/GC has had a nice move up. Bitcoin a nice move down.Big selloff coming at 1300 for /GC?? Or will it find some real legs above 1300? Would Bitcoin go even lower if /GC does catch a bid above 1300? Opinions on correlation?
I think people here don’t understand the concept of volatility (which is needed before you delve into the the correlation mess). Bitcoin is realizing about 10-11% per day this year (160-180% per year). It’s down 30% from its peak over the course of two weeks, which is actually less than a single standard deviation. So no, it’s not a “nice move”. It’s equivalent of S&P having a down 50basis point day - would that raise your eyebrows?
As for correlation of anything crypto with gold - I’d venture it is zero and anything you find is spurious.