Correlation Breakdown x 3 in Gold
![Chart of monthly change in tonnes backing all gold ETFs vs. gold price in US Dollars per Troy ounce. Source: BullionVault Chart of monthly change in tonnes backing all gold ETFs vs. gold price in US Dollars per Troy ounce. Source: BullionVault](https://www.bullionvault.com/gold-news/sites/default/files/240203-new-year-gold-etfs-correlation.png)
- gold in Jan 2024 dropped less than US$10 from end-December's record-high finish of $2062 per Troy ounce;
- gold actually rose last New Year when investment demand also shrank; and
- most starkly, the broader correlation between gold's price and demand to invest has broken down anyway.
![Chart of gold priced in US$ versus notional tonnes of net speculative bullish bets among Managed Money in Comex futures and options plus bullion backing gold ETFs worldwide. Source: BullionVault Chart of gold priced in US$ versus notional tonnes of net speculative bullish bets among Managed Money in Comex futures and options plus bullion backing gold ETFs worldwide. Source: BullionVault](https://www.bullionvault.com/gold-news/sites/default/files/240203-gold-cme-etfs-price-correlation.png)
![Chart of Chinese household gold demand for jewellery, coins, retail bars. Source: BullionVault Chart of Chinese household gold demand for jewellery, coins, retail bars. Source: BullionVault](https://www.bullionvault.com/gold-news/sites/default/files/240204-china-household-gold-demand.png)