Loading ...It’s funny, we had a pretty good down day for gold yesterday and over on ZH, there are articles that pretty much claim the move is finished, time to sell, etc. A little hard to understand because just a few days ago all the articles were saying that London was out of gold and there was a squeeze of epic proportions coming and lease rates have exploded.
Granted, we’ve had a pretty good run, but it was just one day of selling. Silver had a nasty turn south but only ended down $.14. The magnitude of the selloff in the shares is concerning and volume picked up later in the day, except for NEM. Maybe we’re toast, or maybe it was a vicious shaking of the tree intended to scare everyone out.
Maybe it’s over, I don’t know, but it sure shows how ingrained the thinking is when it comes to pm’s. Everyone is always expecting the hammer to come down and the bottom to fall out. I don’t know what changed overnight that would turn us from bullish to bearish.
These early year rallies used to continue thru April.
I guess we’ll know a lot more Sunday night.