Lets take a look at the correlations during the time period 2017-03-01 to 2017-05-01:

 

Data

 

Correlation matrix

Correlation matrix

 

Observations

  • 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.

 

Comments

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.

 

 

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