Definitely. This is a very confusing time in history to be analyzing markets.  Financial assets (equities, bonds, etc) can't help but rise nominally with the entire world monetizing their debt (with a few exceptions, e.g. China). Company values haven't really risen but share prices have across the board and it's hard not to keep going (if price is going up and value is flat or going down, you get multiple expansion...which is what we've seen over the last couple of years and what should be expected when currencies are losing their value). But that doesn't hold as true for commodities. Their prices are based much more on supply and demand. So, what to do with an equity being inflated by debasing currency but still mainly tracks a commodity (or a basket of commodities)?  It's not an easy call - have to mix the ideas of the currency it's priced in along with the commodities it tracks.