Gold's safe-haven rally in jeopardy as equities rebound

Gold and silver have held up well during the recent selloff in equities. From Dec. 28 through Wednesday Jan. 20 the broad NYSE lost 10.4% while the S&P 500 lost 9.6%. Precious metals gained strength during that period. Gold advanced 3.0% while Silver gained 1.7%. Gold relative to the NYSE broke its downtrend and touched an 11-month high. Gold relative to global equities (excluding the U.S. market) reached a two-year high.