Gold: Wave 4, or Wave 4 of Something Much Bigger?

Gold fell about 25% to around $4,000, and the easy read is that gold broke. It didn’t. The plumbing did. Three of the four pillars that held the market up have cracked this year.

Gold fell about 25% to around $4,000, and the easy read is that gold broke. It didn’t. The plumbing did. Three of the four pillars that held the market up have cracked this year — the fourth, the one nobody trades on the Fed, is the only reason a correction hasn’t become a rout — and the chart now poses a sharp forward question the structure can’t fully…