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04.09.26 - 19:00
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Bitcoin-Gold Correlation Hits Six-Year High As Debasement Fears Mount (ZeroHedge)
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Bitcoin-Gold Correlation Hits Six-Year High As Debasement Fears Mount
Authored by Mathew Di Salvo via BitcoinMagazine.com,
Bitcoin's correlation with gold is at its highest in six years as investors increasingly look for ways to hedge against currency debasement.
That's according to a new report from Bitwise, which this week pointed out that the precious metal and leading cryptocurrency are trading in lockstep because the U.S. government has “materially intervened in the macro picture.”
Bitcoin started surging last month, after the U.S. Treasury Department said it would more than double the size of its government debt repurchases. The coin had its best run in three years and third best August ever.
“The last time the bitcoin-gold correlation was that high was in 2020, following the rounds of fiscal and monetary stimulus during the Covid crisis,” Bitwise's European Head of Research, André Dragosch, wrote.
JUST IN: Bitcoin's correlation with gold hit a six-year high, acc...
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04.09.26 - 17:06
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The Rush To Pull Gold Out Of The US (ZeroHedge)
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The Rush To Pull Gold Out Of The US
Submitted by QTR's Fringe Finance
It was reported yesterday that the Netherlands just shifted approximately 86 tonnes of its gold reserves from New York and Ottawa to London, explicitly citing “increasing geopolitical unrest” and the need to prepare for severe crises.
The Dutch central bank says gold held in London can be accessed and traded more quickly during an emergency than gold stored in New York or Canada.
That is some wonderfully sanitized central-bank language to deliver a message that seems to me to be “confidence in the U.S. holding the world's gold…and likely being a cornerstone of the global economic machine…is dwindling.”
Either way, it means the Netherlands has effectively decided that if the world goes sideways, it would prefer substantially less of its ultimate crisis reserve sitting in North America.
Before the move, 31.3% of Dutch gold was in New York, 19.7% in Ottawa and 18.1% in London. Now New York and Ottawa each hold 1...
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04.09.26 - 15:12
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′Good News Is Bad News′: Big Jobs Beats Sends Rate-HIKE Odds Soaring; Batters Bonds, Stocks, Gold (ZeroHedge)
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'Good News Is Bad News': Big Jobs Beats Sends Rate-HIKE Odds Soaring; Batters Bonds, Stocks, Gold
A four standard deviation beat for non-farm payrolls this morning (good news) is triggering ugly reactions (bad news) across markets with rate-hike odds for September ripping back up near recent highs (despite no signs of inflationary wage growth - in fact it is slowing)...
Audrey Childe-Freeman, Bloomberg Intelligence's chief FX strategist:
“The strength in the latest NFP report will validate Sept. Fed rate-rise talks and most likely give the dollar a short-term-yield-driven lift.”
“But that's priced, and unless the Fed signals the beginning of an aggressive tightening cycle, the Fed-driven dollar upside may be contained into 4Q.”
That in turn is hammering the short-end of the yield curve...
And weighing on stocks...
Based on JPMorgan's matrix, we should see a drop in the S&P of between 0.5% and 1.25%...
Significantly more than the options market implied (+/-0.52%)...
The dollar jump...
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04.09.26 - 11:06
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Can Hong Kong outshine Singapore as central banks rethink gold custody amid global risks? (SCMP)
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As the Netherlands moved gold out of the US and Canada over geopolitical concerns, attention is turning to whether Hong Kong can capitalise on central banks rethinking where they keep their bullion.
The city faces competition from Singapore, which is expected to launch central bank gold-vaulting services in October as part of efforts to cement its status as a gold trading hub in Asia.
Where central banks chose to store gold came down to three factors, said Iggy Ioppe, a Wall Street veteran with......
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