Oil prices jump back above $75 after the US and UK conduct strikes in Yemen.
We are also seeing gold prices up on the news as fears of a larger war resurface. The primary motive for these strikes was the recent Red Sea attacks by the Houthi group in Yemen. Source: The Kobeissi Letter
The rise of digital gold in one chart. In 2012, one ounce of Gold was still worth 400 Bitcoin, now less than 0.05
Source: HolgerZ, Bloomberg
Gold and digital Gold (aka Bitcoin) seem to enjoy Powell dovishness and dollar weakness
Gold gained 2.4% following dovish Fed meeting, Bitcoin gained almost 5%. Source: HolgerZ, Bloomberg
Gold rallying to 2k$ despite investors selling gold is remarkable. Is it all driven by central banks demand?
Source: Michel A.Arouet, Bloomberg
GOLD remains 20% below the 1980 peak inflation adjusted
Source: DB, Win Smart
Central banks are on pace to buy over 1,000 tons of gold again
Despite the near-record annual purchases, it's worth noting that these institutions once held 80% of their balance sheet in gold Today, it's barely 20%. A return to the historical average of central banks holding 40% of their balance in gold could propel gold prices north of $3,000 based solely on that capital dynamic... Source: Tavi Costa, BofA
A golden cross on gold (50d MA is trading above 200d MA and both are trending higher)
Source. Bloomberg, Tavi Costa
Interesting market action... Bitcoin and Gold just moved in sharply opposite directions after weeks of similar price action. Beginning late Sunday night, both assets jumped sharply
Since then, Bitcoin is up 6.5% while gold prices have posted a massive $100 reversal. Some shift from gold to digital gold? Or just a random short-term divergence? Source: The Kobeissi Letter
