Is the gold rally running out of steam? The metal hit a new record early in Tuesday's session - only to plunge more than 90 dollars from its peak.
What’s the trade?
Trader Stephen Weiss just can’t get on board. “Every time gold pulls back it’s been a buying opportunity but I just can’t pull the trigger at these levels,” he says. “I think the trade is crowded and when it breaks it will probably break hard.”
Mike Khouw tells us that he doesn’t like buying commodities that are up so much and then have a big reversal like what we had on Tuesday.
Tim Seymour takes another tack. “If we’re getting something from Bernanke on Friday gold should be rallying and it’s not. “
Perhaps it’s a tell.
Hear more from George Gero of RBC. Watch the video now!