Introducing today's topics: gold, oil, and interest rates relationships.

Gold price is consolidating around $5,000 after record highs in January and sharp decline in early February.

Gold prices haven't risen more sharply despite US-Iran conflict because the attack was anticipated and 'baked in' to prices.

Political and economic environment remains supportive of higher gold prices later, but potential for temporary spike down to $4,850 due to triple bottom technical formation.

Seasonal factors: past holiday gift-giving periods (Lunar New Year, Christmas, Valentine's) leading to reduced fabrication demand.

Silver showing similar pattern: consolidation after January highs, potential for short-term spike down due to triple bottom.

Longer term, precious metals have further to go because economic/political factors driving investment demand have worsened, not improved.

Platinum and palladium also consolidating with triple bottoms, potential for short-term spike down, but expectation of recovery.

Oil prices around $96 WTI, $100+ Brent. Gold-oil relationship exists but not lockstep: 21% correlation nominal, 40% inflation-adjusted quarterly.

Gold prices already rose sharply anticipating Trump administration's sustained attack on Iran and other political/economic problems.

Expect gold and oil prices to remain relatively high.

Relationship between gold and real interest rates: negative real rates positive for gold, but positive gold prices can also occur with positive/rising real rates (as seen 2005-2008 and recently).