Thursday was a record-setting day for equities with their biggest down day in history. The VIX close at 75, the highest level since 2008. This week the Dow has set some sort of record every day and is now in a bear market.
One would have thought with this week’s market action, the metals would be on fire and going to the moon. A funny thing happened on the way to the expected gold rally; it got creamed. On Thursday alone, gold was down $75. We have now switched to the short side of the market.
Silver and platinum joined the metals massacre, keeping their recent downtrends intact, with both getting pounded all week. Gold has just turned to the short side, but we have been short silver and platinum for weeks and will stay there. For those who thought the metals would perform well in this market, think again. We are short all three and will be there for a while.
