The 3rd Horseman

Gold vs. Silver and USD have reversed downward today.  This would imply a whiff of an ‘inflation trade’ if it were to persist and lead to a break of the up trends for these 2 Horsemen.  But the 3rd Horseman, who is adversarial to the first 2, the TIP-TLT ‘inflation expectations’ gauge, has not gotten the memo yet.

gsr.uup.tip.tlt