Stocks are in rally mode and gold is getting crushed.

The previous metal is down more than 2% to about $US1306 an ounce. In contrast, the Dow is up 127 points and is back above 17,000, while the S&P 500 is up 3 points and the Nasdaq is up 25 points.

Last month, gold popped above the $US1300 level, which it had been stuck on for much of the spring, but at current prices, gold is at its lowest levels in almost a month.

Silver is also getting crushed, with prices of that precious metal down more than 2% as well.

Here’s a chart of gold over the last 24 hours.

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