"A" Top Versus "The" Top

I must say that it is a bit rich to see how many of the same folks who deny AI/tech is in a bubble are quick to call the big, bad, top to precious metals after their recent run.

While it is certainly true that silver, palladium (below, on the daily chart for the PALL ETF), and platinum have all seen abnormal spikes in recent sessions, the notion that retail and institutions alike are long these metals, and exuberant in sentiment, to such an extent to justify a bubble top seems absurd, As a thought experiment, consider how many 401K holders you know who are even cognizant of the ticker symbols under which silver trades, for example, let alone palladium and platinum trade. And now consider how many of those same 401K holders are indebted to AAPL AMZN GOOGL META MSFT NVDA for years of nonstop gains and overweighting the major indices to propel them higher yet. 

All of which is to say that the metals are likely just experiencing a mere shakeout here, with GLD PALL testing their 20-day moving averages today, or close it, with SLV PPLT having room to fall yet. 

I am also looking for precious miners to find buyers soon, as a name like EXK is bouncing off its 20-day moving average already today.