The New Golden Age

Gold's rally is done was the overriding email response to last night's offering. Many technical analysts expressed a similar view, including our own (beloved) Gary B. Smith.

Yeah, sure, maybe gold has topped, except somebody forgot to tell gold, which rose 0.7% to $300.60 per ounce today. While major equity averages proved woefully unable to sustain fairly decent midday gains, the Philadelphia Stock Exchange Gold & Silver Index climbed 3.9%.

Still, even gold bulls concede a near-term top may be at hand, coinciding -- not coincidentally -- with rising interest from investors and reporters who up until now have treated the yellow metal like yellow fever. ...