Gold is up more than 1% today, which is the first day in a long time that the metal has had notable outperformance relative to the S&P 500. While gold has moved sideways for most of the year and is only up 4.5% year to date, we are soon entering a time of year that has historically been pretty favorable for gold bulls. The favorable seasonality is said to be driven by the Indian harvest/festival season when farmers spend profits on gold. India was having drought problems of its own earlier this year, but has since seen a nice recovery in rainfall. Diwali on.