Rising futures open interest and investor flows and decline versus the same. Declining for gold indicate the cryptocurrency gaming an edge for price appreciation and our view, thats mike mcglone, e o of bloom borer. This is really amazing. So whats happening is that the value that goal possesses as a store of value is being diminished by bitcoin because bitcoin is a superior store of value in many, many, many ways, as weve mentioned over the years. And so therefore, gold would be training more for its value as jewelry ornamentation or maybe some electronic is which would imply there are just a gold price of maybe 2 to 300 dollars an ounce, not 18 or 1900. 00 an ounce. And gold is the new aluminum. Wow. Thats like Robert Prechter style prediction, price prediction there that hes been predicting for the last, like 30 years. Well, i mean, if you look at so versus over has no longer been useful as a monetary metal. And the prices been lackluster to say the least. Gold is becoming very leas
Been absolutely lights out. The best november since time began, and maybe that is what we have, whatever you view on the election. But with the bombshell from pfizer on a vaccine, the market goes straight up. The president radio salad for four days, and we get a tweet for fourdio silent days, and we get a tweet out this morning. In this moment, we continue to see i am going to call it a second surge of market performance. Jonathan this morning is not about the politics. It is about the science. You can take the narrative and put it in the shredder this morning. We hope at some point in the nottoodistant future, it is conclusive. That just brings the cyclicality back into this market in a huge way and breeds some life back into that rotation. The nasdaq still very much on top. It is very clear the nasdaq is not on top. The nasdaq is struggling versus the likes of the small caps. Tom we will do the data altogether this morning before we get to dr. Fazeli. The vix from 41 to 23, i have be
If confirmed, she would be the first woman to hold the position. Promising stynes leader to have u. S. Coronavirus Vaccine Program says astrazenecas shot could halt severe covid. Welcome to the program. Futures in europe pointing higher. Futures in the u. S. Pointing higher and a number of uncertainties removed from the markets thinking over the last 24 hours or so. One of them is who is going to be treasury secretary. Somebody the that market knows ery well in the shape of janet yellen, somebody that has considerable monetary experience and fiscal experience. The other uncertainty is the transition at the white house. That seeps to be looking a little smoother given the headlines we have seen over recent hours. The asian picture benefiting from all of that removal of uncertainty i described. Something more complicated happening to the japanese market which had been doing well prior to being closed. It seems the Trump Administration in its last days still has some tough time to be toug
5, 6, seven major stories, are driving us forward. Simply an open question with all that is going on, what has your eye this morning . Jonathan the italian bond market. I know that feels a bit off the beaten road, but right now rallying aggressively over the less capital weeks. Look at the spread of btps to german debt at the moment. It is about 20 basis point. That was about 280 earlier in the year. That is one to watch in the debt markets. Tom bond price up, yield down. What is the why . Is it a flight to quality . Jonathan reduced redenomination risk, i am not sure we are completely there yet where we can say that this market now trades like a proper sovereign. What that means, we used to question how long some of these countries would play into the euro zone. The risk of redenomination, moving out of the euro and being repriced in a different currency. The fiscal backstop of a couple of months ago, even though it has not been fully implement it, i think that gave people some confid
0. 719 andrew and we have numbers to bring you this morning from United Health group just out with its quarterly numbers. Reporting Quarterly Earnings of 3. 51 per share. It beat the consensus estimate of 3. 09 revenue also above forecasts, saying that medical care trends that had been disrupted by the pandemic are moving closer to normal you are looking at that stock up just marginally this morning and we have three more financials, bank of america this hour, Goldman Sachs in the 7 00 hour and then wells fargo in the 8 00 hour. Joe. Thankthanks, andrew. Another Clinical Trial halted over safety concerns, eli lilly late stage trial has been paused by u. S. Health regulation tors it used a Health Sample from one the first patients recovered from coronavirus ill given you more details. Because it leaves out something important. Of the trials ongoing of the antibody, they decided to add remdesivir along with the antibody and that is when they had to halt the trial for some kind of safety