Cross-market correlations · 90-day rolling
Nothing moves alone.
Six cross-asset pairs. Pearson coefficients. When correlations break, opportunities appear.
Key pairs
Six relationships that matter.
Dollar weakness fuels gold rallies.
Rising real yields pressure gold — but less than before.
Near-zero: gold moves independently of equities.
Tight co-movement. Silver amplifies gold moves.
Industrial demand links silver and copper.
Inflationary link fading in current regime.
Full matrix
The complete picture.
| Gold | Silver | DXY | 10Y Yield | S&P 500 | Oil | Copper | |
|---|---|---|---|---|---|---|---|
| Gold | — | +0.91 | -0.82 | -0.61 | +0.18 | +0.42 | +0.55 |
| Silver | +0.91 | — | -0.68 | -0.48 | +0.32 | +0.51 | +0.74 |
| DXY | -0.82 | -0.68 | — | +0.55 | -0.21 | -0.38 | -0.44 |
| 10Y Yield | -0.61 | -0.48 | +0.55 | — | -0.15 | +0.22 | +0.19 |
| S&P 500 | +0.18 | +0.32 | -0.21 | -0.15 | — | +0.29 | +0.41 |
| Oil | +0.42 | +0.51 | -0.38 | +0.22 | +0.29 | — | +0.63 |
| Copper | +0.55 | +0.74 | -0.44 | +0.19 | +0.41 | +0.63 | — |
Correlation breaks
When relationships snap.
Gold/DXY decoupling
Bullish goldGold rises despite dollar strength. Central bank buying overpowers the usual inverse.
Gold/Yield decoupling
Regime shiftGold ignores rising yields. Inflation expectations or geopolitical fear dominate.
Silver/Copper divergence
Monetary vs industrialSilver rises while copper falls. Precious metal bid overrides industrial demand.
Gold/Silver ratio spike
Fear signalRatio above 85 means panic. Silver is abandoned, gold is the only haven.
Correlations are rolling Pearson coefficients based on historical data. Relationships can change rapidly during market stress. Not financial advice.