Gold and silver Commitments of Traders printed this week in just about as high risk a situation as they’ve been in since the gold price topped and the silver price blew out in August.
The CoT prints on Tuesday (in this case December 3rd) and since then per a 10 minute chart we have downside progress in gold and silver prices. But there is probably further to go.
Dialing out to a daily chart the correction grinds on, as it should. My question is whether it will continue to grind on and on or will there be a climactic expression of angst and indignity? I am leaning to Thing 2, which may well be a ‘bull market rules’ type ending to the correction. But regardless, balance (gold/silver stocks, regular stocks and cash) is what is working and as yet the miners have not lost the constructive stance vs. the metals.
All in all, not bad. I continue to think that gold and silver will exit the correction around the same time that the stock market is finishing its upside business. That is and has been the balanced plan, anyway. A new post will expand a bit on the stock market situation.
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