London PM fix). From that day, gold traded lower the remainder of the year and for more than three months total, failing to reach a new high until it hit $139.15 on February 23, 1977!!!
This brings to mind a favorite saying of one of the world-class traders of all-time, Jesse Livermore, who used to confidently proclaim: "Be right; sit tight!"
In the investment game, as in most other walks of life, patience prospers...