The Melt

regarding precious metals

As I do every time I dare write about precious metals, I offer my usual hodgepodge of disclaimers: I love gold and silver; I own a bunch of it; I'm a fan; its success is a poke in the eye to the Fed; I wish them well; I anticipate much higher prices. Et cetera, et cetera.

Now that I've got THAT out of the way, I want to say that the measured move of gold (by way of GLD, below) is so close to complete as to compel me to feel it needs a rest. I've said the same in recent days, and yes, it keeps tromping higher, but I'm doubling down on my disposition.