RIP: Gold As An Uncertainty Hedge

Gold still looks like a nice counterweight to the dollar, but if you think it serves as some kind of protection against crisis, or a China fall, or an equity collapse, or anything else, you may want to recheck yourself.

For a long time, gold has been moving like stocks, just with more beta, which is why stocks fall in gold on up days, and gain in gold on down days, like today.


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