Gold Battered As Bitcoin Goes Berserk, Trump Trounces Bonds

Tyler Durden's picture

Artist's impression of what Bitcoin did today...

 

Today was all about Bitcoin - no matter what kind of investor you are...

 

Several exchanges had glitches with GDAX down for about 25 mins as Bitcoin plunged off its intraday highs...

At its highs today, Bitcoin was bigger than Wells Fargo...

 

Is this what is fueling Bitcoin's gains?

 

One Bitcoin can now buy 12.5 ounces of gold, it began the year at 1...

 

Equity indices were all higher on the day led by Trannies... (Dow and S&P lagged the Nasdaq and Small Caps)

 

FANG Stocks managed to get back to positive for the week...

 

Tech outperformed financials for the 3rd day in a row...

 

Banks opened lower (on Citi and tax news) but were bid into the European close...

 

High Tax outperformed low tax...

 

USDJPY and Stocks decoupled (as the former pushed on up to 113.00 and sequities ignored it)...

 

Bond yields caught up to Nasdaq...

 

Stocks seemed to dislink the extra curve steepening today...

 

Treasury yields were higher on the day...with the long-end pulling back to unchanged on the week...

 

With the curve steepening after President Trump said he was ready to begin his infrastructure plan... this was the 2nd biggest curve steepening in 2017

 

The Dollar rallied for the 4th day in a row...

 

Cable was the most noisy currency of the day amid on-again, off-again Brexit headlines...

 

WTI rebounded a bit today but copper, and PMs extended the week's losses...

 

Gold and Silver were clubbed like baby seals today...both ended at their lowest levels since July...

 

Silver underperformed gold again pushing the gold/silver ratio to almost 80x - the highest since April 2016

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Captain Nemo de Erehwon's picture

Yay ...virtual reality

Bud Dry's picture

Pulling them out of Gold and then pulling the rug.  Fine with me, I'll use one to buy the other (phys) at a great discount.

ParticularlyStupidHumanoid's picture

The chart's scaled improperly. Gold hasn't dropped much.

dasein211's picture

Maybe not if you consider golds market cap vs bitcoin.

Raffie's picture

They want gold to live in/around the $1200 range for a few years.

LONG LIVE THE PUMP-N-DUMP!!!!

 

Sing along - The gold, the gold, the gold is on fire. We don't need no profits, let the muther f00ker burn, burn muther fooker burn.

Iconoclast421's picture

Gold has dropped enough to make my GDX puts gain 2x as much as bitcoin did this week.

rejected's picture

And when it crashes they won't have their gold or their fiat.

ParticularlyStupidHumanoid's picture

You don't get it. Bitcoin can't be confiscated. A "crash" would require global economic stability, which would make it useless.

New_Meat's picture

You really think that the eye are ess and no zuch achenzy won't be tracking this for the "cap gains" that is their due?

Sheeesh...

outsideguy58's picture

It's only a matter of time before tax authorities, all around the world, get serious about pursuing the capital gains tax - that will do it (a crash, that is)

vulcanraven's picture

This is exactly what I have been thinking for awhile. Bitcoin being a government/central bank invention and massive wealth transfer scheme.

Raffie's picture

ANYTHING can be used for a scheme.

Germany wanted their gold bars back. Oh here if your gold plated tungsten as u requested.

JohnGaltUk's picture

A gold backed Deutsche Mark if the Euro collapses.

Dragi has been caught with some junk bonds on his QE purchases........ will there be more.

What is Bitcoin telling us? Is this a bubble or are are there some legit reasons for folks to flee? No notable rise in USD so no panic? Is it just the Chinese trying to get their wealth away from danger.

The price moves today are mental but what is it telling us.

Time will tell.

D.r. Funk's picture

I believe they're igniting its blowup implosion but regardless it has entered the public masses with every bubble-frenzy standard component and I don't think it's a coincidence the pt barnum sucker-born-a-minute movie opens 12/20

http://tickets.thegreatestshowman.com/?err=404&path=%2Fshowtimes%2F

DavidC's picture

Whether it is or not it certainly is having the effect that the CBs want, of getting people to actually EMBRACE digital currency. It'll make the doing away of cash much easier to achieve.

DavidC

HRClinton's picture

Just got me some gold by trading with Bitcoin. Thanks China, for the nice Christmas gift.

BlueHorseShoeLovesDT's picture

Gotta get me some of those sequities

JBilyj's picture

The viewpoint that gold investors have gone to btc is retarded, 96% of all btc is owned by 4% of btc investors. Gold investors are value investors that realize it's being pushed down and is about to spring back in the short term and launch off in the long term. Gold investors dont trust the system as it is, doubtful they are willing to lose their money in something so hackable as btc...

MagicMoney's picture

Gold is a hedge. BTC is going up, up, up, and up!!! Weeeee! I wouldn't be surprised if people did sell their gold for BTC. Just buy a minuscule amount of BTC and hoard it, watch it up go up.

taketheredpill's picture

wallets aren't hackable but risk is government(s) announce they will not allow it to develop into ecommerce applications only blockchain.

i think.  seriously who the fuck really knows.

 

DavidC's picture

Quite. The thought that KEEPS going through my head is WHY would Russia and Chine be stockpiling and building reserves of gold if they think it's of no value moving froward? DavidC

D.r. Funk's picture

Debt:gdp now crossed 106. As stated previously - Not Significant - even though we’re “Not Rome”. But was 103 only several months ago

==

SUB 11 VIX will, die, forever after this round

==

3% DRAWDOWN LAPSE not gonna hold forever

==

ADDITIONAL LEG closer to having its run, ended

==

PROGRAMMED ATH PSYOP ' cant go forever '

==

BlueHorseShoeLovesDT's picture

Wow! I gave you a couple of weeks and you still can’t come up with anything new.

Not very creative for someone who works in TV!

Tolomeo's picture

The whole day was a big WTF!!!

D.r. Funk's picture

My proclamations of endgame implied that was the - and the increasing - theme

Of course W T F has only escalated and not de-escalated the last several weeks

EXTREMES

DISLOCATIONS

BULLSHIT

HYPER BULLSHIT

FAKE-ILLUSION-BULLSHIT

 

gettin

-

closer

Clock Crasher's picture

Stockmarket is going no where but up and sideways for the next two years. 

Dont go short a second before AMZN 2,000 or 12 months of yield curve BELOW zero which we are far far away from.  

D.r. Funk's picture

Prediction noted

I'm not in it for "intermediate or intermediary" trading though. Will never exit inverses. The final top or inflection point hits when it hits and im not going to be out of them for it

BlueHorseShoeLovesDT's picture

Beacause you are fucking stupid

BlueHorseShoeLovesDT's picture

I don’t think you know what that means.

BlueHorseShoeLovesDT's picture

This is Fight Club, we expect better.

BlueHorseShoeLovesDT's picture

Hear ye, Hear ye, a proclamation from the King of ZH.