The relationship between US equities and gold obviously changed around the middle of 2008.
But how has it changed? Has the correlation really reversed so dramatically?
Is this the result of the Fed's reflationary efforts? But has not the Fed does this many times in the past? What is the relationship with both of these markets with the US dollar, and that with the money supply?
Perhaps there is not a direct correlation but a relationship to other things that relate in common.
All good questions. Explanations will be coming, but we have not seen many that are any good. Most are simplistic and self-referential to the person's biases. So we will have to do it ourselves.
