It's an Industrial Story

It may seem odd for the "inflation trade" of higher rates, higher copper and global materials miners surging all the while gold and precious miners are taking it on the chin. 

However, the way to make sense of that price action may be seen in the silver market. 

With GDX and GDXJ, senior and junior gold miner ETFs, respectively, down roughly 7% as I write this, SLV (silver ETF) is up nearly 1%. Note that silver has an industrial use, too, like copper, beyond silver being a precious metal, of course.

Thus, the silver relative strength points to the industrial component of higher rates flourishing, instead of imminent dangers like runaway or hyperinflation, under which gold would likely be the standout to the upside. 

With this in mind, we are taking a look at some industrials and building names which have been quiet the last few years but may finally be waking up. 

As for the precious miners, I see no sense of urgency to rush in and time a bottom--There are more than enough traders trying to do that not just with miners, but also Treasuries, utilities, REITs, and staples.