Every Monday at Patterns & Profits, we look at what I call the Five Points of the Market: Stocks, bonds, commodities, currencies, and crypto.
And when we look at commodities, we’re not interested in keeping up with the entire $131 trillion commodities market.
Most of it doesn’t drive the global economy. Most of it doesn’t matter to the overall economic picture.
So, we usually stick to the two things that matter: gold and oil.
And to keep tabs on the price of gold, we track the SPDR Gold Shares ETF (GLD) every Monday.
For months, gold has been surprising investors and traders alike to the upside. Here’s a chart I shared back on July 8th…
At the time, I said “Gold, too, continues to surprise to the upside thanks to uncertainty in the economy and the upcoming election, and I’ve got a nice, round 250 target on GLD.”
A week later, gold had already passed 225 and looked like it was heading all the way to 250 in short order…
Well, GLD wound up getting trounced along with everything else this week. It’s lost 3.4% as I write this, dipping from a high above 228 to down below 221.
But, whereas stocks and even bitcoin have bounced back after the bloodbath, gold has continued to move lower throughout the week.
In today’s video, I’m going to show you why I’ve gone bearish – not just on gold, but on the entire metals and mining sector.
I’ll show you the charts – and how I plan on trading.
And you’ll want to listen…Already this week, my Timed Trader Pro subscribers booked 71% gains on our VanEck Junior Gold Miners ETF (GDXJ) puts.
Money Calendar saw this coming a mile away (if you want to learn how, just click here)…
Not only the 90% historically accurate bearish pattern from GDXJ, but the bearishness that’s taking over the entire sector.
Take a look:
Here, I’ve focused the Money Calendar on just commodity-based ETFs… As you can see, August is looking quite bearish across the entire sector.
And when I dig deeper, it’s the precious metals and miners that are seeing the most bearish patterns.
I’ll explain everything in detail in today’s special video – just click below to get started.
We might not be done trading puts on the precious metals sector in Timed Trader Pro. If you want to learn more about how my Money Calendar finds trades like this – and get in on my next recommendation, just click here.
Good trading,
Tom Gentile
America’s Pattern Trader