ISM Manufacturing Index and S&P 500 Cyclicals vs. Defensives This chart shows the nice correlation between ISM Manufacturing Index and S&P 500 Cyclicals vs. Defensives. Picture source: Nordea and Macrobond
Gold vs. U.S. 10-Year Real Yield The chart shows the nice correlation between the U.S. 10-year real yield (inverted) and the price of gold as a defensive asset Picture source: Saxo Bank
Gold vs. Real U.S. Rates The chart shows the nice correlation between real U.S. rates (inverted) and the price of gold as a defensive asset. Picture source: Richardson GMP
