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Bonds, Gold, & Silver Surge As China Tensions & Bailout Uncertainty Escalate

Courtesy of ZeroHedge View original post here.

Vaccine hope trumped rising China tensions and uncertainty about government handouts continuing for a while but worsening COVID headlines (Ohio mandatory masks, Cali record case jump, etc) spooked stocks lower as the day wore on with mega-tech and small-caps underperforming. But, as is usual now, around 1400ET, everything was magically bid back into the green…

The Nasdaq's rebound into green today extends the streak to 48 trading days without consecutive losing days.

The seemingly endless rise puts the tech-heavy index on the verge of matching the longest streak without back-to-back losses since May 7, 1978, according to Dow Jones Market Data.

As politicians fight over the bailout (weighing people's livelihoods against their election odds)…

…Jim Millstein, the co-chairman of Guggenheim Securities, summed the worries up by warning that the financial system would be at risk if the U.S. fails to extend aid to consumers unable to pay their bills.

“If those folks do not have continuing support, we’re going to see a spike in delinquencies and defaults in consumer credit,” Millstein said Wednesday in a Bloomberg Television interview.

“That will have some contagion effects across the banking system and a variety of financial institutions.”

And that dear readers is why UBI is here to stay…forever…

Which perhaps explains the sudden surge in precious metals…

Spot Silver soared to $23…

Source: Bloomberg

Spot Gold tagged $1870 intraday…

Source: Bloomberg

…and the weakness in the dollar…

Source: Bloomberg

Longer maturity bonds were also bid on the day, but the short-end saw yields rise very modestly…

Source: Bloomberg

With 10Y yields back below 60bps again…

Source: Bloomberg

The decoupling between stocks and bonds is becoming farcical…

Source: Bloomberg

Having soared amid a massive short squeeze on Monday, FANG stocks continued to fade today…

Source: Bloomberg

Led by AMZN's rollover…

But tonight will be all about TSLA keeping the dream alive…

But of course – fun-durr-mentals don't matter…

Source: Bloomberg

Cryptos were higher on the day led by a surge in altcoins relative to bitcoin…

Source: Bloomberg

While silver and gold surged today, copper had a down day and oil was flat…

Source: Bloomberg

Funny how quiet everyone is about Dr.Copper now that he is not confirming highs in stocks (making a lower high)…

WTI dropped overnight in API inventory data, dropped again this morning on DOE confirmation but was then mysteriously bid back to unch…

Finally, we note that it's that time of year again… the third week in July, when things have historically gone a little bit turbo in stocks…

Source


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