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Current Correlation between gold, €/$ and stocks

A lot has been published concerning positive or inverse correlation between gold, oil, etc. Whereas the correlation between gold and €/$ is apparent most of recent times, gold has often gone the opposite way of equities as it is seen as safe haven in stock market turmoil.

Interestingly, gold, €/$ and stocks have developed very similarly for about 3 months. This indicates that the speculative money, mostly dollars, probably derived from quatitative easing is going in the markets for investment. At the moment it seems that lots of money is in the market and that fundamentals don't play a big role. You look for the fundamentals you want to hear. For example as for gold, it is the fear of inflation even though rather deflation is present in many countries, at least in Western Europe.

I am convinced that this correlation will be present as long the money goes into the markets and the bull trend (or call it bear market rally, as you want) is ongoing. If the markets drop or the bear market should resume for a while this correlation has to be questioned since fundamentals would play a much more important role then.