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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?

But:

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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