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Undercut & Rally - Sprott Physical Gold Trust (PSLV) 2/22/21

Gold has become the odd man out as Bitcoin has wildly outperformed and silver has relatively outperformed recently. But there are some stirrings in the yellow metal here along the lows. First, we see that the Sprott Physical Gold Trust (PHYS) is pulling a U&R this morning through the prior February low as it approaches the mid-January low.

Meanwhile, gold futures are attempting a U&R at the late November low. Note that PHYS, which is directly backed by physical metal held with the Canadian National Mint, has outperformed paper gold on a relative basis. Commodities across the board are perking up, some more than others, but the commodity-inflation we expect is certain showing its face today.

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