1.Given that the US Stock market has just put in a "Valuation-Extreme Inflection Point" --this chart has now taken on a high level of significance
Worth noting: "Heading into market peaks the ride can be deceptively smooth and rewarding, but perversely when things turn the pace of decline is most rapid during the initial phase, and you might not be able to just gradually scale out." $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$
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2.Gold's strength is becoming its weakness in this type of market environment...
First: it got to expensive levels as this chart from our monthly pack shows.
Second (and more importantly): in liquidation events like this, people tend to sell the thing that went up the most, especially when it comes to mechanical portfolio rebalancing, but also in terms of raising cash and liquidity.
In fact you often see when the SHTF that gold initially goes through waves of liquidity-driven selling, only to rally later in the process... $Gold - main 2506(GCmain)$
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3.I think this is the turning point for quite a number of credible reasons (false-dawn risk notwithstanding)
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