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This is typical behaviour of any asset and not confined to gold. In real terms Japanese equity indices are 27 years into a bear market, Italian equity indices 17 years, US Treasuries went 40 years without a real return from 1940–1980, US stocks produced 0 real returns for 20 years between 1929–1949. That’s THE reason we should diversify. So long as the drawdowns don’t all occur at the same time one should theoretically be able to tolerate them.

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