The precious metals continue to trade not so precious. Gold broke its 200-day moving average today. The yellow metal seems to be suffering the same fate as Apple going into year-end. Some investors are too long and the perception of fundamentals and thus the premise of holding gold is in question. Gold is not behaving the way it should. That is, rising as central banks expand, or threaten to expand, their balance sheets. We’ve lost a lot of money this year trying that trade. Last week we posted a piece last week by Mark Dow about how the dynamics in gold’s price action have been changing. He’s updated his ideas, ... (full story)