Below is our updated chart of gold priced in other currencies.  Clearly, today’s move up in gold is reflected best as US Dollar weakness.  We still have yet to see last Thursday’s high taken out in the other currencies.  This may help explain the correlation breakdown with equities and Treasuries.  Equities may be benefitting short term from a devaluation in the Dollar, while Treasuries continue to advance on the strength of this week’s auctions.  History has demonstrated, however, that this correlation breakdown is likely only temporary and that there will be a rebalancing next week.