Gold fans rushed in to buy as the Fed chair said he took no macro signal from the raging bull market in precious metals.
Gold fans rushed in to buy as the Fed chair said he took no macro signal from the raging bull market in precious metals.Gold soared to a new record on Wednesday afternoon, quickening its rise as Fed Chair Jerome Powell spoke at his post-meeting press conference.
"Crypto is underperforming some of the very assets it was designed to supplant," said one analyst. The bull market in gold ratcheted into a higher gear on Wednesday, with the yellow metal soaring 6% to above $5,400 per ounce for the first time. Silver and platinum posted even larger percentage gains, but gold, with a market capitalization somewhere in the $40 trillion area, was surely the standout asset. A sizable chunk of gold's gains came following comments from Federal Reserve Chairman Jerome Powell at a press conference following the central bank’sAsked directly about the rapid ascent in gold and silver prices, Powell cautioned against over-interpreting the rally as a macro signal. "Don’t take too much message into macroeconomically," he said, adding that while some may argue the Fed is losing credibility, “it is simply not the case." "If you look at where inflation expectations are, our credibility is right where it needs to be," Powell said. Gold bulls apparently thought otherwise.bulls, meanwhile, continued to watch from the sidelines as real gold yet again vastly outperformed its digital counterpart. Prices traded in an excruciatingly tight range throughout the day, edging lower following the Fed decision and recently trading at $89,000, flat over the past 24 hours.U.S. stocks were also little changed on Wednesday as investors awaited earnings from the likes of Microsoft, Meta and Tesla.Despite the macro tailwinds often touted as benefiting bitcoin as "digital gold" — including a weaker U.S. dollar and rising geopolitical risk — BTC has been struggling recently, while gold is now up more than 90% over the past 12 months. The contrast casts a shadow over bitcoin’s supposed role as a macro hedge, especially as the assets it was designed to rival are outperforming, James Harris, CEO of yield platform Tesseract Group, argued. “We’re clearly in a market regime where crypto is underperforming some of the very assets it was designed to supplant," said Harris in a note. "Part of that outperformance is almost certainly a repricing of geopolitical and fiscal risk, but it also reflects gold clawing back some relative market share from bitcoin.”Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token. The ecosystem now spans phygital products , games and experiences , and a widely distributed token . While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility. The company's bitcoin stack remained at 11,509 coins, worth about $1 billion at BTC's current price near $89,000.Tesla made no changes in its bitcoin holdings during the fourth quarter, continuing to hold 11,509 coins. The company recorded a $239 million after-tax mark-to-market loss on its digital assets due to bitcoin's decline from about $114,000 to $88,000 during the year's final three months.Tether is buying up to $1 billion of gold per month and storing it in a 'James Bond' bunker
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