Oil is both hated and ignored. It’s like gold was in the late 1990s, before the bottom in 2002. And then things shifted.

US growth looks undead. The eurozone economy might just be clawing back from the grave. Yet central banks keep whispering about cuts. Is this a real resurrection in economic growth or yet more smoke and mirrors?

Liquidity concerns and deflation are the bigger forces at work that could stop in a heartbeat the relentless march of higher asset prices. As far as gold and silver are concerned, their price increases have outrun the fundamentals for now.