Since the summer of 2010, the way gold was viewed and used by the overall market has changed. For much of the period from Jan 1, 2008 until June 30, 2010 for example, gold (GC) has had an inconsistent relationship, in correlation terms, relative to the S&P 500 (SPY). There were times during this period when it moved in the opposite direction, but much of this time it moved in the same direction as the market. This can be seen in the first chart shown.
Toward the end of
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