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.
[To see the graphic that goes along with this story, continue reading at Seeking Alpha.]