Ecclectic analyst Ronnie Moas, better perhaps known as the one-man show behind Standpoint Research, ventured into the field of cryptocurrencies this morning when, in a note to clients he predicted that Bitcoin will double to $5,000 in 2018 - roughly in line with Goldman's recent bullish outlook which sees Bitcoin rising just shy of $4,000 in a best case scenario - then hit $25,000 to $50,000 in the next decade.
Authored by Steve St.Angelo via SRSroccoReport.com,
The biggest frustration to many precious metals investors, is why have the gold and silver prices under-performed the market since 2011? Actually, for gold it was since 2012. Even though gold hit a new record high of $1,900 in September 2011, its average annual price was higher in 2012 at $1,669 compared to $1,571 the prior year.
Having broken its win-streak with the biggest drop in 4 weeks today following Russia comments, crude prices hovered around $45 as API reported a massive 5.8mm barrel crude draw (most since 2016) and 5.7mm gasoline draw (most in 4 months).
API
The passage of Illinois' budget, which is scheduled for tomorrow despite the veto of Gov. Rauner which was duly overriden on July 4, was supposed to be critical catalyst that saved the state from a downgrade to junk status by the rating agencies, a first in US history.
Seemed appropriate...
Once again 'soft' data is hope-ing as 'hard' data is nope-ing...