Bullion Best In May As Tech Wrecks; Bitcoin’s Biggest Bust In A Decade

Well that was a different month – bonds were bid, big-tech dumped (as Meme stocks soared), crypto puked along with the dollar but bullion was best bid.

Is it time to cut the dollar’s rope?

Nasdaq dropped in May – its biggest monthly drop since October (even after its big comeback from mid-month). Trannies outperformed (up for the 4th straight month)…

Source: Bloomberg

Small Caps led this week, just outperforming Nasdaq; as the Dow lagged.NOTE the action very much concentrated around the open every day…

FANG Stocks closed lower in May, biggest monthly drop since September…

Source: Bloomberg

Meme stocks soared in May – the biggest jump since January’s chaos…

Source: Bloomberg

Bonds were bid on the month with the belly outperforming (7Y -5bps)…

Source: Bloomberg

Amid a chaotic month (the payrolls plunge), 10Y yields ended the month back below 1.60%…

Source: Bloomberg

And while real yields pushed lower (more negative) again in May, gold is signaling they have further to fall…

Source: Bloomberg

The Dollar was down for the second straight month, ending May with its lowest monthly close since 2014…

Source: Bloomberg

Bitcoin crashed 37% in May – its worst month since 2011. Ethereum was the least bad horse in the crypto glue factory, falling less than 10% on the month..

Source: Bloomberg

Despite lots of vol, ETH dramatically outperformed BTC for the second straight month…

Source: Bloomberg

Bitcoin was unable to reclaim $40k and closed below the 200DMA once again…

Source: Bloomberg

Commodities were broadly speaking higher in May, up for the 11th month of the last 13…

Source: Bloomberg

Silver’s best month since Dec, Gold’s best month since July, Crude and Copper also up over 4% on the month…

Source: Bloomberg

Spot Gold closed back above $1900 extending gains off the $1700 double-bottom…

Source: Bloomberg

Finally, have a great Memorial Day… with the most expensive gas in 7 years…

Source: Bloomberg

And as inflation soars, production disappoints… Can anyone say “Stagflation”?

Source: Bloomberg

And this just made us laugh… while sobbing…

Big if true, and just in case this handy diagram from @bigmagicdao will help sort us out. pic.twitter.com/cyExlxojp6

— LongConvexity (@LONGCONVEXITY) May 28, 2021