...now try to understand why this below? Iron ore ❌ Copper ❌...

...now try to understand why this below?

Iron ore ❌
Copper ❌
Nickel ❌
Lithium ❌
Rare Earths ❌
Gold ✅

...each of the above commodity, except Gold, relates to industrial/construction activity which is going south.

...Gold's ascendancy (choice of word intended, lol) marks troubled times for the global economy, regardless of whether we get a recession or a soft landing. The divergence between Gold and industrial commodities do reflect the market's opinion that we are more likely heading for a recession than a soft landing. This is a nuanced observation mainstream market pundits do not wish to acknowledge as their interests are best served by continued perpetuation of the soft landing narrative in a glass half full perspective.

$LUMBER:$GOLD | GalleryView Charts | StockCharts.com

The Lumber to Gold ratio is also sinking lower, reflecting a return to dire concerns over the state of the economy.