by ZeroHedge News Staff at Oil Price
- Gold has exploded as much as $60, spiking to a new all-time high of $2,135.
- Bitcoin and the entire crypto sector followed gold closely, spiking above $40,000 for the first time since May 2022.
- Tony Sycamore of IG Australia: “Bitcoin continues to be supported by optimism around SEC approval for an ETF and Fed rate cuts in 2024,”.
On Friday, shortly after Powell failed to hammer the hawkish case in his “fireside” chat with stocks eager to take out 2023 highs, we said that Powell has a big problem on his hands not so much because if the market was indeed correct about imminent easing that only assures that inflation will come back with a vengeance and Powell would indeed be the “second coming” of a former Fed Chair – only Burns not Vlcker – but because the kneejerk surge higher in gold (and digital gold) meant that the once again deathwatch for the dollar – and fiat in general – had resumed.
Well, with futures having opened for trading on Sunday night, what we joked about on Friday, namely that Powell – having seemingly once again lost control of the hawkish narrative – may be leaking emergency rate hikes though Nick Timiraos on Dec 12, ahead of the December FOMC (now that the Fed is in blackout mode)…
Smells like Powell will be leaking emergency rate hikes through Nikileaks on Dec 12
— zerohedge (@zerohedge) December 1, 2023
… is all too real because suddenly everything that is non printable is soaring, starting with gold, which has exploded as much as $60, spiking to a new all time high of $2,135…
… while bitcoin, and the entire crypto sector following closely, spiking above $40,000 for the first time since May 2022…
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