Gold and Oil - Negative Correlation

The daily gyrations of one asset class may have an effect on the performance of another global asset. In this case the rising price of Brent Crude Oil has put downside pressure on the price of gold, creating a negative correlation between the two assets. The global price increase of brent oil, is a result of supply constraints from the Straight of the Hormuz region. The decreased availability has driven the price of Brent Crude higher. 

Below is a chart depicting the two assets (oil and gold) represented by the exchange traded security BNO Exchange -Traded Security and exchange-traded fund GLD. Simply put, as the price of Brent Oil (representative of BNO) moves higher, the price of gold lower, creating a negative correlation at this time of post at -0.93. A correlation of 1.00 is perfectly correlated, and -1.00 a strong negative correlation. Thank you for reading.

Psychedelic Sector Update

Late last year we wrote about psychedelic stocks here Psychedelic Therapeutics. Here is quick update in the sector, of the five most advanced companies pursuing therapies.

ATAI is entering phase 3 clinical trials for lead drug candidate BLP-003 for TRD in 2026. The company is also exploring social anxiety disorder (SAD) with EMP-01, having just competed a phase 2 trial.

GHRS is also tackling TRD with an inhalant device, and will be entering phase 3 clinical trials in 2026. Both ATAI and GHRS are utilizing psychedelic mebufotenin for TRD with an inhaling device. 

CMPS is preparing for NDA filing with COMP360 for TRD through FDA discussions. They are also advancing COMP360 for PTSD, with phase 3 studies scheduled in 2026.

DFTX is using LSD for GAD and MDD, with MDD readout of the EMERGE study late second quarter.  They have BTD for GAD. GAD is their primary program.  DT120 had an effect on MDD also, in their phase 2 study. 

HELP is the only adjunctive for MDD, as concomitant is allowed in their phase 3 clinical trials. Their first phase 3 read-out for trial APPROACH is anticipated for the 4th quarter of 2026. 

DXFT’s MDD readout, anticipated by the end of the second quarter is the next catalyst for the sector.

A chart below of the five companies and their stock performance year to date. 

GOLD and Geopolitical Risks

GOLD sold off on 2/28/26, which was the day geopolitical risks were elevated, due to military strikes on Iran. Gold sold off -24.4% from a recent high of $5,400 / ounce all the way down to $4100 per ounce, then has since recovered up to present prices around $4,600 per ounce. Gold's sell-off was due to profit taking after reaching all-time high in price, US dollar strength, and fear of rising interest rates. Once geopolitical risks alleviate, we expect gold to continue it's march higher, or stabilize in prices near term. Below is a chart of M2 money supply, and a daily chart of gold depicting the sell-off beginning 2/28/26. Thank you for reading.