One of the most interesting stories to emerge from the latest Eurozone crisis is the remarkable rise of Bitcoin, a fringe alternative currency that has finally caught the attention of analysts. One describes the “perfect storm” driving the supposed safe haven higher, while another wonders whether the asset is taking some of the shine off precious metals. In fact, Societe Generale has just declared “the end of the gold era”. In more traditional markets, RORO appears to be fading, and equity movements demonstrate confidence in the Australian economy’s shift away from mining. Elsewhere, short North Korea with Jim Rogers, William Shakespeare was a grain hoarder, and bullish analyst calls might actually be a bearish sign. On video, learn how a few good days in the market can change everything.
“Where is all of the momentum behind the Bitcoin trade coming from? [ConvergEx Group Chief Market Strategist Nick Colas] bullets a few points: