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Gold And Bitcoin Joined At The Hip

Gold and bitcoin are conceptually joined at the hip because the value of both comes from their ‘non-confiscatability’ by inflation, by bank failure, and in the case of bitcoin, by state expropriation. The sharp recent rallies in both gold and bitcoin reflect that the market has suddenly upped the value of non-confiscatability, and a plausible explanation is that recent US inflation data show that the journey to sustained 2 percent inflation has stalled, raising the risk that the Fed might balk at finishing the journey. Plus: JPM, CL, and USD/CHF are tactical reversal candidates.

Counterpoint by Dhaval Joshi
Minimum Volatility Equities
Investors typically associate high-flying tech stocks with high sensitivity to interest rates. The rationale is simple: Given that most of their cashflows are further into the future, their value will be more sensitive to changes in their discounter. And…
Daily Insights
The Signal From The Rising Silver-To-Gold Ratio
Commodities are making headlines with the prices of crude oil, copper, and gold all making sizeable gains since mid-February. Multiple forces have been cited as drivers of the rally across these commodities. Increased geopolitical risks amid concern of a…
Daily Insights
Bitcoin Speculative Shorts Are Not What They Seem
Short speculative positions on Bitcoin at the CME are near theie highest level on record. Some financial commentators have suggested that this bearish positioning in bitcoin could act as kindle and spark a short squeeze. But looking at raw speculative…
Daily Insights
What Is Driving Gold?
Gold prices reached $2300 per ounce for the first time on Wednesday. They have now rallied by more than 12% so far this year. To a degree the furious rally in gold has been puzzling. Who has been buying? It certainly has not been private investors. Global…
Daily Insights
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Month-In-Review: The Dollar Rally Will Likely Fade

In this report, we review our trade recommendations based on incoming data in the last month.

Foreign Exchange Strategy by Chester Ntonifor, Artem Sakhbiev
Sweden PMIs Send Optimistic Global Growth Signal
As a small open economy, Sweden’s economic performance is a good barometer of global growth developments. Swedish PMIs for March were overall positive. The Manufacturing PMI rose to the 50 boom-bust line following 19 consecutive months of contraction and…
Daily Insights
USDA Corn Acreage Estimates Undershoot Expectations
The annual Prospective Plantings report released by the US Department of Agriculture (USDA) last week was slightly bullish for corn, neutral for soybeans, and slightly bearish for wheat. It forecasts a 5% drop in corn acreage, a 3% increase in soybean…
Daily Insights
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Introducing Complexities Of The World’s 17 Major Investments

The analysis of complexity is a massive competitive advantage in investing, and from today, clients will be able to monitor the complexities of the world’s 17 major investments on our webpage in real-time.

Counterpoint by Dhaval Joshi
Oil Supply Risks Are Back In Focus
Oil prices surged over the past two days on the back of heightened geopolitical risks to supply following increased tensions in the Middle East. Both Iran’s Supreme Leader Ayatollah Ali Khamenei and President Ebrahim Raisi warned that Israel will be punished…
Daily Insights

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