Gold: Rolling Correlations.


  • The US dollar still rules the day, which opens up for a correction in gold if we get that bounce in the dollar.
  • Negative correlation to VIX is still somewhat high.
  • Overall, most of the correlations that have at some points been pretty strong (both negative and positive) are still chopping around near the zero line.
  • Gold is for the first time more positively correlated with VWO (Emerging markets) than with either TIP (Real rates) or GVI (Bonds).
  • It really looks like gold in US dollar terms is currently trading more as a direct currency (anti dollar hard money) than it has for a long time (at least 2 years+).
    • Not really following inflation expectations (TIP).
    • Not really following bond yields. (GVI).

Some more things to note:


Best regards,

The Hedgeless Horseman

Follow me on twitter:

Follow me on

Don’t forget to sign up for my Newsletter (top right on front page) in order to get notification when a new post is up!

Stay up to date

Subscribe to email updates!

Leave a Reply

Your email address will not be published. Required fields are marked *

Name *
Email *

%d bloggers like this: