We initially turned bullish on gold following the 9/11 attack on the World Trade Center — and soon after made the forecast for a super bull market for both bullion and gold stocks, recalls Alan Newman, editor of CrossCurrents.

For thousands of years, gold has been currency. Before paper money, there was gold. Paper can be easily destroyed, gold cannot.

What about Bitcoin? There are now 1,565 virtual currencies. Anyone can create a cryptocurrency and it is incredibly difficult to legitimize them when the weird and bizarre begin to appear looking suspiciously akin to public offerings during the South Sea Bubble.

Gold remains about as fundamental as it can get. As former Federal Reserve Chairman Alan Greenspan opined just last year, speaking to the World Gold Council, "I view gold as the primary global currency."

We surmise gold is still in a bull market since pricing it only in dollars seems counterproductive. Priced in Euros and the Yen, gold has consolidated from the big correction quite well and appears to be in a rising trend.

And priced in Yen, gold is actually only a few percent from making a new all time high. We peg resistance at $1395 per ounce. If gold can rally past that point, we will assume the super bull market has resumed.

In the meantime, we favor a slow accumulation of gold shares, and our favorite remains Newmont Mining (NEM). We also favor IAMGOLD (IAG) with the caveat that IAG is a speculative issue. Chartwise, both Royal Gold Inc. (RGLDF) and Goldcorp (GG) look promising.

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