| 1. Gold vs DXY (r = -0.25, MODERATE NEGATIVE) | Falling correlation slope (-0.0075/day) -- gold decoupling from dollar weakness | DXY at 98.65, below 100 threshold. Typical inverse is WEAKENING. Gold no longer responding to dollar moves as strongly. | Divergence. DXY bouncing from 96.22 low but gold NOT selling off. Structural bid in gold independent |
| 2. Gold vs 10Y Yields (r = -0.21, WEAK NEGATIVE) | Falling correlation slope (-0.0067/day) -- negative deepening | 10Y at 4.32%. Normally gold falls when yields rise. Recent 20d shows this relationship STRENGTHENING. Yield sensitivity returning. | Real yield pressure mounting. If 10Y breaks above 4.44 (90d high), gold faces headwind. Current yiel |
| 3. Gold vs SPX (r = +0.11, NEAR ZERO) | Rising slope (+0.003/day) | SPX at 6,817 (74.5% of 90d range). Recent 20d shows POSITIVE correlation -- gold moving WITH equities, not against. Risk-on/risk-off dichotomy blurred. | s inflation hedging or dollar weakness rotation, NOT classic risk-on. Caution: if SPX rolls over, go |
| 4. Gold vs Silver / GSR (r = +0.30, MODERATE POSITIVE) | Rising slope (+0.011/day) -- correlation strengthening | GSR above average but not extreme. Silver underperforming gold (Silver at 33.4% of 90d range vs Gold at 50.8%). Gold leading the precious metals complex. | s defensive positioning. Current level suggests mild caution, not panic. |
| 5. Gold vs BTC (r = +0.10, NEAR ZERO) | while gold holds midrange. | BTC at $72,979 (30% of 90d range -- near lows). Minimal competition for safe-haven flows. BTC in downtrend while gold holds midrange. | No competition. Digital gold narrative dormant. BTC bears no relevance to current gold price action. |
| 6. Gold vs Oil (r = +0.45, MODERATE-STRONG POSITIVE) | Falling slope (-0.006/day) | Oil at $96.57 (71.6% of range). Oil LEADS gold by 3 days. Commodity-inflation linkage active. | s gold is LOSING the inflation-hedge bid. Watch oil closely as leading indicator. |
| 7. Gold vs Copper (r = -0.05, NEUTRAL) | Falling slope (-0.011/day) | Copper at $5.87 (69.9% of range). Extraordinary volatility in correlation -- went from near-zero (60d) to strongly negative (20d) to strongly positive (5d). | from this pair. |
| 8. Gold vs VIX (r = -0.45, MODERATE-STRONG NEGATIVE) | — | VIX at 19.23 (down from 31.05 high). Classic: gold rises when fear rises. But correlation WEAKENING in recent 20d. | . |