Gold’s Correlation with US Money Supply, National Debt, Commodities, Currencies, and Central Bank Balance Sheets

Gold has a very strong correlation with the US National Debt, with a correlation coefficient of 91.2%.


Gold has a very strong correlation with Silver, with a correlation coefficient of 89.2%.


Gold has a very strong correlation with the Real US Money Supply, with a correlation coefficient of 88.6%.


Gold has a modestly strong correlation with TLT (US Treasury ETF), with a correlation coefficient of 74.7%.


Gold has a modest correlation with WTI Crude Oil, with a correlation coefficient of 59.2%.


Gold has a surprisingly low correlation with GDX (gold mining stock ETF), with a correlation coefficient of 36.2%. This could indicate that gold mining stocks are extremely undervalued.


Gold has a very low correlation with the Dow Jones Industrial Average, with a correlation coefficient of 23.8%.


Gold’s strongest fiat currency correlation by far is with the Swiss Franc. Gold currently has a correlation coefficient with the Swiss Franc of 91.1%.


Gold’s second strongest fiat currency correlation is with the Australian Dollar, with a correlation coefficient of 86%.


Gold’s third strongest fiat currency correlation is with the Japanese Yen, with a correlation coefficient of 81%.

goldyencorrelationGold’s fourth strongest fiat currency correlation is with the Canadian Dollar, with a correlation coefficient of 70.5%.


Gold’s correlation with the Euro is very low at only 15.2%.


Gold’s strongest correlation by far is with the balance sheet of the European Central Bank, with a Gold / ECB Total Asset correlation coefficient of 94.7%.


Gold’s correlation coefficient with the Federal Reserve’s balance sheet/total assets is also high at 81.6%.


Gold’s correlation coefficient with the Bank of Japan’s balance sheet/total assets is very low in comparison at only 31%.


Gold’s Top 3 extremely strong correlations are with the European Central Bank (ECB) Balance Sheet, U.S. National Debt, and Swiss Franc. With the ECB getting ready to expand its balance sheet to record levels, the White House projecting the U.S. National Debt to grow by nearly $7 trillion over the next 10 years, and the Swiss National Bank recently deciding that it will no longer print Swiss Franc to prop up the Euro and U.S. Dollar – Gold’s Top 3 correlations are about to rise significantly higher. In NIA’s opinion, this makes an upward explosion in gold prices a 100% sure thing!


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