{"id":1484140,"date":"2024-08-16T20:00:00","date_gmt":"2024-08-17T00:00:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1484140"},"modified":"2024-08-16T20:00:00","modified_gmt":"2024-08-17T00:00:00","slug":"gold-soars-to-record-high-dollar-dumps-as-kamala-unveils-populist-economic-plan","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/gold-soars-to-record-high-dollar-dumps-as-kamala-unveils-populist-economic-plan\/1484140\/","title":{"rendered":"Gold Soars To Record High, Dollar Dumps As Kamala Unveils ‘Populist’ Economic Plan"},"content":{"rendered":"

Gold Soars To Record High, Dollar Dumps As Kamala Unveils ‘Populist’ Economic Plan<\/span><\/p>\n

\n

We are sure it’s just a coincidence… <\/strong><\/em><\/p>\n

…but on the day that Kamala Harris unveils her price-fixing, vote-buying agenda for economic growth…<\/p>\n

<\/a><\/p>\n

…the dollar plunged to 5-month lows…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

… and gold soared to a record high, topping $2500 for the first time…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

US equities also soared this week to their best week since 2023,<\/strong> led by a a 5%-plus surge in the Nasdaq (up 12% from last Monday’s lows)…<\/p>\n

<\/a><\/p>\n

Nasdaq rallied up to a key technical resistance level – at its 50DMA and the last July high…<\/p>\n

<\/a><\/p>\n

Which mirrors the rebound in Mag7 stocks (as they rallied up to the late-July highs, but couldn’t break it)…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Small Caps were lifted by an ongoing short-squeeze…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

VIX was clubbed like a baby seal on the week, extending its largest\/fastest retracement ever…<\/p>\n

<\/a><\/p>\n

The collapse of implied vol this week leaves a massive discount to the realized vol of the last month…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Credit markets rallied hard this week, adjust back from “hard landing” to “soft landing” scenarios…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Despite all the focus on jobless claims, CPI, and retail sales, this week was actually a ‘weak’ one for US macro surprises…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

…and that sparked a hawkish drop in rate-cut expectations – back to pre-payrolls levels (less than 200bps of cuts to end-2025)…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

That prompted weakness at the short-end (+1bps) of the Treasury curve on the week (but the long-end ended 7bps lower on the week). The obvious shift was the bearish rise in yields after CPI…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

The yield curve flattened significantly on the week, with 2s10s re-inverting…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Another choppy week for crypto but today saw Bitcoin surge back up to $60,000 as Kamala spoke. to end the week unchanged…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Oil prices were flat on the week after some volatile days…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

The other side of the AI-trade – copper – is not buying the euphoria in AI stocks…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Also worth noting is that the yen carry trade was not fully embraced to lift stocks…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Finally, the plunge in the dollar and surge in stocks and gold all took place since Kamala overtook Trump in the prediction markets…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Coincidence?<\/strong><\/em><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nFri, 08\/16\/2024 – 16:00<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/gold-soars-record-high-dollar-dumps-kamala-unveils-populist-economic-plan<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold Soars To Record High, Dollar Dumps As Kamala Unveils ‘Populist’ Economic Plan We are sure it’s just a coincidence… …but on the day that…<\/p>\n","protected":false},"author":0,"featured_media":1484141,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1484140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1484140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1484140"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1484140\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1484141"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1484140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1484140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1484140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}