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Written by: Joe Foster Over the past few weeks, we have received questions about whether gold or gold stocks are the best way to access the current bull market so we thought it would be helpful to review how this bull market compares with those of the past.Bull markets can be classified as either secular (long term) or cyclical (bull phases within an overall bear market). Before its $1,400 per ounce breakout in June, gold appeared to be tracking, on a technical basis, similar to its 36-month cyclical bull market from 1993 to 1996. However, its current $1,500 price level hints at a potentially longer, sustained rally—perhaps more similar to the secular gold bull market of 2001 to 2008. 
Gold stocks, on average, have historically outperformed gold during gold bull market cycles in the past—including through both cyclical and secular periods. This typically occurs because of their optionality to gold through earnings and resource leverage. 
For additional insights on historical gold market rallies, please view the full PDF. Related: Gold and the Cycles of History