Bro, this is a hilarious display of condescension while still...

Bro, this is a hilarious display of condescension while still not getting the point. Nobody disputes that rates, be it nominal or real, are “a” factor for gold and tin market pricing. However, rates are also “a” factor for absolutely anything in the global economy. They are the fundamental basis for any valuation model via DCF. So your statement is stating the obvious without saying anything at all. What matters are factor betas and their statistical significance and they are clearly not the same for gold vs tin. Gold is a high stock-to-flow market of significant global size, driven by central banks, monetary policy, rates, inflation, host of other global macro factors, etc. Tin is an extremely low stock-to-flow market of insignificant size (and liquidity) in global context, driven primarily by its specific micro factors. You could literally have high real rates which would tank gold and have a strong economy that makes consumers buy a shed load of electronic goods which would be great for tin. Micro trumps macro for tin. Not so hard to understand.