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:

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Copper Daily


Silver Daily


Platinum Daily


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:


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