Oh look, gold and platinum are also rallying with silver. I wonder why.
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Replying to @nope_its_lily
Do you think it might be because {gold, silver, platinum, palladium} are *always* correlated with each other on account of being driven by very similar macro factors? It would be a much bigger story if they were moving in opposite directions.
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Replying to @macrocephalopod @nope_its_lily
Gold was up on 82% of days that silver was up over the last ten years. Platinum up on 74% of days that silver was up, palladium up on 70% of days that silver was up. This is not "memetics" it is plain boring old correlation.
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Replying to @macrocephalopod
Err calling it a correlation doesn’t explain any causal factors of why they correlate. In this case do you think macro factors drove gold and platinum?
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Replying to @macrocephalopod
What factors drove it today except
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Replying to @nope_its_lily
Real yields, inflation expectations, US dollar? A simple 4-factor model for gold return implies it shd be up about 4% from Fri based on move in silver, dollar, real and nominal yields vs 1% in reality. Ignoring the impact of silver, it should be up ~0.8% which is nearly dead on.
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Replying to @macrocephalopod @nope_its_lily
Gold should be up *more* if the SLV->GLD memetic overflow hypothesis (my coinage) is right. The fact that it’s only up ~1% is (weak) evidence against your theory IMO.
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You could also check out the futures basis in all four precious metals. Only silver shows anything remotely out of the ordinary, implying that to the extent that there are unusual flows based on weird memes, it is only affecting silver and not other metals.
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