All-Currency Bear Market in Gold is Over

The clear sign of a bull or bear market is that it is visible in nearly all currencies.

Here's gold priced in Australian dollars. If gold were to rally back to January levels ($1300) with no change in the AUDUSD exchange rate, it would break the 2011 high.

If the same scenario plays out in Canadian dollars, a new 52-week high will be made.

A similar rally would push gold near recent highs in the euro and yen.

The weakest chart is in dollars.

Gold recently made a new low in dollars and this trend is being driven by currency weakness more than strength in gold. If currencies continue to weaken, the rise in gold needed to trigger a breakout will fall. I expect overseas investment demand to move higher in the coming months.