I saw this parody on Jimmy Kimmel while on vacation (we haven’t had cable in over a decade) and this tells me that we could be at short term top in the metals. It appears it came out 3 weeks ago and we have been building a head and shoulders topping pattern since early August. We still have the right shoulder that needs to materialize and of course the break through the neckline, but from my perspective the writing is on the wall that we’re going to move lower from here.
Small disclaimer that I’m not overall bearish on Gold…I just think it’s time for a short correction that will enable it to move higher in the long run.
