Gold and silver bulls freak out at the suggestion that the two One True Currencies behave just like other risk-on assets, but with more beta, because it goes against the idea that they’re special hedges against volatility or national meltdown.
And it’s not like anyone will change their mind, but just in case you’re on the fence, observe the overnight behaviour of the S&P, the euro, silver, and gold, which basically mimic each other tick by tick. Not seeing much in the way of hedges.
S&P futures (this is the smoothest of the lines, naturally):
Now you can go back to your regularly scheduled pre-conceived notions.