Slope of Hope Blog Posts

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Weak Precious Metals

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Yesterday I offered the idea to short GLD, and naturally some folks thought this was nuts (one gent wrote, "Not ever. No way."). I can understand the concern. Precious metals have been strong for years.

I will point out this, though. Here's what the EUR/USD chart – – gold's very best friend – – has been doing lately:

0104-eur

One would think gold (and silver, and GDX) would be pushing to record highs based on this kind of strength. Instead, here's the latest from the gold futures overnight:

0104-gld

GDX is already down more than 1% as of this writing, and if it breaks 58.93, it could really start to accelerate downward.

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