As a precious metals fan, I am delighted to see gold have another good night, with /GC up almost $40 as of this composition, pushing to record highs at a very steady pace all through the night.

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Indeed, gold has been a reliable performing, muscling its way higher with firm regularity.

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Equities, over the exact same period of time, have been a hot, stinking mess. Sure, the ES, NQ, and RTY are all up at the moment, but compare the chart above to the chart below. Gold is gliding effortlessly higher, whereas equities are struggling, wheezing, and flailing, even with the infinite amount of positive jawboning from every political and media source on the planet.

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Silver, weird, is some weird, bastardized hybrid of the two of these. It’s up, yes, but it sure isn’t fearing gold’s power. It’s starting to annoy me. Again.

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It does seem that the morning’s news that the latest tariffs will be focused only on steel is providing the market a relief, and a lot of the last-minute plunge on Friday has been undone. All the same, when it comes to equities, the dismal short-term picture isn’t spoiling my zeal for the longer-term one.

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