The marketeers were massaging perception today, putting up a good front of confidence despite the many, many geopolitical and economic risks.

This smells like a bubble topping. That can take quite a bit of time, or not. It depends on what happens to specifically break the illusion that is driving the hot money to chase mispriced risks.

Gold and silver finished largely unchanged. The Comex is becoming a betting parlor that happens to have a little physical metal in the back room. This is more true for gold rather than silver, given the activities of some parties in Comex silver to use it as a delivery mechanism for their wholesale operations.

I still like gold and silver here, but until they can break out this is an uncertain position on the charts. The formations have not yet activated, but are there waiting to open up. The resistance by the metals bears has been determined, but paper driven.