bull market

They note that it’s more than just a coincidence that many major U.S. bear markets occur after a bull market has lasted about one generation.

But investors are likely looking ahead to December, a seasonally strong month that could reset the current bull market heading into 2026.

That may sound high, given how far and how fast the bull market has already come, but Reid notes that the bank has a strong record in this area over the past decade.

The data also point to a broadening participation in a consensus gold bull market, says the brokerage’s Daniel Ghali in a research report.

Still, small-cap stocks had been struggling to keep up since the bull market began three years ago, especially when compared with their larger peers.