June 09, 2021

Gold is trading flat today around $1,892 even as Treasury yields dipped to a 3-month low in spite of rising inflation concerns.  Several of the correlations between yields and precious metals and yields and inflation have diminished recently, leaving many scratching their heads for direction.  Equity markets seem confused too, with the Dow and S&P 500 trading nearly flat and the Nasdaq, which has performed best when yields drop recently, up a modest 0.3%.