While those panning silver and gold have viewed the early July highs as a bearish echo of the Q1 interim top, we have approached the recent consolidation trend as commensurate with the move out of the cyclical low last December.
With respect to the kinetic asset sequence of the broader macro story, precious metals have led the moves in long-term Treasuries - which eventually have led a rising tide in a larger basket of commodities.
For further reading on this concept - see some of our more recent notes:
The Second Stage
The Sweet Spot
Follow The Yellow Brick Road