Bitcoin To $60K? Stocks Rise & The Fed’s Rate Decision | Market Mavericks

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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to “Buy,” “Sell,” or “Hold” an investment.

Hey everybody welcome to this episode of Market Mavericks The Three Amigos The Three Stooges whatever you want to call us we are here and ready to give you our insights so I’m not curly I will not be curly okay fair enough Scott mker and Mike Mone joined me today as always guys

And uh let’s kick it off where do you guys want to start today I think fomc right yeah let’s talk a little a little about the fomc so so the market seemed to be doing well yesterday right and then all of a sudden he said no rate cut in March the markets

Tanked yesterday and then they ripped higher today so yeah it was also last day of the month so talk about um leverage bot algorithmic trading getting stopped out and you know these one- day options just got to hammer a little bit and you come right back I mean that’s

That’s how markets are nowadays yeah absolutely so what do you guys take away from that is there anything uh is there anything like you know is is this the market just saying we don’t even care what the FED says like the FED I almost feel like the FED could say hey we’re

Not going to raise at all this year and the markets would be like nah you’re gonna I mean you’re you’re we’re not GNA cut this year and the markets will just say no you’re gonna cut six times still kind of what he said yeah I mean he’s given no

Indication that he’s really going to cut he keeps saying yeah we’re gonna cut but no indication of when and anyone with a half a brain realizes that he has no reason to do it I’m not saying he won’t there might not be there might be something under the hood but rationally

If he’s going to keep pointing at strong job numbers and inflation coming down and we have to get to 2% That Tune hasn’t changed there just nothing to do here just gonna keep paused well Mike you takea away from the macro trying to take the 30,000 foot view partly because

Here um every once every tick the little sound biting stuff um is the old days of rates used to go um up on the escalator down on the elevator has reversed they went up on the escalator I’m sorry on the elevator and they’re going to go down on the

Escalator if at all and it’ll be significant lag if things go bad so the problem right now is for what he’s got they get priced in uh 160 basis points in a year is I think only going to happen if markets make that meaning

Going down and so for now the FED has no hurry to be any hurry to cut rates partly because it’s goil lack so I mess with it and the biggest risk is inflation comes back yeah so you know I think that’s important to mention is like you know the the Market’s still

Pricing in as many rate Cuts as before he said this nothing in the Market’s regard has changed whatsoever so I think that that’s important to kind of recognize and uh you know we have the jobs number tomorrow I’m assuming he got a little sneak peek of that right I mean

You know generally I always look at it like they they see that number a couple days or at least a rough number well they revise them down every month for the last 11 months they tell you whatever number they want I’m sorry I’m not trying to put on a tin foil hat

But they tell you whatever number they need for their narrative and then when you’re not looking they literally change the number this is not I’m not making this up know you’re you’re 100% right they and in the revision isn’t small either right it’s like 20% 30% revised

Downward but and and by by the way I mean this is something I’ve been covering in my game plan every morning is that literally every day you get earnings out and one of the Staples of earning season has been we’re going to lay five 10% of our Workforce work

Workforce off I mean it’s it’s every company almost is laying off so it’s coming and we saw we saw jbless claims jump again this week they jumped last week um but I agree I mean I mean right now it’s this is the number and then you

Know no one will pay attention or not as many to the revisions down in the coming months well that was the key thing I think part of reason we’re up and remember this from the 90s um was non-farm productivity jumped it was expected to come in 2.5% came in 3.2%

That’s what I’m showing here and that was a bit of a surprise but it’s also that Trend in in productivity increasing inflation declining I mean it’s Goldilocks And if you’re chairman um Paul why mess with that so he’s doing a great job I think of just navigating it

I thought he raised rates way too much but they were right the economy is resilient but also it happened at the time of the Great fiscal deficit spending ever absent to war or recession and we still have that hangover from the wealth effect from the biggest pump in liquidity ever and it’s

Question how much longer that lasts but I got a few charts I can run through if we’re interested one thing we might since we talk about interest rate here’s here’s the key thing what’s happening with interest rate Scott we’ve seen this and I think um we’ve looked at this for

