Category Archives: Metals

Anything But Precious

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Three words spring to mind. Just three words: Precious. Metals. Suck.

The most damning evidence recently is that during the market chaos on Monday, precious metals were weak. And during the market strength/relief rally recently, precious metals have been even weaker. So: damned if you do, damned if you don’t.

I was cheerfully short gold yesterday. I covered at a good profit. I stated on my Tastytrade show that I was “no longer bearish” on gold.

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Bottom or Not?

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I’ve been disappointed enough times by precious metals to have developed a distrust of the stuff. As a chartist, I can say that gold certainly seems to be grinding out support, but I just can’t shake the feeling that we won’t really bottom until we push (briefly) below $1,000 per ounce. In any case, the longer-term outlook isn’t good; even if gold rallies mightily, I can’t see GLD making its way past about $110. So at best, it’ll just be another rally to fade.

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