The gold and silver sector has had an amazing 2016, more than doubling in the span of about three months. I shorted the Market Vectors Gold Miners ETF (NYSE:GDX) Wednesday, however, recognizing how close it was to major Fibonacci resistance (see tinted green below).
Long term I think precious metals could still have a terrific future. But at the moment, some of the air has to come out of these tires.