We address the critical themes impacting the precious metals markets with refreshing clarity.

We discuss whether the “running hot” economy thesis remains intact.

The Russell 2000 is leading by holding its 50-day moving average while major indexes struggle. However, weakening momentum creates a technical divergence that may signal broader risk for the market's next major move.

The large sell-off bars are likely to be Big Money distribution followed by retail take-up. Sooner or later there won’t be the retail take-up and the indices will pull back meaningfully.