Category Archives: Gold

The Gold-Bond Correlation And Other Macro Observations

Posted on August 27, 2017 by macromon

We have posted several pieces over this year noting the high correlation of gold and 10-year bond futures. See here, here and here. Here is how the gold ETF (GLD) and the Treasury ETF (TLT) have moved together over various … Continue reading →

Posted in Bonds, Gold, Monetary Policy, Uncategorized | Tagged , , , | 10 Comments

TOTD: Today’s Rare Market Feat

Posted on July 12, 2017 by macromon

This would be the 4th time in 20 years that stocks, bonds and gold all up by > 0.25% on the Fed Chair’s semi-annual testimony.  – Sentimen Trader (TOTD = Table of the Day)

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The Bond Gold Correlation

Posted on March 2, 2017 by macromon

We have written quite a bit about the dynamics driving the gold market.  See here and here. As the short covering rally in the bond appears over and the Fed ramps up for more rate hikes, global PMIs and inflation … Continue reading →

Posted in Bonds, Gold | Tagged , , | 9 Comments

Is This Why Gold and Bonds Sold Off?

Posted on February 9, 2017 by macromon

Truly a mug’s game to try and retrofit fundamentals to short-term market moves, but ain’t gonna stop us! We’ve noted the comovement of the U.S. 10-year T-Note with gold over the past few months, driven, we believe, mainly by geopolitical … Continue reading →

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Gold Still Tracking Bonds

Posted on January 25, 2017 by macromon

We posted last week the correlation of the bond and gold.  Some argue gold has been rallying as a hedge against inflation or inversely with the dollar.   Don’t think so and not yet on the inflation hedge. Gold is moody … Continue reading →

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What’s Behind the Gold Rally?

Posted on January 16, 2017 by macromon

Short covering in the bond market. Don’t believe it?  Check out the chart below. Gold is up 7.7 percent since the December 15 low the same day the 10-year Treasury yield peaked at 2.60 percent. Why are Treasuries rallying?   … Continue reading →

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Watch Those Gold Miners (GDX)

Posted on December 15, 2016 by macromon

The gold miners index (GDX) gapped down another 4 1/2 percent today even after yesterday’s 5 percent down day.  Gold, the Feb futures contract, closed down about another $15 lower from the 5 pm electronic futures market close in New … Continue reading →

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Is Gold Finished?

Posted on December 14, 2016 by macromon

Big drop in gold today after the FOMC announcement.   Let’s go to the charts. The yellow metal is approaching a 5-year low at around $1,050 (actually $1,046.25), which it hit right around this time last year.   Tough to see a … Continue reading →

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Gold becomes a tough sell – FT

Posted on July 20, 2015 by macromon

James Mackintosh on the 5% plunge in the gold price Gold has become a tough sell. Investment editor James Mackintosh says perhaps those buying gold should be hoping China recovers its appetite for heavy industry and starts sucking in commodities … Continue reading →

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Where to Gold?

Posted on January 3, 2014 by macromon

Gold has started the year off strong and held up surprisingly well given some tough talk from Fed officials today.   After a textbook bounce off support at 114.50, GLD has broken through its short-term downtrend and is now in no … Continue reading →

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