EDITOR'S NOTE
Gold prices can sometimes serve as a messenger that all that glitters in the stock market is not what it seems.
Spot prices for the precious metal hit a record high on Monday amid rising coronavirus cases and trade tensions with China, as well as the expectation of more stimulus from central banks and governments.
"People are questioning the efficacy of Fed policy, government policy going forward," Jim Iuorio of TJM Institutional Services said on CNBC's "The Exchange." "I don't think people think there's going be some kind of some cataclysmic currency crisis. … There's a question mark of how far these things can go." 
Equities edged higher on Monday as investors prepare for one of the busiest weeks of the corporate earnings season. Among the companies reporting this week are Alphabet, Amazon, Apple, AMD, Facebook, McDonald’s and Pfizer.
The stock market has been going up even as earnings expectations have been going down. How earnings come in, and how investors respond, could dictate the direction of the market for the rest of the summer.
"Gold is probably giving us a warning," said JJ Kinahan, chief market strategist at TD Ameritrade, "but the market continues to chug along higher."
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