Back in July, we were pounding the table on Gold. Volatility had collapsed to multi-year lows, sentiment was dull, and price action had gone nowhere for months.
We called it what it was - a coiled spring - and we bet big on an upside resolution.
Fast forward to today, and that coil has exploded. Gold futures have rallied over $1,000 per ounce in just a few months - a move so powerful it has caught even the most diehard Gold bulls off guard.
But things have changed...
The price has gone vertical.
Volatility has surged.
And euphoria has taken over the tape.
This doesn’t mean the bull market is over, far from it.
Throughout this entire advance, every “correction” in Gold has been a correction through time, not price. In other words, instead of sharp drawdowns, the price has simply chopped sideways before resolving higher again.
We think that’s the most likely outcome here.
Still, with Gold futures closing in on our target, this is an ideal time to pay ourselves on what has been a historic run and rotate into areas of the metals space that aren’t so stretched.
Let's talk about it.
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