Bear Market: Exhibit A

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Gold’s pattern over the past couple of years has been plain as day:

(a) fall a bunch;
(b) hit a new low;
(c) start to bounce, at which point – within hours, usually – the gold bugs proclaim the bottom is IN, and that gold is heading to $5,000/ounce real soon now;
(d) we hit a fresh pocket of resistance;
(e) the plunge continues anew

I have held my tongue, since the Church of Kook is a strident one, but just FYI, I shorted GLD in size earlier today. I think we’re on our way to $1050 this year. My uber-tight stop is 121.48.