Risk on Trade suggests Risk Off ahead?

The markets started this year with the risk on trade. Silver and Gold dominated the bull run, tightly followed by some equity markets such as the Indian Sensex. It has been a climb of the famous wall of worry, but still, it is a great bull continuing to dominate, or? Both the precious metals have turned much lower compared to the high levels we saw earlier this year. Ok, no problem, the equity rally is still doing well. Yes, it is, at least the DAX is the new “leader”, but the emerging leader, Sensex, has not taken out new highs. On the contrary, the market is downsome 6% from the highs we saw in mid February. If Silver, Gold and the Sensex showed the risk on trade until mid February, maybe the relative underperformance of the risk on trade is showing weakness ahead?

Charts below.

Dax blue, Sensex green, China black, SPX red.

Silver, gold and the Sensex, all losing ground since February.