I got a few questions on the correlations we are used to observing, and how unusual the gold move is today (vs usd, real rates, bitcoin)
Just data (do not shoot messenger pls)
Gold is a 'messy asset', and while it is correlated to real rates in a levels sense (and that correlation is logical), the link is note very strong in daily changes (in part due to the mess in March this year)
And bitcoin has some (also moderate) correlation to gold, while it has essentially zero correlation to the USD trend (not shown)
And then there is silver, even if gold is having its worst day in years, silver is still managing to underperform vs its usual relationship to gold (perhaps there was some froth in that market....)
These are just charts (I hope they did not offend anybody). Are markets efficient? Your judgement... #fama
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