Gold Retraces GDP Shock On Correlation Extravaganza

Tyler Durden's picture

It would appear this morning's spending and income data (and the fact that US equity markets opened down) was enough for a de-correlated explosion in risk-assets in general. Gold has retraced its post-GDP spike (and Silver is close) but with the USD weaker (thanks to risk-lever of all risk-levers EURUSD) Stocks are surging and bonds tracking along as 10Y breaks back above 2.000% once again. A nicely engineered stop-run to ES 1500 and 10Y 2.00% or real money 'rotation' - you decide... The anti-correlation is typically unsustainable - so who will win today? Stocks lower or gold/oil higher?

Gold and Silver roundtrip from yesterday's GDP...

 

and risk-assets in general decouple today... or was it all enegineered to get ES to run stops at 1500?