Why isn't gold going up during this global stock meltdown?

(1) The rally in gold "discounted" the financial crisis that is taking place now. (2) Markets are more liquidity-driven. They all seemingly move up and down together in a correlated manner. (3) CNBC is bullish on precious metals.
 
Quote from travelingtrader:

Why isn't gold going up during this global stock meltdown?

I thought gold is where money goes when people are scared...
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You think that individual are big purchaser of gold; you are mistaken; most gold are already hedged with stock market and treasury; when liquidities are required from other side; gold market get squeezed as well; just look back to last august meltdown; Gold will bounced from here; keep your eye on treasury's yield.
 
either

Deflation...gold has no dividend

Fund managers need to raise cash to pay out withdraws

No inflation if there is a recession
 
Its because market crashes are by definition deflationary. Period.

During the crash of '87 gold got absolutely hammered. I was trading both that day.

Jay
 
So where to for gold in the shorter term now? I've been short since mid last week, covered half this morning and holding the balance. Stop in the money, but didn't expect to see the bounce back in the stocks this morn. Anyone clued up enough to suggest whether to hold or take the money and run?
 
I have no clue, but during an actual crash, gold drops. After everything is worked out, gold could easily rally again depending on what the hedgies are thinking about the $. personally, I wouldn't want to be long gold.

I'm shorting crude at the moment, gold has already moved quite a bit for me.
 
I remember a crashette some years back... sort of like today. When the markets opened, gold gapped higher and I wiped my brow as that's what I held. However, gold soon caught up on the downside.

Gold was one of the snap back leaders when the panic had passed.
 
Thanks for the feedback guys. Holding on for a bit, can't help but feel there will be some follow through selling this afternoon on the equities which hopefully will drive gold a little lower. I mainly trade currency futures, but take good looking commodity trades when they crop up....
 
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