The almost constant predictions of either new record high gold prices or bottoms have been a constant source of wonder since 2011.

It now appears we're facing another moment where both true believers in gold and the people who love to sell them the shiny yellow metal will believe (or perhaps not the ones urging the purchase of gold) once more that the long awaited gold bull market has begun.

However, with history as our guide, this will more than likely be just one more in a long series of calls for the gold market bottom.

In 1982, gold had been in a multi-year decline following the 1980 top. It hit a bottom of $294.70 in June. In December of that same year the Quantitative Qualitative Estimation (QQE) indicator gave a buy signal. Gold then continued to move higher until it peaked in February 1983 at $514.00. It would take until December of 2005 before the gold price rose above $514.00 again.

So, here is a current chart of the gold price and, like December of 1982, the QQE indicator has given a buy signal.

In December, the gold price saw a pivot low of $1,046.20. The QQE indicator gave a buy signal in January 2016. Like 1982, this is the first buy signal from the QQE indicator after a significant and protracted decline in price. Without a doubt it has been, and may continue to be, an impressive run higher for gold. But, does it represent the market bottom? Chances are this is a last gasp of the gold price higher before it makes its way towards a final low.

Is it going to take gold twenty plus years to break whatever pivot high price is established by the current move higher? It's hard to say at this point. Much will depend on what pivot (or interim if you will) price high gold establishes. Then we'll have to see what price gold establishes as the market bottom. Once those things are in place we'll have a clearer idea of the resistance levels gold will face to move higher.

Bottom Line: Despite what the people who have a vested interest in you purchasing gold may say, the current move higher in the price is likely a final bounce higher before a market bottom is eventually put in place. The gold salesman have been consistently wrong calling for new highs and new market bottoms for years and they're more than likely going to be proven wrong again. If you are patient, you'll likely be rewarded with an even lower gold price so long as you don't listen to the biased advice of those who have been consistently wrong since 2011.