This has been a wild week for the precious metals markets as the price of gold and silver soared Tuesday night with gold going over $1600 an ounce on the news of the Iran rocket attacks. But then on the next day gold fell back down and the GDX gold stock ETF fell over 4%.
Some are worrying that this is a sign of vicious manipulation. Others worry this is a sign of a major top. I discussed this with Jordon Roy-Byrne who runs www.thedailygold.com. Neither of us think this is a major top being put in for gold or that it is going to actually decline a lot from here, but we do think it is now in an obvious consolidation phase.