On a long-term time scale, gold hedges against fiscal irresponsibility.

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The recent results of the final round of voting in the 2023 Argentinian Presidential Election.

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Mortgage denial rates by loan size.

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The Dollar is in a down trend.

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All Producer Manufacturing Index are in contraction.

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“On avg December is positive for $SPX over 70% of the time. Generally a quiet start but picks up mid-month to close +1.5%.”

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“ISM manufacturing now in contraction for 15 months straight, the longest stretch in 40 years.”

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Bitcoin and gold are correlating more in the last 7 months.

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Restaurant demand keeps bleeding.

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We call this “misalllocation of resources.”

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“We think the recent dovish shift in Fed rhetoric opens the door to further USD weakness and see scope for the USD to catch up with the repricing in US rates.”

— BNP Paribas

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Bitcoin price action by session.

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