and global equities
don’t usually move in tandem, but these are not usual times. The two assets — one a traditional haven and the other a classic risk-on bet — had an inverse correlation for most of last year, but as investors navigate the fallout from the coronavirus, they’ve started to move more in sync. Both nosedived in mid-March amid panic selling and forced margin calls; each then recovered by about 20% as central banks and governments kicked in more stimulus. That official support has aided stocks, while also fanning concerns about currency debasement and rising debt levels, supporting bullion.