$EFUND GOLD MI ETF(02824.HK) rose eight points, $Global X Copper Miners(COPX.US) rose over three points, $Pro Ultr Silver(AGQ.US) edged up slightly, while $iShares Gold Trust(IAU.US) and $Pro Ultr GLD(UGL.US) were basically flat.

Gold prices were almost flat that day, but mining companies rose eight points. This is the operating leverage mining companies have on gold prices—when gold prices are stuck at high levels, mining costs are fixed, and the profit elasticity per ounce is amplified. Stock prices are much more sensitive than the metal itself. The logic for copper is different. Against the backdrop of a soft landing, copper rose and the dollar weakened. The rise in $Global X Copper Miners(COPX.US) is due to expectations of industrial demand, not safe-haven buying.

Silver, caught between the industrial and precious metal logics, followed with a slight increase. Today's divergence is clear: the gold metal side is flat, the mining side is moving, that's leverage talking; the copper side is moving, that's soft landing pricing.