Lets take a look at the correlations during the time period 2017-03-01 to 2017-05-01:
- GDXJ correlation with gold literally went down the drain, with a coefficient of only 0.06!
- Probably a lot to do with the GDXJ rebalancing.
- Gold saw biggest correlation with TIP (Real rates), TILT (Bonds), USD/Yen (Nothing new here) and USD/Rupee.
- GDXJ and GDX tracked silver more than gold.
The miners (especially GDXJ) dislocated quite heftily from gold. Rates and Forex seems still seem to be the biggest factors when it comes to where the gold price is headed.