Yellen’s ‘Go Big’ story sparks big-tech, bond, bullion and Bitcoin gains
As President Trump “goes slow in the night” (or not), we note that since his election in November 2016, the Dow Jones is up 74% , the dollar is in down 6%, gold has gained over 40% in USD and bonds are up almost 16%…
However, all of these gains are pale compared to the Cryptos explosion as Bitcoin has gained over 5100% since Trump was elected …
But today ‘hui, that was Janet, dammit … as Yellen, the candidate for the Treasury Secretary, told congressional lawmakers during her nomination hearings “go big” on the ‘COVID relief, hinted at no major short-term tax hikes, and also raised the idea of infrastructure spending …
What could possibly go wrong? We have all this protection, these institutional shutdowns, right?
Tech stocks outperformed, the Dow fell behind (but all the majors were green from Friday’s close)… NOTE that stocks took off after Europe shut down and Yellen’s speech went beyond his prepared remarks…
The bonds were also bought today after being sold overnight…
The dollar pushed lower erasing brief gains yesterday…
And the cryptos won, led by Ethereum breakout to a new high…
“Retail investors are also starting to increase their investments in crypto”, helping altcoins, including Ether, start to outperform, said Seamus Donoghue, vice president of sales and business development at METACO.
And as the dollar fell, commodities were mostly higher with silver better since Friday…
Finally, some good news … with miraculous timing as Biden takes his functions, cases and hospitalizations fall…
And call back just make sure it’s not a bubble…
