$TNX:!PRII Daily

The US Ten-Year Treasury bond rate vs. Pring's index on the daily chart is showing a small reversal on the close of the week.

The basic activity in the markets has been to move the line of scrimmage back to where prices were prior to the stock market sell-off. Pundits have been calling for deflation on the commodities price declines, but for every deflationist, you have just as many inflationists.

While many may claim a new low in gold prices according to whatever futures contract they may be trading, no new low occurred in the spot price. A new final low may be recorded if stock markets collapse, but this would precede a new rally in bullion.

But this indicator is due for a reversal(again) while gold prices are strongly inversely correlated.

http://schrts.co/Lw9M77