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Chart of the day is...

...the gold/copper ratio:

Because according to the mailbag, certain people don't go with the more subtle message and need it nailed into their foreheads. The market jabberers who think gold's just like any other metal or just another commodity will not have understood why gold and copper reacted in exact opposite directions when China devalued its currency (twice). Ingrained in their thinking, they are today confuised and laughing off reality and sticking to their guns. The famous Galbraith quote...
"Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof."
...comes to mind while writing this post.

The reason gold went up: The people who run Shanghai* aren't half as stupid about money as the people who run Wall St. Gold isn't copper, it's not silver, not nickel, moly, platinum, alu, scandium, indium or tin either. It's gold and it has different rules to all other metals. So learn them.

*as opposed to the people who bet on Shanghai