What does it tell you that gold is flying solo this time around? Copper still strong. Oil still strong. Equities strong. But gold dead.
It tells me that people still misunderstand gold's role. It has no significant industrial use and is, therefore, underestimated by those who do not understand its true value as an inflation hedge.
Even the great Milton Friedman [a man whom I hold in high esteem] expected that gold would drop to $10/oz. from its artifical $35/oz. once Nixon closed the gold window.
He was wrong. With the gold window gone and the artificial price of $35/oz. no longer supported, gold soared. Gold's price varies according to inflation expectations.
At the moment, those are low. That will change.