Friday trading was decidedly risk-off and, for the first time since I can remember, made it feel like something – credit, commodities, market sentiment, who knows – is about to break.
Gold was up over 3%, oil was up over 5% and the VIX broke above 20. Yet, all day Friday I listened to much smarter people than me take to Twitter to continue to try and explain why “goldbugs” like myself were still misguided and wrong, despite the fact that gold was up over $60/oz. on the day.
I heard explanations like “triple tops never work” with photos of gold charts and “technical analysis”.
I heard people say that goldbugs have been claiming the “big move” is coming for decades now.
It’s going to get ugly any day now