Gold has been putting in a very strong performance during the past couple of months. Support has been provided by the race to the bottom in global yields and central banks switching back to easing mode. After rallying by close to 19% this year and 8% this quarter alone the price has reached levels last seen in April 2013. The GDX ETF which tracks major gold mining companies have rallied by 37% YTD and 13.5% this quarter. The drop in global bond yields has resulted in close to $16 trillion worth of global bonds, especially from Europe and Japan, now yielding less than zero. This development combined with worries that ... (full story)