I think T.J. is right, I would add that on the first run of the metal to just under $400, stocks were lagging, this time they have simply caught up mostly because the rest of the equiies have. I discussed this phenomenon in the past in conjunction with major declines (end phase declines) where despite the relative strength of the meal, gold stock perform poorly. There is not always a "one to one" correlation in short term moves, but the long term trends are congruent.
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