I'm leaning towards your explanation also. But still feels icky, like we are missing some 3rd, 4rth order impact/complication.
CBA in pink in the chart below. I've marked the obvious anti-correlation with amber arrows. Pretty obvious that there are points in time when they are in unison. But nothing like the magnitude we are experiencing right now. Practically since Jul 2024 Gold and Banks have been in a synchronised upswing... More importantly when is the next amber arrow
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