One Weird Trick to Make the Commodities Rally Disappear

Make your base currency gold. Investors are fleeing fiat money and the winner is gold. Commodities are poorer substitutes, so while they appear to be rallying in fiat currency, they are not rallying against gold. I included equities as well, which are more volatile than the underlying commodities. The one exception to the rule are gold mining shares, which are rising faster than gold prices since December 2015.

The first chart shows the long-term trend.
The past 3 years:

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