The gold panic naturally spawned fears about gold’s secular bull being over. This is a typical emotional response to an extreme selling event. But gold’s bull won’t end untilglobal gold supply growth finally exceeds demand growth. That is likely years away.Mined supply is still barely rising, up just 5.5%(in total, not annualized) between 2001 and 2012 despite gold’s average annual price soaring 513.2% higher over that span! American investors’ portfolios have remained woefully underallocated to gold through-out its entire bull. The market capitalization of the flagship GLD gold ETF compared to that of the S&P 500 has merely hovered near 0.4% to 0.6% at best in this gold bull. So investment demand remains far from exhausted. I suspect gold’s bull won’t peakbefore gold is popular enough to see this GLD-to-SPX ratio grow 10xto 5.0%. In this world where central banks are inflating like mad, growing money supplies at constanthigh-single-digit rates, lots more paper money will be chasing relatively less gold.