You want to talk about strong trends, it’s hard to find a cleaner
downtrend than what we’ve had in precious metals since 2011. The Gold
bugs have gotten really quiet and I’m actually starting to miss them.
Remember how obnoxious the silver permabulls were 5-6 years ago? We’re
near levels where metals are just a joke and from an anecdotal
perspective, one might think that they couldn’t possibly go any lower as
they are arguably the most hated asset class on earth. But the data
suggests otherwise. In fact, sentiment, although just off bearish
extremes, isn’t anywhere near the levels we’ve seen at prior pivot lows
over the past few years.
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