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Breaking Top Featured Content:
S&P Fails To Make New Record High As Buffett’s Barrick Bid Pumps Precious Metals
Tyler Durden
Mon, 08/17/2020 – 16:01
Precious Metals outperformed today as the world came to grips with Berkshire Hathaway’s ‘rotation’ from banks to bullion (dumping Goldman and much of its financial exposure and buying Barrick Gold)…
Gold futures tagged $2000…
And Silver soared…
Barrick Gold is up 11%…
And Bitcoin also surged today, finally busting back above $12,000…
Source: Bloomberg
Likely helped by this…
😂😂😂. Old man Buffett buying tin while struggling to put in his dentures meanwhile @elonmusk and I are mining it for free from the asteroids. Go #bitcoin or go home. https://t.co/8B6TCRtsWE
— Dave Portnoy (@stoolpresidente) August 17, 2020
All of which took place as the dollar dumped back to its lowest in over two years…
Source: Bloomberg
Overall, stocks were mixed with Nasdaq soaring, The Dow disappointing and Small Caps and the S&P managing modest gains…
The S&P 500 continued to try and hold above its previous record high close (3386.15)…
Bonds were also mixed with the longer-end bid and short-end flat…
Source: Bloomberg
Oil prices spiked today despite weak Empire Manufacturing data as stocks popped…
And Dr.Copper continued its rebound after last week’s tumble…
As LME’s global warehouse network is holding the least copper since 2008…
Source: Bloomberg
And finally, with the S&P desperately testing record highs, we wanted to clarify one thing… it’s not about the fun-durr-mentals…
Source: Bloomberg
Tick-tock, time’s up for the dead-cat-bounce…
Source: Bloomberg
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