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Gold's "safe haven" credentials and its correlation to equities are not necessarily quite the same thing. Gold is a safe haven, in the sense that whatever happens in the economy, an ounce will always remain an ounce. It remains gloriously unchanged, whatever else happens around it. Which is why asset allocators often think about it as akin to a perpetual ...


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I do not think that you were terribly wrong thinking that gold and SPX (or equity market in general) are negatively correlated. The reason behind this is that gold and stocks are in fact negatively correlated in stress periods. Here are some stress periods and the correlations for SPX and gold (and silver): However, if you include normal periods, then the ...


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