It’s Friday the 13th…
Category: gold
UBS: Bitcoin Selloff Was Worse Than Weimar, Crypto Will ‘Never’ Be True Currency
“For context, Bitcoin’s collapse in value in early September was worse than the collapse in the value of the German mark at the start of the Weimar hyperinflation.”
Risks Aplenty.
And now, back to your regularly scheduled programming…
Rotate Me.
“The past few weeks have been marked by significant rotations.”
Trader: A Part Of Me Wants To ‘Sell Everything’
“On a purely emotional basis, I was torn between sell everything — hard to do in foreign exchange — and wondering anew whether news itself no longer has any meaning for investors.”
‘Believe Me.’
What could go wrong?
What, No Nukes?
There’s always tomorrow.
Monday Bloody Monday.
There will be blood.
‘Tell That To Rain Man’
“Either way, you gotta be super smart to run a country and sell vol. buddy, okay? It’s not easy.”
La, La, La.
Finally, in case you haven’t had enough of “connecting the dots” today, here’s another exercise for you…
Okay, Bitcoin Fans – Riddle Me This…
“It’s also important to emphasize that, like any bubble based on the Greater Fool Theory, there’s no logical limit to how far it can rise, so fighting the bubble could be just as foolhardy as investing in it.”
In Times Of Crisis…
“It would take a huge leap of faith to say that crises won’t continue to be a regular feature of the current financial system.”
‘We Fear Gold, Bonds, And Stock Prices May All Suffer A Sudden Drop’
“With the Fed’s balance sheet poised to contract and financial conditions set to tighten either steadily or abruptly, we fear gold, fixed income, and equity asset prices may suffer a sudden drop.”
‘I’m Inclined To Say It’s Going To Zero’: No Chance Bitcoin Replaces The Dollar
“So is a single Bitcoin worth $500,000, $5,000, $500 or $0? I’m inclined to say $0, especially if Bitcoin’s value depends on it being adopted as a global digital currency to replace dollars. There is no chance whatsoever that Bitcoin can displace the dollar, for the simple reason that it is badly designed.”
Watching Paint Dry. Illogically.
As one reader put it earlier today, “is just being open for trading” a good enough reason for stocks to rally?Â
Valueless Valuables.
Ok, I’m feeling like today is a day when I should try and vex as many readers as absolutely possible, and there’s no better way to maximize the hate mail than to deride gold and Bitcoin in the same post.
Bitcoin, Cryptodollars, Gold, Seedy Saloons, Gunfights, And Wampum
“It’s the millennial’s wild west. Like all generations, they’ve discovered a new frontier, with few rules, seedy saloons, gunfights, corpses. As our earthly unknowns disappear, we find new ones in the ether. “
You Should Have Just Gone To The Bar.
Generally speaking, this week’s theme (reflation back on in the U.S. as stocks, the dollar, and yields all rise in tandem) held, as there was no news “bigly” enough to change the narrative.
Japanese Shares Surge Amid Asia Rally As Investors Super-Excited World Didn’t End
It’s all green screens out there early on as the relief rally gathered steam in
Asian Shares Rally, Gold Falls As Markets Breathe Heavy Sigh Of Relief
As noted late last week, things would look quite different on Monday, one way or another.
‘They Bought It All – Literally’
To be sure, traders and investors were left to cope with conflicting signals in the
One Bank’s Advice: ‘Stay Long Gold’
Gold’s recent rally has of course reignited the eternal debate about the relative merits of owning largely useless pieces of metal as a “hedge” against the end times. But perhaps more important than the debate about whether it makes sense to own something that can’t be eaten or burned as protection against a scenario that leaves us all living in Cormac McCarthy’s The Road, is the question of where real rates are headed…
‘The Clocks Stopped At 1:17’…
Ok, get ready.
For now, the fiscal-chaos-can has been kicked, Harvey is behind us, and North Korea’s latest nuclear test has come and gone.
But dead ahead is Irma’s landfall in Florida, North Korea’s “founding day” (which by most accounts will be “celebrated” with an ICBM launch), and of course, more gridlock in D.C. We are, figuratively and literally, in the eye of the storm on Friday.
Can You Imagine Monday? Treasury Yield Touches 2.0144%, Gold Rises Amid Sense Of Panic
Can you imagine what this is going to look like come Monday if things get dicey over the weekend?…
Ok, So What Now?
Just one more day of this before the weekend, when we’ll all get to put up the plywood and hide in the basement as Irma turns Florida into Atlantis and Kim turns Tokyo into Dresden…
‘Monday Could Look Very Different From Friday’
“There was a lot of market-moving news yesterday. More to come. Unfortunately for traders, the two items with the biggest potential lasting effects are virtually impossible to handicap. And to make matters worse, we won’t know their punch-line until the weekend: when markets are closed for business.”
Boris The Bullet-Dodger.
Seemingly unwilling to risk any further damage to his already low approval ratings, Trump ultimately
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