Loading ...There aren’t many, but a few analysts are willing to Speak Truth to Crazy.
March 1 – Bloomberg (Simon Kennedy): “The US national debt is rising $1 trillion every 100 days, helping to explain why assets such as gold and Bitcoin are trading at around all-time highs, according to strategists at Bank of America Corp. The pace of the debt swelling is also accelerating, the strategists led by Michael Hartnett said in a report… They estimate it will take just 95 days for the burden to climb to $35 trillion from $34 trillion, compared to the 92 days it took to grow to $33 trillion from $32 trillion.”
Torsten Slok and Michael Hartnett’s notes were delivered to clients on the first day of March, a session that suggested a month potentially crazier even than February. The Semiconductors surged 4.3% Friday to another all-time high, boosting four-month returns to 50.3%. Nvidia’s 4% advance increased its four-month return to 94.4%. This stock closed the week for the first time with a $2 TN market capitalization, joining only Apple and Microsoft in the $2 TN club. Bitcoin rose another $1,160, or 1.9%, Friday, boosting the week’s gain to a blistering 22.6% – and the four-month melt-up to 76.5%.
Along with the usual crazies, even commodities markets mustered gains. The Bloomberg Commodities Index rallied 1.9% this week. Crude futures jumped 4.5%, with gasoline futures rising 4.2%. And an interesting thing happened on the day Slok and Hartnett were Speaking Truth: the precious metals came to life. Gold surged $38.61, or 1.9%, to a record closing price of $2,082.92. Silver jumped 2.0% in Friday trading, with Platinum up almost 1.0%. Crude rose 2.2% to trade to a four-month high.
Time for gold…finally?
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