What Happened To Precious Metals?

Tyler Durden's picture

Correlation may not be causation but it seems more than a few funds were using precious metals as collateral for their levered longs in AAPL...

Something changed on the evening of 1/23... (hint)...

as Gold's almost perfect correlation with stocks fell apart the moment AAPL reported... margin calls anyone?

 

...and for those wondering about Gold's relationship with stocks - today's equity push and gold weakness takes the ratio of the S&P 500-to-Gold perfectly to the average level post-Lehman...

 

Coincidence, perhaps?

 

Charts: Bloomberg