Yup, the title is a play on Dumb & Dumber and I’ll leave it to you dear reader to evaluate whether or not that is a commentary on some in the Goldbug “community” now fully bearish after failing to turn that way for far too long after the top.
Here’s a tweet by a person who’s seen this drill before…
Remember when all those PM heavyweights were out in force on media in July/August calling for 5K 10K 15K 20K gold? Next time they do it, you will know the top is in. It never fails. pic.twitter.com/vE2DGsGq0B
— DWhitney (@DanaWhitney59) November 26, 2019
Anyway, I took another round of profits on gold bear DUST earlier this morning because I feel that balance has worked best all along the correction as the gold sector is playing well as a foil to the bubbling stock market. I’ve been burned enough times with DUST and JDST to have learned to take my profits and be patient.
Here are the daily charts of important macro considerations. They are failing the best or at least most comfortable parameters (SMA 200) for gold bugs and indicating that the bugs could increasingly get hot under the collar… which is what precious metals corrections are all about.
However… we have lower levels in view that keep the play alive in 2020 after max short-term Goldbug extermination. Hint, the daily charts are not as helpful in this case.
But here are the ugly and uglier daily views of macro indicators still in correction.
In my opinion Au/Stocks is the most important indicator to hold on the bigger picture. Short-term Au/SPX is still obviously heading down.
Au/Global Stocks is similar. It’s not broken but it is heading for the extremes, as usually happens in precious metals events.
Gold/Commodities is normal to the current macro situation. Have patience.
Au/Global currencies as well.
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