Extracted with thanks from Goldmoney (Global Inflation Watch, November 27, 2020).

https://www.goldmoney.com/research/goldmoney-insights/global-inflation-watch

Copper looks to have greatly outperformed gold during this period, especially in recent days.  I doubt that this will last.  

Please note that Barclay's Bank very recently took delivery on a 4-day total of 5,201 gold futures contracts (at 100 troy ounces each).  In the futures market that almost never happens.  Contracts get rolled over or sold.  What does it mean? 

It means that they took delivery on 520,100 troy ounces gold worth over one billion US dollars.  Why?  That's not pocket change for any bank in regards to "that barbarous relic" from other times in monetary history.  I would guess that they want it for a long-term hold OR for a quick flip assuming they judged the spot price to be far below reason.  

...not belittling copper here, only noting the really smart money appears to be positioning for inflation which will be good for copper and all hard assets, some more than others.  And I would think that silver and gold will lead the pack.

VP