Dislocations
When price and narrative don’t match
Silver vs tokenized silver
Two prices, same asset.
4.5% price difference shouldn’t happen.
What people think
Just noise
What’s really happening
Different venue
Different liquidity
Price discovery isn’t happening in one place
Gold vs Dollar
Two assets, opposite drivers.
Moving in the same direction shouldn’t happen.
What people think
Safe haven demand
What’s really happening
Correlation is breaking
Flows are overriding macro
Price is no longer following its usual driver
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