Gold and Silver Pull Back — Smart Money Buys When Others Wait 
Gold is making headlines again. Prices have surged to all-time highs, yet if history is any guide, this bull market may be far from over. In fact, comparing today’s gold rally to the explosive run of the 1970s suggests we could still be in the early innings of a powerful move.
Mike Maloney and Alan Hibbard recently broke this down on The GoldSilver Show, where they distilled the 400-page “In Gold We Trust” report by Incrementum into the must-see charts every investor should know. Their conclusion? Gold could still have much further to run — possibly to levels that seem unthinkable today.
Let’s explore the key takeaways.
Fewer All-Time Highs Than the 1970s: Bull Market Still Young
One chart in the In Gold We Trust report tracks the number of all-time highs in each gold bull market since 1970. In the 1970s, gold recorded 209 all-time highs. By comparison, the current bull market has just 76 so far.
That suggests gold’s bull market has only just begun. As Maloney notes, the global economy is far weaker today than in the 1970s, and very few investors actually own gold. Fear-driven monetary demand hasn’t even kicked in yet. When it does, the upside could be dramatic.
“At the end of the 1970s bull market, gold doubled in just 42 days. That vertical move hasn’t happened yet today, but history suggests it likely will.” – Alan Hibbard
Gold Moves Differently Than Stocks
Investors often make the mistake of applying stock market dynamics to gold. Equities tend to peak early, with smaller and smaller gains until they level off.
Gold is the opposite. Precious metals usually start with small, gradual moves, then medium-sized ones, and finally finish in an explosive crescendo. That final stage is where fortunes are made — and it hasn’t happened yet in the 2020s bull market.
Divergence: ETFs Stalled, But Asia and Central Banks Are Driving Demand
One of the most striking dynamics today is the divergence between Western ETF flows and Eastern + central bank demand:
- Gold ETFs in the West have plateaued or declined in recent years.
- Yet Asian buyers (China & India), along with record-setting central bank purchases, have continued absorbing supply.
This demand is creating a firm floor under gold prices. Central banks, especially after the global financial crisis and COVID, have been net buyers since 2015 — a massive structural shift in the gold market.
Potential for a New Monetary System
Perhaps the most compelling development is the renewed talk of a global monetary reset. U.S. Treasury Secretary Scott Bessant has even suggested that a “new Bretton Woods” could be on the horizon — one that may involve gold.
If gold were revalued to back just U.S. currency in circulation, it could imply a price of ~$10,000 per ounce. More extreme scenarios — covering broader money supply measures — point to even higher levels.
“If they move to a gold-backed system, it can’t happen at today’s prices. It has to be far higher—possibly $10,000 an ounce or more.” – Mike Maloney
Lessons From the 1970s Bull Run
The parallels with the 1970s are striking:
- Early disbelief: Economists then thought gold couldn’t rise after it was demonetized — just as skeptics today dismiss $10,000 gold.
- Fear vs. Greed: In the ’70s, gold’s final surge was driven by panic buying, not gradual accumulation.
- Explosive finale: Gold doubled in price in just 42 days at the end of that bull run.
If history rhymes, today’s bull market could be headed for a similar vertical move.
What This Means for Investors
With inflation, debt, and geopolitical tensions mounting, the case for gold has never been stronger. Yet many retail investors remain on the sidelines — while central banks and Eastern buyers quietly accumulate.
As Maloney puts it:
“It’s better to be a year early than a minute too late.”
If a monetary reset or crisis triggers a revaluation, the price of gold could move sharply higher, leaving unprepared investors behind.
Final Thoughts
Gold is more than just a commodity — it’s a monetary asset, a safe haven, and possibly the cornerstone of the next financial system.
- The current bull market still has far fewer all-time highs than the 1970s, suggesting much more room to run.
- Unlike stocks, gold usually ends bull runs in a parabolic spike — a move we haven’t seen yet.
- Central banks and Asia are driving demand, even as Western ETFs stagnate.
- A new gold-linked monetary system could propel prices toward $10,000/oz.
History suggests we may be standing on the edge of something extraordinary. The only question is: Will you be prepared when gold makes its final explosive move?
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