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Gold Spikes To Record High Over $2,130, Bitcoin Soars Above $40,000 As Market Calls Powell’s Bluff

After Powell’s unsuccessful attempt to convince the stock market of a hawkish stance during his recent “fireside” chat, we pointed out that he is facing a significant challenge. The market’s belief in imminent easing implies that inflation will return strongly, making Powell potentially comparable to a previous Fed Chair, albeit not Volcker, but Burns. Additionally, the sudden increase in the value of gold (and digital gold) signals the revival of concerns about the weakening of the dollar and fiat currencies in general.

Well, with futures having opened for trading on Sunday night, what we joked abbout on Friday, namely that Powell – having seemingly once again lost control of the hawkish narrative – may be leaking emergency rate hikes though Nick Timiraos on Dec 12, ahead of the December FOMC (now that the Fed is in blackout mode) …

Bitcoin tops $67,000 in record high
86.9 K… is all too real because suddenly everything that is non printable is soaring, starting with gold, which has exploded as much as $60, spiking to a new all time high of $2,135 …

… while bitcoin, and the entire crypto sector following closely, spiking above $40,000 for the first time since May 2022.

The bitcoin move was to be expected after what we reported yesterday, namely that cryptos had just seen their largest inflows in two years … and Friday’s comments by Powell only guaranteed even more capital would flow into the largely illiquid asset class.

“THe price of Bitcoin remains buoyed by expectations of a favorable ruling from the Securities and Exchange Commission regarding a Bitcoin exchange-traded fund, as well as anticipation of interest rate reductions by the Federal Reserve in 2024. According to Tony Sycamore, a market analyst at IG Australia Pty, the current technical chart patterns suggest that the next key level to monitor is $42,330.”

As for gold, everything is suddenly going in its favor, and not only the violent resumption of the Israel-Hamas war (which now includes attacks on US warships in the Gulf)…

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