I have always thought there should be another currency besides the dollar, which has become nothing more than fiat money. Gold and silver are historically stable money that holds their value (when they are not being manipulated). However, since Bitcoin came on the scene, it has not only been volatile, but quite popular among a new generation, and if you owned Bitcoin before President Donald Trump took his trip to Saudi Arabia, you are certainly smiling today as it, along with stocks climbed while the Dollar fell.
Zero Hedge reports:
As Bloomberg notes, the S&P 500 climbed for the third consecutive session as President Donald Trump’s trip to Saudi Arabia netted deals that lifted defense shares. The euro remains firm having pared gains from Chancellor Angela Merkel’s comment referring to the single currency as “too weak.” The 10-year Treasury yield climbed above 2.25% while gold rose and crude climbed to the highest in a month as Saudi Arabia said all producers agree on extending output cuts. Brazil’s real trimmed losses after the top court suspended its ruling on President Temer, while Mexico’s peso gained as interest rate differentials temporarily overshadow NAFTA concerns.
NO VOLUME!!
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While stocks are up 3 days in a row, they remain below the Trump-Dump levels… NOTE – each of the daily bounces have been opening gaps with little follow-through…
And “Most Shorted” stocks are now back unchanged from the Trump Dump…
S&P limped back into the green for May (Dow remains red)…
And all this while VIX was crushed back to a 10-handle…
And short-term VIX has crashed back to a 9-handle…
Energy stocks disappointed despite WTI topping $51 on the heels of positive OPEC jawboning…
But thanks to Trump’s big deal in Saudi Arabia, Aerospace & Defense stocks soared…
Treasury yields rose very modestly on the day but remain well below pre-Trump-Dump levels… (30Y hovers around 2.91%)
The Dollar Index was down once again (8th of last 9 days) to pre-Trump lows
Brazil is bouncing back a little from its devastation but notably stocks are not as excited as FX…
WTI Crude rallied to $51 and then stuck there…
Gold and Silver both gained on the day…
Finally Bitcoin was the day’s real winner, soaring over 15% on the day (up 25% since the Trump chaos last week)… smashing through $2000, $2100, $2200, and almost $2300…
Bonus Chart – One of these things is not like the other…
Keep in mind that Bitcoin is fiat currency, too, it’s just not controlled by the Federal Reserve. However, though it is volatile, the reality is that if you bought $100 of bitcoin just seven years ago, it would be worth a whopping $72.9 million!
On Saturday, Bitcoin moved well over the $2,000 mark on Monday. CNBC reports:
Bitcoin added more than $200 Monday at one point amid a major New York conference on digital currencies, following a surge in weekend interest from Asian investors.
The cryptocurrency briefly leaped more than 11 percent past $2,100 and $2,200 to hit an all-time high of $2,289.21, according to CoinDesk.com. Bitcoin was last trading near $2,236, about $200 short of doubling in value for May.
So, if you are a proud owner of Bitcoin, you might want to think about cashing in.
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