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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: 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)

Q: Bill, I think a majority of the readers on here would agree that gold’s response thus far to the monetary and fiscal currents has been mostly underwhelming. I am curious to know how you are assessing the situation – is gold’s time yet to come or do you think anything has fundamentally changed with how people are investing in relation to inflation?

Fleck: I have not changed my mind about anything. Having said that, it is clear that people are inclined to believe the transitory fantasy, so they will have to be convinced. I didn't expect that, but it is what it is.
(posted: 6/25/2021)

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