Months is see those bars every single time we look at it’s always in the future they’re going to be cutting for a year now and it still hasn’t happened so here here’s what happen this week is they were looking at 5050 for a March cut now it’s at 40% and basically

Market’s fully priced for 25 basis cut by May for the May 1 meeting so we’ll see when that happens but I want to take in a little bit to a few charts I was playing with this this um um this morning and this is one of the key

Things I spoke to about a lot with um with um Scott and that is I think the you know treasury market I think the place the long bonds and treasure bonds are going to be a good place to go and I see severe inflationary forces globally

So first I start with a a 30-year yield here and it hasn’t made the turn you just look at 30-year yields it’s kind of bumping this is a weekly bumping on that 50 we moving average and by the way my standard since I’ve been in the business

Is weeklys because dailies make you lose your hair and I can show you that but so here I just want to go this real quick so it looks like um the it’s finally if we had the first dip below the 50 you know the bounce above it looks like it’s

T ticking below 50 but let’s take let’s play with this little let’s go to the the 10-year yield I have to go 30-y year because I used to trade long bonds I used to trade zeros I used to be in that Bond pit so let’s go to the 10e Note 10

Note’s a little more definitive drops to the 50 50 Le bounces now it’s definitively below looks like it’s really hit Hammer getting hammered hard I and I can show you why in a second so let’s go to the fiveyear now there you get a tilt it’s already making the turn

It’s well below the 50 week it dropped below the 50 week um at the uh basically in mid December when pow’s pivot now it’s holding resistance at the 50 we moving average and the the yield on the five know is the low in what eight months this morning now

Let’s go to the two note front of the curve and I’ll stop there and then I just want to show a few more charts I show you this to me is that’s the turn it’s happening in treasury you can see clearly see the turn the thing is the

Market so aggressively priced for this ease I don’t know if it’s gonna and that’s what I’m worried about that’s not going to happen I think unless the market tells tells us but we to me this is all bullish for gold and that’s why I want to show you here is the the

Crocodile jaw pattern I love showing that it’s very rare and this is a chart of 200 day moving average what I’m trying to do here is filter out the noise gold is breaking out to all-time new high that’s the 200 day moving average here that’s it’s just heading up and also

Overlaid with that is a 200 day um moving average chart of Commodities it’s very rare to have a crocodile jaw pattern like that where gold goes up and commodities don’t follow but there’s a good reason for that I just show a little bit here is with the biggest

Money pump in history that’s dumping and commodities are clearly deflationary so I’ll tilt over a little bit and show you the thing I’ve been watching a lot is it’s said Bitcoin gold ratio and that’s what I show you in uh in um in the orange chart here and I overlay it with

The S&P 500 because to me that’s a key measure to watch because like I we’ve mentioned before it used to lead beta and now I’m I just really want to see how it does its lagging beta again I’m showing a weekly chart I need to see that Bitcoin gold ratio start I mean

It’s crocodile Jaws again stock S&P 500 stock market’s breaking out higher I’ve showed this chart before it’s leaving this Gap in the distance which means when it does cover it it might be a problem I didn’t say if because it’s never well a Le a weekly chart since

1997 since S&P many started trading um and I want to dip over a little bit into the to the Bitcoin because I love that Bitcoin gold ratio but the key thing about Bitcoin is it does if it depends on how you measure it but one way I like

To look at is at 16 quarter basis I mean it basically Works in a four-year cycle we don’t have to explain that you overlay Bitcoin on a quarterly basis with the S&P 500 looks pretty good in it and the the beta is three now yes it’s very subjective the beta the key thing

Is right before future started trading the baed was 30ish and now it’s three but it’s still we need to see some kind of umph for Bitcoin to not go down when the stock market goes down and we all know it goes up more when the stock

Market goes up but I want to tilt over to go ahead no I was just goingon to say so so you’re talking about deflation within the Commodities that are used right industrial Commodities copper silver Etc um so with all the stimulus that’s going on in China right now are

You are you in the in the camp that that does that’s not going to matter it’s not going to increase the Chinese economy that’s going to then increase demand for oil and the rest of these Commodities it’s going to matter but I think it’s so significant the paradigm shift that’s

