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Investors have traditionally focused on gold’s inverse correlation with the U.S. dollar. But perhaps they should be looking at bullion’s recent synchronization with the yen.
That’s the view of John Goldsmith, deputy head of equity at Montrusco Bolton in Toronto. In a recent internal research note, he pointed out that the yen has tracked gold more closely than any other major currency. The lower part of the graph shows the steadily increasing correlation.