With Treasury yields at their lowest since the election, it appears a shift towards safe-havens (or Trumpflation unwinds) is well underway. Gold is nearing $1300 this morning – its highest since the election. WTI Crude has sunk back to a $47 handle, ignoring dollar weakness as the Qatarstrophe raises more doubts about OPEC coordination.
A weaker dollar is helping precious metals (and Bitcoin) but not crude – a break in the relationship regime we have seen this year.
This post was published at Zero Hedge on Jun 6, 2017.
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