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A "Goldilocks" us job report -> risk assets
Gold and digital gold rally after a soft US Jobs report. February Non-Farm-Payrolls beat estimates with 275k new jobs BUT 2 months revisions look notable with -167k. Unemployment rate rose to 3.9% from 3.7% and hourly earnings weaker than expected w/+0.1% MoM. January’s blow-out release has been relativized. Source: HolgerZ, Bloomberg
What will happen to gold if/when Fed cuts and real yields plunge to negative territory?
Source chart: The Macro Guy, Macrobond
Gold is back
Gold prices just jumped above $2,100/oz for the first time since December 4th, 2023. It's also now just 2% away from a new all time high, even as Fed rate cuts are delayed. The beginning of a new bull trend for precious metals? Source: The Kobeissi Letter
Interesting chart by TheMacroCompass.com
cryptos and gold are impossible to value but they are in some extent comparables in the role they play as an alternative to the fiat money system. Currently, Gold is 20.5% of the Fiat money in the 5 largest economies. After recent rally, the total cryptocurrencies market cap is just 3.4%. If you think teh gap between gold and cryptos should continue to narrow, there might be further upside. NB: this is NOT an investemnt recommendation
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