Interactive Brokers: Bitcoin and Gold Show Converging Trends Again, Silver Recently Resembles "Meme Stock"

Odaily According to Steve Sosnick, Chief Strategist at Interactive Brokers, silver's recent performance resembles that of a "meme stock." Although the strengthening of the US dollar following news of Trump's nominee for Fed Chair, Warsh, put pressure on silver trading, the decline in silver had already begun during overnight trading before the nomination news became public. Furthermore, data shows that over the past two years, the performance of gold and Bitcoin has been highly consistent, with their returns differing by only a few percentage points. Currently, these two asset classes are once again showing converging trends. Sosnick concluded by noting that while investor psychology of seeking alternative assets and chasing momentum persists, the phenomenon of "memefying" a traditional commodity with a history of thousands of years may be nearing its end. (Caixin)