sentences:  The effect is observed due to the fact that the information flow between short-term and long-term traders is asymmetric.As a result, volatility measured with high resolution contains information that is not covered by low resolution volatility and vice versa.The risk parity weighted volatility of the three assets Gold, Treasury bonds and Nasdaq acting as proxy for the Marketportfolio seems to have a low point at 4% after turning upwards for the 8th time since 1974 at this reading in the summer of 2014.