Happening there to me it’s very much akin to the m significant reversion of the Japanese econ economy that started in the 90s I can dig into deals on that I’ve been doing a lot of reading on it and the Soviet Union and the lessons we learned from the book um Atlas Shrug by

An ran and you know autocratic leadership now I’ll show you that here so Gareth you started talking about the hangsang a couple weeks ago so let’s just take that hangsang index divided by the S&P 500 that’s what I show you in this orange chart and if you go back to

1975 take the hangsang divided by the S&P 500 the ratio now is the same as it was 19 1975 and it used to lead Commodities on the way up but now it’s collapsing again crocodile jaw so here’s what here’s the Bloomberg commodity index in white it’s just starting to

Tilt lower now you see that little pattern there I I don’t see how it’s going to go up and what commodes always do when they go high is they go back they have to get cheap to reset so I still you know it’s got this trend line

But it’s got to go down another 40% percent for this trend line thus part of my reason that I think gold is going to continue on perform I think long bonds are going to continue on perform and it’s just that severe recession we’re seeing out of China so I just want to

Reiterate this this is the Chinese HS the H the hsan index divided by S&P 500 it’s going to I mean you should expect a bounce but I think what’s happening is everybody the massive money in the will have been waiting for this Chinese stimulus waiting for bounce to sell so

Remember they really started stimulating in 2015 and we got a little bounce and I mean they’ve been stimulating forever it’s just to me that’s part of what’s happening the US is putting the gabas in China Europe is putting the gabas in China it’s way overdue so I just want to

Tilt over to this chart and I’ll I’ll I’ll lay off the key problem I have from a commod standpoint it’s like I call it the inordinate burden of the US Stock Market he keep going up so this is my severe deflationary um scenario I fear this year it’s part of the reason I

Think gold long bonds and gold will be some of the best performers if we just get a little bump in the road in the stock market which I showed earlier it’s going to happen at some point just fill in that little Gap and we could fill the

B and go Gap go go straight up the more distance you put above it eventually when you do fill it it’s a problem but the key thing is this is a chart going back to 1975 showing that this the Bloomberg commodity index and the S&P 500 they’re used to be negatively

Correla that was the whole essence of investing in Commodities oh you get negative correlation commodity equity-like returns now I just take an 120 month moving um correlation it’s the highest ever approximately and you see that crocodile Jaws C Commodities going down um S&P 500 going up so unless we

Get some kind of shock which I don’t predict we’ve already had that with the you know couple Wars and things if we get this unless that stock market stay up but just a little tilt lower in the stock market that is severe deflation and it’s wor it’s not just

Something I would say you know casually look at the the history of it we just had the biggest money pump in history we had the most significant invasion in 80 years in Europe and we had the most the second largest economy cozy up to the to comp the country that invaded and they

Are so overdue for a deflationary reset and to me as far as the depression kicking in it’s just getting started in China crazy all right Scott so tell us uh tell us about the crypto markets right now like what’s going on in the crypto markets or tell us really

Whatever you want to discuss here but but I’m curious you know you got deflation on one side how does that impact Bitcoin I mean does it impact crypto at all I don’t really think so honestly you know Mike and I are not of the sa mind I think about correlation

But I let him argue that with Dave weissberger instead of me on a regular basis it’s it’s easier but I I I think that you know Bitcoin has extreme Tailwinds right now and has continued to have them since the ETF sort of trade started it is of course correlated at

Times but that always depends on time frame and for me it’s been wildly uncorrelated for the past seven to eight months since Larry Fink sort of started making it his stump speech and so until that changes uh I’m not going to change really my opinion that we’re about to

Hit the having go into the normal four-year cycle and that things are going to go up you know um a lot of indicators showing maybe 50 60 70,000 I don’t think that’s hyperbolic at all for the end of this year I think you know we start to get creeping up to those Highs

At that point and then eventually we’re just talking about 150 in 2025 at some point we all look back and say man that was easy um you know and I don’t want to overthink it at this point to be quite honest I think we’ve had a nice correction there’s a lot of bottom

