Consider this: Since July 10th of this year, gold prices have moved from $1200 per ounce to last week’s high of $1363, a new record for the year.

In what can best be described as a relief rally in U.S. equities, recent events have shifted investor sentiment strongly towards a risk-on environment today. Deep concerns about Irma subsided as the hurricane did less damage than originally forecast.

Gold prices surged again this week, trading to a weekly high of 1362 last night. This marks the third consecutive week in which gold prices have closed remarkably higher.