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Article: US Dollar Correlation to Gold Signals Risk to Longer-Term Trend.
- Article from:
- Mena Report
- Article date:
- June 17, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The correlation between the US Dollar and Gold prices has picked up considerably as of late, as a fear of excessive US fiscal and monetary stimuli have increased the lure of gold as a hedge against dollar weakness. In fact, the 20-day rolling correlation between the Euro/US Dollar and COMEX Gold futures now stands near record-highs after having fallen near all-time lows earlier this year. Though any statistician can tell you that correlation does not imply causality, the strong link can hardly be cast away as a spurious coincidence. The earlier breakdown in the Euro/US Dollar-Gold correlation was arguably a function of the resurgence in the US Dollar as a safe-haven ...
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