[DEMO] Gold-DXY Correlation Has Broken — Here Is What It Means

Classical macro 101 says gold and the US dollar move inversely. The 90-day rolling correlation has spent most of the last decade between -0.5 and -0.8. For the past 6 weeks, that correlation has flipped to +0.4. Both assets have rallied together. **Why this matters:** 1. Central-bank demand has decoupled gold from US-yield mechanics 2. The marginal gold buyer is no longer a US ETF — it's a non-US central bank diversifying 3. Traditional macro frameworks (rates ↓ → gold ↑) are insufficient for current price action Trade implication: cross-asset hedges using DXY against gold longs are mispriced. The hedge is broken.