Bitcoin
Continuing to consolidate the $102,000 to $108,000 range, gold fell 2% today, about 7% from its record high. Meanwhile, the Nasdaq 100 has reached a new all-time high.
Several of us Macroeconomic data points Friday morning – despite being nearly two months old at this time – may add to BTC and Gold’s modest negative tone. In May, personal income was -0.4%, lower than expected increase of 0.3%. Personal spending months were printed at -0.1%, with a 0.1% increase forecast missing.
Perhaps more imports to the market, the U.S. core PCE price index does not include volatile food and energy prices and is the gauging of the underlying inflation volume chosen by the Federal Reserve, up 0.2% in May compared to expected growth of 0.1%. Core PCE prices rose 2.7% year-on-year and expected 2.6%.
This data further supports the idea that the economy may be moving towards a stagnant state. Famous Golden Bear and Racingless Driver Peter Schiff“Even if weak economic data were released this morning, and inflation data that exceeded expectations pushed the dollar index to new lows, traders were still selling gold. Regardless of any superficial trade deals were negotiated by Trump.
