by Pater Tenebrarum, Acting-Man.com:
Odd Intermarket Correlations
As noted in our previous missive, we are beginning to feel a bit like the patron saint of lost causes when talking about gold. It feels very counter-intuitive that gold should decline when ever more central banks are embarking on massively inflationary policies. For instance, gold crashed in April four days after Mr. Kuroda announced that massive debasement of the Japanese currency was about to begin. Yesterday, the Australian and South Korean central banks cut their interest rates to extremely low levels – the latter clearly in reaction to the BoJ’s new policy. The rate cut in South Korea was the 511th cut in administered interest rates in the world since 2008.
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