Why Gold, Silver, Platinum, and Palladium All Spiked at Once

Four metals spiked at once, for four completely different reasons. Here's what each one is signaling.

For the first time since 1996, the world’s central banks hold more gold than U.S. Treasuries as a share of their reserves. The institutions managing entire countries’ savings now hold more of a metal that pays no interest than of the bonds that do. China has led the trend for years, reducing its U.S. Treasury holdings while buying gold. Its gold reserves now exceed 74m ounces, according to its central bank. Gold has also become a yardstick for the rest of the market. In dollar terms, the U.S. stock market continues to set record highs. But measured in gold rather than dollars, the S&P 500…