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Stocks, metals correlations rise in October

28 Oct News | Comments

BOSTON (MarketWatch) — The dollar’s decline in October “pushed precious metals correlations higher with respect to financial assets,” said ConvergEx Group chief market strategist Nicolas Colas, as gold and stocks moved more in tandem during the month. “That should correct itself over time, but in the near term any dollar strength could leave both stocks (financial assets) and precious metals (physical assets) moving lower in a coordinated fashion,” Colas wrote in a note Thursday. The dollar index was down 0.6% Thursday morning ahead of the U.S. market open.

 

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