One is the star of the year so far, grinding higher in what could be the launch phase of a new bull market as confidence wanes in the face of NIRP and other desperate global policy actions, and the realization that this disgraceful policy designed to spur speculation and asset price appreciation is all policy makers have got left in their bags of tricks. The endgame is a bag with a hole in it; a monetary black hole.

The other grinds on in what could be the last significant hope replenishing bounce before new downside is explored. Various US and global indexes are already in bear markets but casino patrons are trained to look at the S&P 500, Nasdaq 100 and Dow as “the stock market” and these have not yet gone ‘bear’. If the current bear-trend bounce fails however, that confirmation would be coming promptly.

The comments above are verified by the charts of gold vs. the S&P 500 and the Euro STOXX 50. The bullish move and current consolidation are representative of all major stock markets.  This is a trend change in gold vs. stocks (joining gold vs. commodities, which turned up long ago).

Charts are and are not lots of things, but one thing they are is 100% accurate pictures of history. Very recent history has seen gold break bear market trends as measured in these stock markets. As you can see by weekly RSI and the MACDs faded into the background gold became over bought vs. stock markets. That was impulsive and potentially a bull market signal, but it has also been in need of a cool down, which is thus far taking the form of a bull flag consolidation, which will provide a test of the bull thesis.

Gold vs. Long-term US Treasury bonds is also making a step in a positive direction toward trend change, but is not nearly as advanced.

The above items indicate changing trends in confidence by the investing masses in global Central Banks that have had a really good run over the last few years, with ironclad confidence in their policies by conventional market participants. Of course, hard core gold bugs would not bow to this unprecedented case of global financial fascism, and for their beliefs they were served years of pain. Now the cycles appear to be changing.