It is usually easy to characterize markets as either “risk-on” – with favorable conditions encouraging investors to take on more risk – or “risk-off,” with uncertainty creating an appetite for investments that have traditionally been more dependable. But the current three-year-old equity bull market is different, as the relationships between certain asset classes have been unusual. Of particular note: Gold, which has historically been considered a “safe haven,” would generally move independently of stocks, which are more risky. Instead, they have been moving in the same direction—mostly up. As equities have surged, ... (full story)