We can see from the 3-Year Daily comparison chart below that, for the most part, Gold, Platinum and WTI Crude Oil have traded in tandem, although Oil has seen far more volatile swings.

Since December of last year, Gold and Platinum have attempted to stabilize and rally from their 3-year lows, while Oil’s attempted rally was very short-lived, and price continues to plummet to new lows…we’ll see if today’s (Wednesday’s) volume spike signals capitulation, or not, as shown on the next chart (5-Year Daily).

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Well, I’m feeling somewhat better today. I got a full night’s rest, my Vail-chapped-lips aren’t quite as cracked, and I’m not standing like a fool with no positions looking at a market in a free-fall. On the contrary, I’ve got a modest number of shorts, and last night’s rally has clearly lost its mojo. So it’s time to start the new year fresh.

I stated yesterday that I was enthusiastic on the long side with respect to energy and gold. Well, that didn’t last. Gold, as it always does, couldn’t manage to hold a strong rally together, in spite of global news that in the old days would have sent it roaring higher. And energy, after a bullish breakout, completely slumped beneath its horizontal.

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