Gold & Crypto Spike As Dollar Dumps To 6-Week Lows

The dollar is extending losses that started with last week’s FOMC statement, as this morning’s ADP miss sparked selling (perhaps on the assumption that no taper is coming and more stimmies are all but guaranteed)…

On the back of the dollar weakness, gold is spiking, back above $1835…

Cryptos are also bid, helped by the fact that SEC chief Gary Gensler did not say anything negative during an extensive interview on CNBC this morning (and the crypto tax in the infrastructure bill is likely to be amended).

Bitcoin also spiked, now back above $39,000…

Source: Bloomberg

And Ethereum tops $2600…

Source: Bloomberg

Is the market starting to price in the end of the dollar? Little early to pronounce that but one look at the following projections for US debt….

…and one could be forgiven for piling into ‘alternative’ currencies.