Authored by Mike Shedlock via MishTalk,

Vanguard just threw in the towel on a Metals and Mining Fund. It morphs into a Global Capital Cycles Fund.

Sentiment is not a timing mechanism, but gold bearishness is mounting in a market that has gone sideways for years.

Vanguard couldn't take it any more.

"The $2.3 billion Vanguard Precious Metals and Mining Fund (VGPMX) will be renamed to Vanguard Global Capital Cycles Fund as part of a restructuring intended to broaden the fund's mandate and diversify its portfolio." They don't ring bells at tops&bottoms?https://t.co/cGqBPu9B3E — fred hickey (@htsfhickey) July 27, 2018

AFTER the huge 30%, 6 month climb in gold (160% up for gold stocks) in the summer of 2016, Schwab sent to its customers a "Guide to Investing In Gold." It was the death knell for the rally. Haven't been able to break through that top since. Maybe now we have the sign (Vanguard). — fred hickey (@htsfhickey) July 27, 2018

At the top late 99, many funds changed name to include “internet” in them. — Gary Kaltbaum (@GaryKaltbaum) July 27, 2018

This may not be "the bell" but it is a bell. Despite the recent declines, many miners are up tremendously off the lows.

Newmont

​

Hey, let's throw in the towel and buy something that trending. Maybe we should short gold. Facebook sure looked attractive last week.