YTD
Bitcoin +106% Gold +27% Source: Mike Zaccardi, CFA, CMT, MBA
Bitcoin priced in Gold is still 23% away from the all-time high.
FOMO starts at $90K 🤑 Source: Bitcoin Archive
Gold's best year since 1979!
There have been only four times in history where gold has delivered stronger returns: 1979: +126.5% 1973: +73% 1974: +66.1% 1972: +48.8% Source: GoldSilver
Last 3 years:
Gold +52% $QQQ +28% Source: Mike Zaccardi, CFA, CMT, MBA
Why is it happening?
With Interest Expense soaring and US debt/GDP at 125% & rising, the only way the US can keep USTs nominally money good are via negative real rates. hence the gold outperformance. Source: Bloomberg, Luke Gromen
Central bank of India moves another 102 tonnes from London to its own vaults. It’s a trend.
Source: Times of India
GOLD RALLY HAS BEEN TRULY UNSTOPPABLE
Gold prices have hit 40 all-time highs so far in 2024, marking the best year this century. The so-called barbarous relic has rallied 33% year-to-date and is on track for the best annual performance since 1979. Source: Global Markets Investor, The Daily Shot
Gold and stocks *both* with their best YTD performance in 25yrs this year.
Not really the sort of market action that is aligned with an aggressive easing cycle... h/t @thedailyshot thru Bob Elliott on X
