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Relax, It's All Part of the Process

|Includes: GDX, GDXJ, SPDR Gold Trust ETF (GLD), SLV

Gold is obsessed upon far and wide, as the herd consistently becomes emotional at the wrong times.  Current analysis calls for punishment but not termination.

Think about all the bubble callers climbing out of the woodwork right now, telling us about the punishment that will come to those jumping aboard gold.  Well, something tells me most of these geniuses are not, and have not been aboard from the beginning of the bull market.  A correction here would be their finest hour... probably for about as long as it takes the expected stock rally to express itself and fail.

Really, if gold is in a bubble - and I believe that a bubble in fear and anxiety is probably the way this ends one day - the tame rise with impulsive up-blip of late is just a primer.  The herd needs to get flushed and dumped back into stocks in the short term.

Then when the investor base is somewhat purified, we can get back about the business of bubble making, if that is indeed what is happening.  But folks, if we correct $50, $100 or $200 an oz. any time soon, and as expected, that is not the end of a bubble.  Nope, not yet.