What a ripper quote pete, "a finite amount of nothing is still nothing". Gave me a laugh. Surely we are in a toppy market - lots of nothingness traded at high prices - doge, digital real estate and digital art etc. Intangibles within intangible spaces. All rationalised away as being a perfectly logical investment. Talk about tulip mania. I'm being a bit facetious but such markets are pretty close to nothingness.
BTC has at least one solid use case - criminals. So that's some real fundamentals at least.
Back to gold - this consolidation continues amidst global bubbles. The price of gold is complex however I think If the perma-inflationists were correct then the current conditions should mean higher prices for gold. The fact gold is not higher is concerning to me. One logical argument is that competing assets offer better returns right now which is probably true, however stagnant gold with everything else rising it just more confirmation of a stagflationary highly speculative market (i.e. near the top).
I'm thinking more about evergrande and whether indeed it's an omen. If it were isolated it's not a big deal but China's property market does seem like a MASSIVE ponzi getting extremely tired. The market has shaken it off, but in true bull market fashion it could be ignoring the tsunami on the horizon. Like pre 2008 we had a wee flash crash a couple of months before the bear.
Logically a deflation in china will drag down all markets and seems a very reasonable possibility right now. I'm not too concerned about Evergrande per se but rather their whole property market. I don't have a good feeling about it at all.
