I believed that – – and wrote – -that Trump would win the election for most of 2024. However, I didn’t think it would be a blowout win. I figured he’d lose the popular vote and win the Electoral College. Instead, it was almost a Reagan-level victory. Popular vote: won. Electoral College: won. Senate: won. House: won. Supreme Court: majority.
With all of that, Bitcoin has been celebrating like mad, up $30,000 over the past ten weeks and up over $10,000 since last Monday. It got within spitting distance of $83,000 last night.
So, the digital, ethereal stuff is ripping sky high, correctly predicting hyperinflation on the way. How about the actual stuff you can hold in your hand? Let’s just say its performance is dissimilar, cleanly signaled by the head and shoulders top I mentioned last week. Here’s gold, for example.
It was that precise pattern that turned me into Silver-Loving Lunatic into Silver Snubber. That’s a good thing, too because the futures are down (again) almost 2%, and it is threatening to break yet another horizontal.
Equities are up as well, although not the eye-popping levels that BTC is. As I type this, the /ES is at a new lifetime high, but it is only about a quarter of a single percentage point gain. It’s getting kind of hard to squeeze any more blood from this stone.
Simultaneously, and unsurprisingly, the Co-President (which I realized is his true title this weekend) Elon Musk is enjoying a continuation of the rise in his net worth, which will be about a third of a trillion dollars today. TSLA is up about $100 per share (!!!!) over the past week.
What’s amusing to me, in a gallows humor kind of way, is how pumped everyone is about how great the economy is about to become. Yep, we’re at the beginning of something really special, folks! Get into stocks while you can, when they’re cheap, and before our hopelessly-buried-in-debt country is about to emerge from its economic quagmire and really rocket higher, as the Dow 30 plainly shows:
You betcha.
