Gold Is Back Above $1850 And Crypto Surges In Price
EDITOR'S NOTE: When the CPI came out and jumped by a stunning 6.2%, it signaled bad things for the U.S. economy in the coming days and weeks. It also had an immediate effect on everything from gold to crypto to the stock and bond markets. Zero Hedge reports that the shocking numbers sent “real-yields to fresh record lows” and “sparked selling in stocks.” On the side of wealth protection and inflationary hedges, it sent gold prices flying up, which means gold is back over $1,850. The more news like this that comes out in the coming days, weeks, and months, the more these trends will continue.
This morning's shockingly hit CPI print (on top of yesterday's record PPI) has sparked a rapid repricing in STIRs. And just like that, all of Powell's dovish jawboning has been erased....
Photo: Zero Hedge
Sending real-yields to fresh record lows (as breakevens spike)...
Photo: Zero Hedge
And that has - for now - sparked selling in stocks...
Photo: Zero Hedge
Inflation hedges have been bid. Gold is back above $1850...
Photo: Zero Hedge
Gold is back at 5 month highs...
Photo: Zero Hedge
And Bitcoin is jumping back above $68,000 heading towards record highs...
Photo: Zero Hedge
How long before we are reassured by some talking head that this is all still transitory?
Originally posted on Zero Hedge.
