Gold, silver, and emerging markets continue to rally steadily over the past week, with South Africa the best among country ETFs. A strong EIA data release on natural gas inventories today should help push up sagging prices for that commodity, which was down the most among ETFs we track. The USD-tracking UUP has tumbled 1% over the last week as US short-term yields have fallen, also hurting banks. Long-term Treasuries have also underperformed.

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