Gold, following historical precedence, is leading. Gold led the gold shares until 2010 breakout. The gold shares, despite the constant wall of worry, have played an impressive game of catch since 2009.
Gold is currently probing the upper trading channel (green circle). This is an explosive setup for both gold and gold shares. Yet, most investors tend to ‘see’ only fear and doubt during the dips and rallies, respectively. This suggests that recognition is still very early.