I was looking at charts of the past few year and trying to determine how strong the correlation is between interest rates and commodities. Higher interest rates mean stronger dollar and lower gold or silver. In the past decade when Fed raised or lowered interest rates, I just don't see a correlation as apparent as that between S&P500 and VIX (negative correlation). If the correlation isn't strong between gold/silver/crude oil and interest rates, then gold/silver/crude may still rise despite recent dollar strength or future rate hikes. I am trying to factor this into a hedge. Anyone care to comment?