Gold

BofA with the note.

I am definitely bullish gold in 2023.

He’s been wrong so far.

Can we finally put pay to the hodler notion that BTC is digital gold?

From JPM comes the understatement of the century: The financial stability risks of stablecoins The financial stability risks of stablecoinsAmong the more interesting and potentially impactful developments of explosive growth in cryptocurrency markets has been the advent and broadening acceptance of stablecoins.

Still suffering from the crash resulting from its now-notorious four-headed hydra pattern, Bitcoin joined another chartist’s nightmare yesterday, breaking the neckline of its monstrous head and shoulders top: The drover’s dog can tell you that opens up big technical downside.

JPM with the note: On June 8, El Salvador approved in congress a law that granted bitcoin status as legal tender, which will be implemented on September 7, assuming as we do the Supreme Court of Justice rejects challenges to constitutionality.

Let me amend that to read “all governments war on crypto just getting started”.

Since Bitcoin is just some made-up scam, it is more than fair to make up important reasons for why it is crashing.

Nataxis with the latest on Bitcoin: Bitcoin: adjustment nearly over?

More Bitcoin voodoo today.

JPM on BTC sound and fury signifying nothing.

Societe Generale with the note.

Gold has rebounded strongly in recent weeks as the generalised inflation panic has built up a head of steam.

Oh, really? Tesla & Bitcoin pic.twitter.com/YSswJmVZhP — Elon Musk (@elonmusk) May 12, 2021 Cripes, who could have seen that coming?

UBS has summed up my view on gold pretty well: We forecast a further weakening of gold (USD 1,600/oz end-2021) and recommend investors manage their gold positions more actively.

The two arguments that support Bitcoin as some kind of worthwhile asset for the future are worth revisiting again today.

Recent weeks have seen the big gold correction ease off into a little bounce.

Over the weekend, Bitcoin hit a new record high against both the US dollar and gold.

Some interesting tweets from various financial mavericks overnight on the ongoing gold versus Bitcoin debate.

JPM: The virus crisis, by boosting money supply as well as demand for an “alternative” currency, has supported both gold and bitcoin over the past year.

In a crazy world, the rational is irrational and the irrational rational.