Copper & Industrial Metals vs. Gold

The indication from the metals is cyclical, pro-reflation and inflationary

You cannot look at this chart and claim that the backdrop is not still firmly cyclical as the reflation created out of the fear and disgust of the year ago period continues apace. Think what you will about our dear leaders the economic eggheads, but at this moment they are still winning, duh.

Tune out inflation obsessed gold bugs and realize that gold is whirring along for other reasons. It will get where it is going eventually.

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