Gold Battered As Bitcoin Goes Berserk, Trump Trounces Bonds

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

Comments

JohnGaltUk Raffie Thu, 12/07/2017 - 17:07 Permalink

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.

In reply to by Raffie

JBilyj Thu, 12/07/2017 - 16:06 Permalink

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...

D.r. Funk Thu, 12/07/2017 - 16:07 Permalink

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 '==