There is nothing new in Wall Street," as Jesse Livermore, the famous US speculator from the start of the 20th century is quoted in Reminiscences of a Stock Operator. "There can't be anything new, because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again."

The same is true in the metals and Gold Market. Each market invariably goes through different phases of a bull, starting with bottom...then accumulation, rise, mania, rolling over, crash, sucker's rallies, and finally the whole process starting over again.

People can attribute various reasons along the way for the rise and crash. The fact is, however, that price patterns are repetitive and can be observed time and again.