From Dragonfly Capital:
...What has been interesting over this time period though is that the resulting large move in the Yen has been mirrored by the move in Gold. Despite the Yen moving more than 10% since the beginning of August the chart above shows that the ratio of Gold to the Yen has remained in a very tight range. In fact that ratio was pretty constant for the 5 months prior to August as well with one quick undershoot. It almost seems like the Bank of Japan has been pegging the Yen to Gold prices. Maybe it is just a coincidence but this happens to be when the Ukrainian conflict started to heat up....MORE
