The Palladium-Gold ratio (weekly) has furthered the scenario that it could be starting a new ‘Chop & Grind’ phase like the one that preceded 2015’s market top (that wasn’t); i.e. the market disturbances that manifested in 2015.  To be sure, Pall-Gold is not broken and we are on a positive signal, but nothing in these markets happens at the speed that thought impulses fire off in our brains on a daily basis.  The signals craaaaaawl along, interminably and this one could be crawling toward a change over the next many weeks.

Gold vs. general Commodities (monthly) continues to indicate the reflation-based Trump Trades are over for now.  April is the 4th straight month of gains for Au-CRB, which indicates that pro-cyclical inflation/reflation is not in play.

Just a couple pictures because ultimately, I like pictures more than words.  Well, pictures with words on ’em are even better.