there's a two fold effect here - falling us economic outlook...

there's a two fold effect here

- falling us economic outlook lowering USD - driving increase in commodities and so ETF buying of all commodities
- valuation reminder - the recent pop in USD gold has drawn eyes back to a sector - and funds will be waking up to how discounted the miners are vs their underlying profits even at lower gold prices than now

this is why miners usually run before the commodity itself starts its main bull run

- commodity pops then bear traps
- during bear trap investors look equities over and - if vlauations low enough - start getting long in case of bull run in spot price
- commodity starts the 2nd and more sustaind upward move

normally this shouldnt happen for another 10 years in gold - but we can thank the genius of central banks around the world for bringing gold back into favour more rapidly than usual