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Bretton Woods Three is a Process, Not an Event
Today:
Video:
“What to Expect From Gold” starts 9:14
JPMorgan On The Bitcoin Gold rallies.
Premium:JPM on Gold/ Bitcoin, MSA on GDX Levels
Yesterday’s Activity:
US equities were mixed on Friday after closing at record highs in the prior session.
Market Commentary:
The Concern: YTD combination of outflows from gold ETFs and a surge in bitcoin ETF inflows is raising questions about investors shifting from gold to bitcoin.
The Reality: Private investors and individuals have propagated both gold and bitcoin YTD rather than shifting from the former to the latter.
JPMorgan
This outflow trend does not reflect an aversion to gold by private investors such as individuals and family offices but rather an instrument shift away from physical gold ETFs to bars and coins.
Gold is being bought by retail/ CBs physically, not ETFs…
GLD liquidation trend has been ongoing for years…
GoldFix Conclusions:
Private investors and individuals have propagated both gold and bitcoin YTD rather than shifting from the former to the latter. And…
ETFs are not the drivers of price anymore and therefore US buying is not the sole driver of price. Thus…
Gold and silver are being definancialized and becoming recognized for what they are: real money and physical collateral that can be trusted in international trade.
The fiat experiment may not be dead yet, but it is on life support
Full Analysis at Bottom
Price Action
Gold- CNY activity caused some short term volatility. Faded
Silver- Watch copper
Miners-
Oil-
BTC/ETH-
Stocks-
Bonds-
Dollar-
Market News:
Fed’s Bostic (voter) said on Friday that there is no silver bullet answer on why the economy is doing so well but immigration and productivity are likely playing a role.
US Senate passed a USD 1.2tln government funding bill which President Biden signed to avert a government shutdown, according to the White House
"Amgen is among a crowded field of drugmakers racing to develop the next blockbuster weight loss drug — but it’s taking an entirely different approach than its rivals. The biotech company is testing a monthly injection that works differently from Wegovy and Zepbound and appears to help patients maintain their weight loss even after they stop taking it." Source: CNBC- time release
"China has introduced new guidelines that will mean US microprocessors from Intel and AMD are phased out of government PCs and servers, as Beijing ramps up a campaign to replace foreign technology with homegrown solutions. Source: FT- Mercantilism
"The world’s largest, most-important financial market is growing by leaps and bounds. Source: WSJ- Debt default
"Peter Thiel, Jeff Bezos and Mark Zuckerberg are leading a parade of corporate insiders who have sold hundreds of millions of dollars of their companies’ shares this quarter Source: FT- Bag sellers
GEOPOLITICS- Moscow
The death toll from the Moscow concert hall attack on Friday was at least 137, while Russian President Putin declared a day of mourning on Sunday and said all attackers have been found and detained, according to Reuters.
Russia’s FSB said the perpetrators of the Moscow attack were heading towards the Russia-Ukraine border and had contacts on the - Ukrainian side, according to IFAX. There were also comments from Russian lawmaker Kartapolov who said there should be a clear answer on the battlefield if Ukraine is found to be behind the Moscow attack, according to RIA.
Ukrainian President Zelensky said Russian President Putin and others seek to divert blame for the Moscow concert massacre and that Putin could use the terrorists he sent to their deaths in Ukraine to stop terrorism in Russia.
US National Security Council spokesperson said the US government shared information with Russia earlier this month about a planned attack on Moscow, while the spokesperson added that Ukraine has no involvement in the attack on Russia and Islamic State bears sole responsibility for the attack. It was also reported that Islamic State released footage of the attack on the concert hall.
France raised its security alert after the attack on Moscow, according to reports citing the French PM.
more1
Some headlines via NewSquawk or DataTrek
Data on Deck:
MONDAY, MARCH 25 10:00 am New home sales
TUESDAY, MARCH 26 Durable-goods orders
WEDNESDAY, MARCH 27 speaker
THURSDAY, MARCH 28 Pending home sales
FRIDAY, MARCH 29 PCE, 11:30 am Fed Chair Jerome Powell speaks2
