I use the Inverse of the EURJPY currency cross as another proxy for GOLD.

Inverse Chart with Gold as a solid line showing similar correlation as TLT & GOLD. The currency cross blue trend line was broken to the upside Monday – so if the correlation holds, Gold stays even as the cross catches up (preferred), or the break out doesn’t hold and Gold falls . . .

What gives me hope is when the JPY is stronger than the EUR it usually indicates the USDJPY falling (YEN strength) thus risk-off environment. We’ll see . . .

PKP