As the first chart below shows, gold's brief recovery now looks more and more like a "dead cat bounce." Further weakness is likely in store, as the second chart suggests.
As I mentioned last month, gold appears to be relinking to commodities.
This is a big deal, as the chart above suggests. Gold had been trouncing just about everything for 10 years or so, but now things are reversing. Equities -- productive investment -- are now in favor while gold -- speculative investment -- is out of favor.