Gold: Early this year I noted the divergence between #gold and real US yields and wondered why this should be. 1/6
Gold: I noted that #gold's negative relationship with the dollar had become very important. 2/6
Gold I also suspected rising inflation expectations might be changing the drivers in #gold. 3/6
Gold: In the end, it turned out that the diveregence would prove to be temporary after all. 4/6
Gold: Whatever the reason for the original divergence, following the sell-off in #gold, this relationship has re-established itself, and neatly closed the gap on the above chart. 5/6
Gold: This relationship is not the most important one all the time, as this chart shows. But at the moment it seems to be pretty crucial. 6/6
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