GLD intra-day Nov 1 2011 - Triangle breakdown - saved by VWAP

Triangle break was down, but so far it appears the VWAP is saving the price action from falling lower.

Correlation breakdown SPY vs GLD: Repeat of August 2011?

During the market crash in August 2011, gold found its place as a reserve asset as the USD was under fire due to a lack of a debt agreement.  It appears that from the latest move in gold and S&P500 that this reserve / safe haven status is returning.  With the market dropping almost 2% today and gold rallying almost 3% the lock step correlation over the past 2-3 months appears to have broke down. 

The next few days will be key to determining where these asset classes will go next.

Correlation breakdown at end of day: SLV (silver) and SPY (S&P 500)

I have been a believer in some form of correlation breakdown between metals and the stock market during a rapid decline.  However, it appears SLV and GLD have traded down with the market recently.   However, something happened at the end of the day Monday October 17th, 2011.  Just after 3:30pm, SLV had a nice rally into close as the SPY sold off to close near the lows of the day. 

You can see that silver has continued to trade slightly up as the Hong Kong exchange opened.
As it still seems that metals and the SPY are functions of the USD, until central banks (in the east most likely) start to buy gold / silver on equity sell offs, SLV and SPY will probably continue to trade up and down roughly together.