The most interesting aspect of today’s nearly $20 gold rally was the fact that other metals appear to still be stuck in neutral while gold and stocks rocket higher:

Click to enlarge

Copper Daily

Copper_Daily_2.11.2014

Silver Daily

Silver_Daily_2.11.2014

Platinum Daily

Platinum_Daily_2.11.2014

While silver has a mix of industrial and investment uses, copper and platinum are almost exclusively industrial metals. The lackluster price action in copper/platinum/silver indicate that all is not well in the global growth story and today’s massive reaction higher in equities may have been a bit overdone.

The recent rally in gold has a strong flight to safety flavor to it, especially when overlaid against a backdrop of volatile equity markets, downtrending/stagnant industrial metals, and steeply declining emerging market currencies:

Gold_fibs_2.11.2014

Next resistance zone $1300-$1308 with the ‘magical’ $1321 level up next