Precious metals investors were just given a gift from the market gods. The correction in precious metals prices had NOTHING to do with fundamentals and EVERYTHING to do with sentiment/ positioning. As I noted yesterday, going into the correction, both gold and silver were more overbought and overextended above their 50-day moving averages than at any point in decades. Gold: {chart} Silver: {chart} Put simply, these precious metals were in a kind of mini-bubble that was looking for a needle to burst. And the needle arrived in the form of Kevin Warsh, President Trump’s pick for Chairman of the Board of Governors of the ... (full story)