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Is The Precious Metals Bubble Bursting?

By BubbleBustInvesting:

Gold was in another correction mode on Wednesday -- the sixth in less than a year -- dropping briefly below $1590; a big disappointment to the bulls, betting that the world will come to an end by early this year. Silver dipped below $29.

(Click to enlarge)

(Click to enlarge)

Gold ETFs like SPDR Gold Shares (GLD) were also sharply lower (down 1.86 percent); silver ETFs like iShares Silver Trust (SLV) followed through in sympathy (down 2.12 percent), and Freeport McMoRan Copper and Gold (FCX) was down 2.57 percent. Other metals like Palladium (PAL) were down more than 5 percent. What's going on? Is the precious metals bubble bursting?

It is hard to say for sure. What we can say, however, is that the technicals do not look terribly good for the bulls. And many of the factors that blew air to the bubble are no long on investor

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