GDX and TIPS and EEM. Inflation factors.

Treasury Inflation Protected Bonds and Emerging markets have a history of being high correlated. We see a massive divergence occur in November when TIPS and EEM break away from GDX.

Either ---------

TIPS is moving correctly and GDX is massively undervalued.

or.....

GDX is moving correctly and TIPS is massively overvalued.

---------

Its binary which one do you think it is?



I need to keep the brain steezy so, here is another (fire) Macro Idea.