Based on the some of the stories appearing in the mainstream financial media in recent days, a good example being Gold Sheds 'Can't Lose' Status: Now, No One Wants It at CNBC, you'd think that the end is nigh for the yellow metal.
Former CNBC personality Jeff Macke offers up Gold Prices Plunge! The Trend Is Not Your Friend (be careful, this has one of those annoying auto-play videos) in which he talks about having traded the metal for a whopping three years now and that recent price action constitutes "Humpty Dumpty levels of shattering".
Well, before you think about doing anything rash, perhaps it worth looking back more than three years and, if you do, you'll find that, so far, this is a run-of-the-mill correction as shown below, not an end-of-a-bull-market type of event that many financial writers would desperately like to believe.
Now, the world changed rather dramatically back in 2008 (and that's one of the reasons why we haven't had a decent correction in precious metals markets for three years now), but the current path that's being charted is starting to look a lot like what happened back in 2006.
Even the 2008 correction saw prices rebound close to their prior peaks within about ten months, but, given the likelihood of a global, money printing free-for-all early in the new year, my guess is that we won't have to wait that long this time around.
Disclosure: I am long GLD.
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