GOLD SPDR REACHES AN EIGHT-YEAR HIGH -- ITS MINERS ARE ALSO HITTING MULTI-YEAR HIGHS -- SILVER IS RALLYING AS WELL -- ITS MINERS ARE LEADING THE COMMODITY HIGHER

GOLD SPDR REACHES ANOTHER EIGHT-YEAR HIGH...Gold prices are on the rise again.  The monthly bars in Chart 1 show the Gold Shares SPDR (GLD) rising to the highest level since 2012.   The August gold contract has risen to $1820 and appears headed toward its 2011 peak at $1923.  Gold is benefiting from a weaker dollar, historically low interest rates, and concerns about the global economy.    Gold miners are on the rise as well.

GOLD MINERS ARE ALSO RISING... The monthly bars in Chart 2 show the VanEck Gold Miners ETF (GDX) also rising to a multi-year high.  The solid line is a ratio of gold miners versus gold and has also been rising,   It's normally a good sign when gold miners are rising faster than the commodity.   Silver and its miners are in a similar situation.

SILVER PRICES NEAR YEARLY HIGH...The weekly bars in Chart 3 show the Silver Trust iShares (SLV) moving up toward highs set since the middle of last year.  Although silver is a lot cheaper than gold, it's been showing stronger percentage gains of late.   And is starting to attract a lot of investor attention.   So are silver miners.   The weekly bars in Chart 4 show the Global X Silver Miners ETF (SIL) rising to the highest level in three years.  As with gold and its miners, it's usually a good sign when silver miners are rising faster than the actual commodity.   While gold is a precious metal, silver is both an industrial and precious metal.   At the moment, industrial and precious metals are rising together.   That includes copper shown in Chart 5.   Copper producers have also been rising faster than the red metal.