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On August 2 we mentioned that a long-term head and shoulders pattern was forming on the weekly chart of the Gold Bugs Index. As you can see from the chart below, the price of the index has since fallen from $347 down toward the neckline of the pattern, where it is currently trading around the $300 mark. In our previous report, we mentioned that a move below the $295 neckline could suggest a long-term shift in the trend of gold-related equities and we will continue to maintain this bearish outlook until the gold bulls give us a reason to change our opinion.



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