Folks, it is just one indicator and we should not promote one item as if it has mystical powers above all others (it is part of a concert with its fellow players). But the Pall-Gold ratio has made a bearish economic signal.

Personally, I am going to be very interested in seeing its 2013 bullish running mate, the Semiconductor book-to-bill for June in a few weeks along with all the other items up for review in the coming weeks and months.