Even the former "Bond King" came out this morning saying he doesn’t like Gold anymore (probably because it broke another moving monkey).
It’s an amazingly low bar to be considered a “King” on Wall Street, isn’t it?
What you see there is a lower-low yesterday. And yeah, you get a bounce of +0.5% today. What’s a +0.5% bounce? It’s a counter-trend bounce. Counter. Trend. Bounce.
It’s not a bullish Trade or Trend duration.
There's been a -15% crash in the price of Gold.
Again a crash in a currency is a -10% or more decline. Typically a currency has much lower volatility than equities, of course until it starts to crash.
So again, gold is crashing.
I know people are triggered by that (which largely means they’re still long it).
At the end of the day, short Gold and some other select Gold Mining shorts have been great positions.
Even Buffett piled in yesterday (selling Barrick Gold) – it’s getting to be a capitulation.