And Then We Woke Up to a William Devane Commercial...

Multi-quarter highs for the gold ETF this morning, as we may be seeing some front-running of concerns to come in the autumn months. 

Either way, gold bullion and her miners have been a beneficiary of the selling in equities of late. And we may have a new batch of shorts in the miners to propel them higher, as the GDX being red yesterday seemed to suck in a new round of gold bears.

But the setup remains viable for gold bugs on the long side for a meaningful rally the rest of the year. To update the GLD monthly chart, below, the grinding we have seen since the spirited 2016 rally could easily be the last mental test of longs before resuming the prior bull run we saw from last decade into 2011. 

Silver is lagging gold again this morning. And seeing as silver is a far more industrial metal than gold, some would conclude that the rush into gold is a function of looming fears about any number of potential bearish headwinds. In due time, we will know what, exactly, those headwinds truly are--At least the ones realized. 

But we do not need to speculate on that for now. All we need to do is see if this price action continues to improve, alongside the gold miners in the GDX like IAG NEM, etc.. 

Circling back to equities, the lack of a bounce beyond the futures market (and a tepid one at that) ought to be a concern for bulls into the weekend if the cannot muster a reversal here.