Are commodities (including gold & silver) topping out?

Charles Hugh Smith uses some fundamental and a lot of technical analysis to determine whether commodities, after a two and a half year upward tear, are now topping out.

Are Commodities Topping Out?

Or will China "save the day"?

This is an interesting analysis and discussion. There are certainly a couple of way to read some of the technical charts (as Charles himself points out) though the potential down move would be considered consistent by those who believe that deflation is on the horizon. May also bode poorly for other assets.

PS - On China saving the day; it may not be all that certain.