Cyclical markets in relation to gold indicate reflation is still on, but…
The most inflation sensitive markets are still trouncing gold, while certain stock markets are flipping suspect and the Good Ship Lollipop, the US S&P 500, sails on.
When the inflationary boom cycle terminates all of these charts will go in the dumper. As yet, most are anything but in the dumper.
EM/Gold (ruh roh)…
China/Gold (double ruh roh)…
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