As the top chart shows, gold's brief recovery now looks more and more like a "dead cat bounce." Further weakness is likely in store, as the second chart suggests. As I mentioned last month, gold appears to be re-linking to commodities.
This is a big deal, as the chart above suggests. Gold had been trouncing just about everything for 10 years or so, but now things are reversing. Equities—productive investment—are now in favor while gold—speculative investment—is out of favor.