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Apple is down 2%. The big gold ETF, GLD, is down 1.4%.
These moves are happening on a day when the market is basically flat. It's not an accident that they're diving together.
The reason is: During the immediate post-crisis era, gold and Apple were huge outperformers, that were uncorrelated to the day-to-day "risk on, risk off" regime that was dominating financial markets.
Remember, investors are desperate to find uncorrelated assets that don't just mimic the S&P. Thus gold and Apple both held tremendous value as assets that provided outperformance, and seemed to exist in a world of their own rules, and their own returns. Apple seemed disconnected form the hum-drum economy. Gold, it was argued, represented an alternative to the repressive financial system that punished fools for believing in paper money.
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