HAPPENS EVERYTIME

Selling pressure at intermediate and yearly cycle lows is intense enough that it takes down just about everything. This time is no exception. Until the market started to crack gold and mining stocks were just going through a mild correction. Gold was consolidating in a T1 pattern.

Once the correction in the stock market has run its course I expect the secular trend for gold to resume and I expect miners to get back to the business of correcting the massive mispricing that occurred when the market crashed in `08.

Right now we are witnessing irrational selling in almost everything, which is par for the course at a yearly cycle bottom.

For those that can keep their heads about them, wonderful bargains can be had in times like this.