A secular market that is characterized by a very long downward trend. A secular downtrend combines the characteristics of both secular markets and bear markets. In other words, it is a very long bear market that lasts for ten years or more with bumps and wiggles here and there. A secular downtrend consists of a long-term market trend that spans several bear market cycles. In this market, price declines are generally much bigger than during normal markets, and prices can remain depressed for years. An example is the period 1980-1999 is generally viewed as a secular downtrend for gold.