Dollar Up, Gold down...

Gold has moved lower as the dollar moved higher, but the move has not been 1 to 1. Here again is the ratio of SPDR Gold Shares (GLD) to PowerShares DB U.S. Dollar Bearish Fund (UDN). The rising ratio indicates that foreign currency is losing versus the dollar more than gold is losing versus the dollar. That losing currency is, of course, the euro.

Gold is moving lower after market close thanks to IMF gold sales.