The Comex gold futures market hit a record intra-day high of $2,078.80 in early March, but has since backed well down from that level. Trading just recently has been choppy and sideways. Technical odds do favor at least a near-term market top is in place for the yellow metal, if not a major longer-term market top. Keep an eye on crude oil prices—the leader of the raw commodity sector. Crude oil is also showing strong signs that a major market top is in place, which if is the case, is a bearish weight on most of the raw commodity sector. The raw commodity bulls do have an ace to play and that’s problematic price inflation. The question is, has higher inflation already been factored into raw commodity market prices? Stay tuned! —Jim Wyckoff