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Stockcharts has introduced a correlation coefficient. I immediately thought about gold and GDX, and in fact their market message talks just about that. They also show how to use it to pick up the stocks more related to GLD. Attached are the weekly IWM/GDX and GLD/GDX correlations.
Something seems very odd about the breakdown in the GLD/GDX correlation in the May-July 2011 timeframe.
[QUOTE=adam ali;15013]Something seems very odd about the breakdown in the GLD/GDX correlation in the May-July 2011 timeframe.[/QUOTE]
Indeed. It happened already in 2001 and earlier.