Whilst looking at the prices of gold, silver, and oil this morning, I thought I might also take a look at the price of Bitcoin, as the symbol of the crypto industry, which recently arrived to promote. This is the chart Google supplies:
I chose 5 years to add a little perspective.
The Trump boom, which started in late 2024, is not over yet, but like gold, silver, and oil, the price of Bitcoin is plummeting. It is also not a safe haven from reality, as has always been obvious.
Now, I know, part of this might be down to pressure on the dollar. But not enough to explain the falls in the price of anything I have looked at.
So, the only question left is, why is the S&P 500 doing so well? Its chart looks like this:
The FTSE100 is also largely unharmed by changes in the prices of all the commodities I have noted.
Why is the question? It's down to exuberance, again. None of this makes sense, as almost everyone knows.
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Exuberance. Animal spirits ride again. But little idea where they are going.
IMHO it shows that few have a grasp of the big picture here. That’s dangerous.
Agree the neoliberal casino won’t make sense, its seeds of destruction are built within.
‘Exuberance’!
Never has stupidity and greed been so finely and inappropriately labelled.
And that about sums up Alan Greenspan in a nutshell to be honest.