Gold Futures & the S&P

I can’t get over the rise in Gold Futures today $GC_F, while the S&P Futures $ES_F wallow around, teasing me.

Gold Futures vs S&P Futures

What’s going on here?  If you look at the pre-market action on $GC_F it’s even more obvious how nice it would have been to be a buyer this morning. It’ll hit 1800 before anything slightly interesting happens. I’ve missed a very good trade…

Gold is rising nice and slowly, now up over 2% while the S&P is flat. I really don’t understand the dynamics here. All the smart money is heading into gold little by little, hoping I won’t notice, and all the dumb money fighting it out in equities? The dollar is no excuse either, it’s relatively flat, though down a pinch.

Something interesting is happening, I wish I understood what it was.