SPY GLD

125 125

120 120

115 115

110 110

105 105

100 100

95 95

90 90

85 85

80 80
4/9 5/9 6/9 7/9 8/9 9/9 10/9 11/9 12/9 1/9 2/9 3/9 4/9 5/9 6/9 7/9 8/9 9/9 10/9 11/9 12/9

18 18
16 y = -4E-13x6 + 1E-07x5 - 0.010x4 + 545.5x3 - 2E+07x2 + 3E+11x - 2E+15 16
14 R² = 0.874 14
y = -9E-13x6 + 2E-07x5 - 0.022x4 + 1176.x3 - 4E+07x2 + 6E+11x - 4E+15
12 12
R² = 0.730
10 10
8 8
6 6
4 4
2 2
0 0
-2 4/9 5/9 6/9 7/9 8/9 9/9 10/9 11/9 12/9 1/9 2/9 3/9 4/9 5/9 6/9 7/9 8/9 9/9 10/9 11/9 12/9 -2
-4 -4
-6 -6
-8 -8
-10 -10
-12 -12

3.5 Standard Deviations in green, 60 day Correlation in blue 3.5

2.5 2.5

1.5 1.5

0.5 0.5

-0.5 -0.5

-1.5 -1.5

-2.5 -2.5

-3.5 -3.5