Gold is up for a third day, while the selloff in stocks has intensified.
The liquidity explanation (margin calls, forced selling), does it really hold up?
→ Gold's sharpest decline came when equities were only 2.5% lower. No panic.
→ The MOVE index spiked after gold had already fallen. Not before.
→ Hedge fund positioning in gold? Far from extreme.
You can't have a liquidity-driven selloff without actual market stress.
So what really happened? The answer is likely simpler than many think.
👇 Our latest Blokland Smart Multi-Asset Fund newsletter tries to make sense of gold's collapse:
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