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Market Commentary – 08.14.20

Aug 14, 2020 · 7 min read

By Kevin Kelly, CFA

The last several weeks have been nothing short of crazy in the crypto market. During times like this, it’s difficult to pay attention to anything else, but I must say, it’s also a wild time for macro. I’m currently working on the first Monthly Macro report for August, which I plan to have out next week. In the meantime, I wanted to put a few key trends on your radar given how quickly markets can change.

Stocks breaking to all-time highs. Gold and silver posting one of the worst daily declines in over seven years. Long-dated Treasuries rolling over as yields start to tick up. Income data showing early signs of inflationary pressure as inflation expectations trend higher.

 

Precious Metal Rally Halted

The rally in precious metals came to an abrupt halt this week amid a more stable US dollar and, primarily, an uptick in US real yields (G 384). The SPDR Gold Shares ETF (GLD) had its worst day in over seven years on Tuesday (-5.4%) as gold fe

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