Precious Pyrotechnics

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The world of precious metals continues to be quite grim. Indeed, gold and its brethren have suffered tick-for-tick with the bond market.

The chart is crystal-clear: a right triangle pattern that has been quite plainly broken, and is at risk of much, much lower prices.

slopechart HUI

The same holds true for gold itself. Important support has been breached (which explains why, as I’m typing this, gold is down about fifty dollars an ounce!)

slopechart GLD

Silver remains “the least dirty white shirt” in the precious metals closet. It is down hard too, but at least the pattern still has a fighting chance.

slopechart SLV