Oil Pulls Back, Gold Stable, Bitcoin Recovery

Oil slips after another bright start

Oil started the day on the front foot but slipped as the US open approached and have been lower since.

It’s been a remarable rally for crude in recent months, with OPEC+ giving it one final push last week after deepening cuts, thanks largely to Saudi Arabia. The decline came just as WTI hit its highest level in around a year, which may have contributed to some profit taking.

Near-term risks remain for oil markets, with Covid causing huge problems in many countries which means we’re likely to see more restrictions for longer. The action from OPEC+ may limit the downside but a little profit taking may kick in soon enough.

Gold flat as yields pull back

Gold is relatively flat today after stabilizing around $1,850 in recent sessions.

This was a major area of support late in the summer so may be having a psychological impact this week. Fed policy makers have eased concerns about a taper tantrum which has taken the edge off yields and, in turn, the pressure off gold prices.

Whether that will lead to a sustained decline in yields or not is another thing. A move back below 1% on the 10-year could be a positive sign for gold, which has a lot of lost ground to make up after it crumbled last week.

Slow comeback for bitcoin

Bitcoin is staging its comeback, albeit at a more moderate pace than we’ve become accustomed to seeing.

ECB President Christine Lagarde’s scathing verdict on bitcoin were brushed aside by a community used to being cast aside by people in positions of power.

While some may even view this positively, a badge of honour even, it shows the challenges the cryptocurrency faces in becoming mainstream even if it can become a more stable currency, which it has shown no signs of doing.

Lagarde dismissed its prospects of becoming a currency and correctly labelled it a highly speculative asset. It has many enormous obstacles to overcome.

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