Friday, June 1, 2012

Gold and copper decouple completely

Here is gold vs. copper futures intraday price action over the last couple of weeks. The decoupling, particularly after the horrible US employment numbers today, is striking (after being tightly correlated recently).

Gold futures vs. copper futures intaday

As the 2-year rates go negative in Germany, gold becomes a unique asset class for flight to safety.

2-year bund yield
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