SO…. who is worried about the metals sector right now?

I know everyone out there is looking for a pattern, well, I have one for you here (I know 3 heart attacks later and worrying about a true bottom….have no fear!) the market is setting up the beginning stages of the cup and saucer pattern (in my opinion).

As I previously stated in my comment the fundamental point is simple: on paper it is a symbol plus or minus (math never looked so juicy, maybe it is the 30% retracement) and it is the end of the year so does this stay on paper….

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LONDON -

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust (GLD), noted that its holdings fell to 1,116.247 tonnes, worth over $41 billion at the current gold price, as of December 8^th.  This represented a fall of 1.2 percent or more than 13 tonnes in a day and was the largest one-day drop in around five months according to a Reuters report.  The SPDR Gold Trust ETF hit a record high of 1,134.03 tonnes on June 1, and up until recently had been climbing back towards this level again.

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