Is that it for Gold?

There have been some historic moves unfolding in markets recently.

My ears always prick up when volatility and volume start rising after a long bullish period.

It isn’t a foolproof signal that predicts a reversal, but it is usually what happens prior to a correction.

The S&P 500 remains close to its all-time high with the weekly and monthly trend firmly pointing up.

We saw a big sell-off a couple of weeks ago, which could be a sign of things to come. But for now, I’m happy to create a line in the sand beneath the market where I will become more concerned and hope a Santa rally unfolds.

Gold and silver have also seen rising volatility and trading volume. After a historic run, this week saw the biggest fall in over a decade.

The weekly charts still look solid, and I reckon we need to see a weekly close in gold below US$4,000 before we can be confident that a bigger correction is on the cards.

I rang the cash register on some gold positions this week after running them for the last couple of years. I don’t think the bull market is over, but I reckon we haven’t seen the last of the selling, and a bigger correction will unfold.

Oil managed to walk back from the cliff’s edge at US$59 in Brent crude oil. Trump’s sanctions on two large Russian oil companies ignited a sharp short squeeze from oversold levels.

The cliff remains at US$59, but for now, the risk of a steep plunge has been switched off. I reckon oil runs to US$70 before deciding what to do next.

If weakness resumes quickly and the recent low gives way, watch out below.

We have also seen the huge critical minerals deal signed between Australia and the US.

It was a case of buy the rumour, sell the fact in many of the rare earthy hopefuls, but there’s no denying we are in a new paradigm, and there’s money to be made.

Charlie and I discuss a couple of the stocks that are flying as a result of the announcement.

We also look at the strengthening US dollar, oil, gold and silver.

So I hope you enjoy today’s Closing Bell. My internet connection in Brisbane is hopeless, so we unfortunately had to switch off our cameras for this video.

We will be back in the studio from next week.