I told you Bitcoin was a bubble. The biggest beneficiary is the precious metals and I had a hunch when I saw the calculations for the turn in the metals the cryptos were hijacking some of the shine normally bestowed to the metals.
Bitcoin is actually on the lower end, as far as cryptocurrency volatility goes. Ethereum has increased more than 100-fold over the past year, while Ripple has more than doubled within the past week alone.
U.S. equity markets are poised to open a little higher on Friday, as we await the passage of tax reform through the House of Representatives giving Donald Trump his first major legislative victory since coming to office.
Sentiment toward gold has improved during the past week or so. The yellow metal managed to end a run of three-week losing streak last week and has started this one on the front foot, too. After its noticeable rise on Monday, gold was little-changed on Tuesday, but it was pushing higher again today. At the time of this writing, it was trading at $1,265 per troy ounce.