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SPOOs Hit Another All-Time High

Daily Rap 06-25-2021

The indices marched higher again through midday, led by the Dow, which gained two-thirds of a percent, aided by a more than 10% gain in the price of Nike stock. In the afternoon, a decent chunk of the gains evaporated, although the market still closed a bit higher, as you can see in the box scores.

Away from stocks, green paper was flat, fixed income was weaker, especially at the long end, while the metals gained a little ground, led by silver, which added almost 5% compared to a few dollars for gold. The miners were their usual desultory selves and didn't do much.

Eyes on the Price(s) On the subject of gold, I know there's been a lot of angst and a lot of disappointment that it's done what it's done recently, and prior to that, this spring...more

Last year's posts for Ask Fleck

Q: Hi Bill ,
Do you think the Basel III accord will affect the gold market in a positive way, and lift the 'baseline' market price into the $2000 USD price range ? And, would this be a sustainable price increase ? The Basel III accord would supposedly prevent, or limit, the multiple-layers of leasing physical gold at many multiples ( per available hard asset ounces ) to multiple buyers . . .

Fleck: Please use the search. I have been asked this at least five times recently. It will have little impact until everyone already wants to buy gold.
(posted: 6/25/2021)

Q: This article in the New York times is about how Powell during the the market meltdown of March 2020 consulted with the head of BlackRock numerous times.

The information in this article speaks for itself in so many different ways about who is running the game. And it reinforces the idea that these people will let the house burn for the stock market. That is indisputable.

Top U.S. Officials Consulted With BlackRock as Markets Melted Down

Fleck: Yeah, so ask yourself how long the Fed will tighten to fight inflation if the stock market starts to tank? They are beyond trapped.
(posted: 6/25/2021)

Q: Wells Fargo studies how various asset classes did during inflationary periods, get this... since 2000. 2000! Is that considered thorough research these days?

Wells Fargo: Here's The Best Asset To Own When Inflation Strikes

Fleck: Apparently so.
(posted: 6/25/2021)

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