My Own Market Narrative
"It will take a rally of monumental proportions to save the penis of John McAfee" - Zerohedge, 2017
Thursday, July 16, 2015
gold price ex-US, gold-dollar correlation both look interesting
Here's some gold chart perspective for you.
Gold in euros:
Not doing anything at all. Whatsoever. Snoozefest. Since June.
Gold in loonies:
Slight uptrend. Definitely doesn't look crashy, more like bottomy.
So why is gold doing "down"? Because:
The market is going short gold in USD. Maybe expecting another pop in the US dollar as the September rate increase draws near?
The bottom panel shows that gold-dollar correlation is back down at -0.95, which has been a great place to buy gold before.
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