[…] Gold and silver managed to add a little to their recent gains, as risk began to creep back into the internal judgements of traders, who were taking a little of their recent extended gains in riskier assets off the table.
The dollar gave up a bit as well today. The correlations between asset classes are rarely pure and constant in the short term.
And in the longer term, they often elude the academic mind as well. Hence today’s intraday commentary about a very serious paper about gold from the Royal Economic Society.
We should be getting some economic news tomorrow that will open the door towards forward thinking about the Non-Farm Payrolls report on Friday. Two or three days ahead is about as far as these markets are able to go these days.