Bitcoin
Continue to consolidate in the range $ 102,000 to $ 108,000, and gold is lower by 2% today and approx. 7% from its record high. Meanwhile, Nasdaq 100 has reached new heights all the time.
A couple of us macroeconomic data points on Friday morning – although almost two months old at this time – could have added the modest negative tone for BTC and gold. Personal income in May entered -0.4%and lacked the expected increase of 0.3%. Personal consumption month over the month Printed to -0.1%, missing the forecast for an increase of 0.1%.
Perhaps more imports to the markets rose the central PCE price index in the United States, which excludes unstable foods and energy prices and is the Federal Reserve’s chosen meter for the underlying inflation, by 0.2% in May compared to the expectations of an increase of 0.1%. On an annual basis, the core PCE prices rose 2.7% against 2.6% expected.
This data further supports the view that the economy may be heading for stagflation. Noted Goldbug and No-Coiner Peter Schiff: “Dealers continue to sell gold, even when this morning’s release of weak economic data and stronger than expected inflation data pushed the dollar index to new low. Stagflation and a tanking dollar is bullish for gold, regardless of any superficial trade deals ‘negotiated’ by Trump.”
