Gold entering correction

Gold entering correction, I am short as of this afternoon. Look to add new longs at 1650. Careful with the miners, the stock market is putting in a short-term bottom but gold is putting in an intermediate-term top. The miners may end up being false-breakouts, or rather probably pre-mature breakouts.

Favorite Gold Miner: Allied Nevada Gold

Silver Topped? I don't think so

The first chart is a collection of different market surveys compiled to gain a perspective about the public opinion of Silver. Clearly the public has gone from bullish euphoria to bearish gloom and doom as regards the shiny white metal. Chart as of May 17, 2011

The second chart shows the commitment of traders (COT) of silver futures speculators. (All open and outstanding positions, Commercials+Large Speculators+Small Speculators=0)The Commercials have been rapidly covering their shorts and the large speculators liquidating their longs. Chart from May 13, 2011

A quick glance will show both charts setting up for another leg higher in silver.

Maybe the title for this post should be Silver topped? Not a Chance!