YOU PROBABLY don’t need me to tell you that it’s pretty risky out there, says Brad Zigler at Hard Assets Investor.

The market, I mean. Which market, you may ask? Increasingly, it doesn’t matter.

The zag of the gold market has come to look very much like the stock market’s zig. Over the past month, the correlation between the S&P 500 and gold has shot up 60 percentage points. The fact that the coefficient is now at 38% should tell you that it’s gone from a risk-neutralizing negative value to a tag-along positive.

The turnaround, too, followed a near-vertical trajectory. Not that this hasn’t happened before. Over the past two years, the correlation coefficient has dropped with equal velocity, but not risen.