Commodities Are Still in the Lead
Headlines around the Fed being probed by the DOJ have injected a fresh layer of institutional uncertainty into the macro backdrop. Regardless of how that story ultimately resolves, markets are reacting to the implication.
That reaction is showing up clearly in commodities.
Gold, silver and platinum are all pressing higher in unison. This is a broad hard-asset response to rising policy and governance risk, which signals to me capital seeking insulation rather than chasing growth. As long as this dynamic remains intact, commodities will continue to lead. BTC tends to stay range-bound while that macro pressure is being absorbed elsewhere.
This al
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