Gold has decisively broken the 200 DMA but yet I'm still seeing that the bulls are in denial. People are already buying back or doubling down on their gold, silver and mining shares positions. Everyone is still conditioned to buy the f'ing dips as they expect gold to reverse and head back to $1300, "Its a temporary setback" they say.
The metals have been rallying since the Dec lows which was the start of a bull cycle, but now that cycle has come to an end. The intermediate cycle is now in the declining phase and these always end in panic and capitulation. We can see how psychology changes as we head down into the bottom of this cycle as seen below.
Gold bulls are now stuck in the anxiety/denial phase. There is a long way down to go. Until we start seeing absolute panic, capitulation and extreme pessimism then we are nowhere near a bottom, so it is still too early to be buy. Physical Silver stackers who don't mind accumulating on this drop should be fine but why buy silver now at $16 when you will be able to buy at $15 or even $14?
We should get a better buying opportunity in the metals by the end of July or sometime in August. So have some patience, we are in the early innings of this decline. There is no need to catch falling knives :)
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