Cast your mind back over the last two years and find me a cleaner trend than gold. It started 2025 down around twenty six hundred dollars an ounce. By the start of this year it had torn through three thousand, four thousand, five thousand, and printed a record above fifty five hundred. Central banks bought it by the hundreds of tonnes. Money poured into it at a record pace. It was, without much competition, the defining trend of the era.
And most people watched the whole thing from the sidelines. Do you know why? Because at every level on the way up, somebody was there to tell them it was too high to buy. At three thousand it had come too far. At four thousand it was overdue for a crash. At five thousand it was obviously a bubble. Each of those voices sounded reasonable. Each of them missed one of the greatest runs in the history of the metal.
Here is the trap, and it catches almost everyone. “Too high” is not analysis. It is a feeling. It is the discomfort of buying something that has already gone up a lot, dressed up to sound like caution. The market does not owe you a comfortable entry. Trends go further than anyone thinks possible, for longer than anyone thinks reasonable, precisely because so many people refuse to get on board at levels that feel too high.
Gold makes this clear because gold has nothing to anchor to. No earnings. No price to earnings ratio. No cash flow to discount. You cannot calculate what it is worth and wait for a discount, because there is no worth to calculate. There is only price and the direction it is moving. That drives the value crowd out of their minds, and it is why they stood aside while the trend ran without them.
The trend follower had no such problem. He did not need to know why gold was rising. Central bank buying, currency fears, war, debt, none of it mattered to him. Price broke out, he got long. Price kept climbing, he stayed long and added, and he never once decided on his own that it had gone far enough. He let the trend tell him when it was over, not his gut, not a headline, not a round number that felt scary. Leaving the upside uncapped is how you catch a move like this, and it is the discipline we build inside the Trend Following Mastery course.
So take this into your own trading. Strike the phrase “it’s too high to buy” from your vocabulary and replace it with a better question. Is it trending, and am I managing my risk? If a market is trending and your risk is defined, the fact that it already ran is not a reason to stay out. It is the whole point. You do not get paid for buying what feels cheap. You get paid for following what is moving.
P.S. Following strength instead of hunting for cheap is a skill you can learn. The Trend Following Mastery course teaches you to enter on the trend, manage risk, and leave the upside open, and the Bull, Bear & Black Swan Report keeps that thinking in front of you every month. If you’d like a purchase link for the Report, just email us at [email protected].
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Source: Japanese government bond yields at multi-decade highs, July 2026, as reported by Reuters and Bloomberg.
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