I like a party as much as the next guy, but here is a turd in the punch bowl just to make sure we are balanced and partying within bounds. The top panel is the Silver-Gold ratio (SLV-GLD) and the lower is the Commodity sector ETF.
If we go inflation up, silver would most assuredly lead gold. But silver also leads counter trend rallies as well. These ill fated bounces are noted on the DBC chart. Today’s situation has been the best bounce yet and has broken a steep downtrend. So it is more constructive than the previous attempts.
Other things (energy as an example) seem to be falling into place and the whole situation is springing from what we have noted to be a good fundamental backdrop for gold (the 1st mover to an inflationary phase), unlike previous bounces. But until the Silver-Gold ratio breaks out, it has not broken out.
This has been a public service announcement from your friends at NFTRH.