Signals I mean showing here we’re back at the 50 ma here on the daily but I I just don’t really see until listen if we get one of these black swans I’m gonna change my view but for as long as things continue to keep humming I’m going to

Ride it until we get that black SWAT that’s really my my take on it I mean listen listen you’re talking about long bonds TLT raging again I’m happy I’m still in TLT from you know 83 bucks whatever it is no complaints here I’m just gonna if it ain’t broke don’t try

To fix it is really my opinion right now makes sense so are you so would a Black Swan for you be like if the stock market really collapsed that could that could draw Bitcoin down or something like that yeah I think that uh listen it’s easy for Bitcoin to be uncorrelated in a

Rising or side ways Market I think we all know that in any Black Swan event or major collapse all correlations go to one and then you basically separate the weed from the chaff after that and see what goes where but listen the last time

We saw that in my mind was March 2020 uh obviously at the covid bottoms Bitcoin bottomed what 13 days before the stock market bottomed and the world uh was lit on fire when the S&P doubled from the covid lows Bitcoin went up 17 times 17

Times so if we do get that Black Swan what asset class do you want to be in based on history listen it’s not great if you bought now and we go back down into the 20s or something on an event like that but that’s going to be the

Place you want to be if things rise in my opinion went from under 4,000 to 69,000 while the stock market doubled so the one thing I heard that some people were doing this was on our program trillions that there was a money manager to said he had a client who really

Wanted it so he took 5% of his portfolio out of uh large caps and put it into Bitcoin which to me means he’s now going to get about three times that exposure or more on the way up that he probably got those large cops in the way up of

Course he has the risk on the way down but he added risk to his portfolio in my view via Bitcoin fastest horse in the race I think what you described SC um Scott was a high beta asset um but I think we have to be careful when people

Say you know it’s like I I’ve always heard people oh look at the pack test how much it helped your portfolio like that is not um um appropriate to compare something that was a baby to now something that’s a mature so one thing you’re going to get is um much lower

Volatility um and that’s been happening since Futures are launch so I think people have to you hope that’s to the down yeah you would hope that’s to the downside as well right so you obviously you got I to be if I’m being intellectually honest you got that same

Beta on the downside of Bitcoin to get it down below 4,000 right much more uh 3 four five 6X the stock drop so it happens in both directions the my only issue main issue this year is at this time last year we had some awesome Tailwinds look forward to we looked at

The S&P 500 at a 25% discount from all-time highs well you know it’s all it’s making record highs now we looked at you know we could see the ETFs at some point were going to come and gbtc was an extreme discount poof all that’s gone so you know my bias like at some

Point you say okay it was a great trade you sit in team Bills and wait for the next opportunity what have you guys seen in terms of the inversion of the yield curve um you know there’s been a lot of chatter that we were almost un inverting

And then we’re kind of back to that inversion deepening again is that is that correct is that what you guys have seen yeah I’m trying to bring it up right now um I obviously have this chart that shows repeatedly to anyone who will listen to me that uh you get the yield

Curve un yield curve un inverting or normalizing which is blue right so now yeah we’re we were very close minus. 133 now back to minus point3 39 something like that but you get the yield Cur un inverting then you get the FED pivot this is fed funds rate in red then you

Get the stock market crash right afterwards so anyone cheering for the pivot this time could be different for sure but the pivot usually comes before stocks go down so once we see this un invert then we’ll probably know hey is it may is it June is it uh September

Whatever date that is that’s when we’re going to start start talking about a pivot then you’re probably gonna see stocks come down happens every time I’m I’m glad you went there because to me that’s simplistic way I think we’re going to look back at this year like um

Last year we knew the pendulum swing too low to the downside and now it’s so far to the other side things like yield curve doesn’t matter anymore the Som R bottom Lane unemployment doesn’t matter anymore means okay thank you it doesn’t matter anymore where’s where’s um stock market

Prices well the US is the highest ever it’s the greatest you know it’s more expensive it’s most expensive versus GDP the rest of the world sales uh most other I mean rest of the world’s equity in like decades so maybe we just get a little pendulum swing back the other way

That’s what I’m concerned about just that little flip of course that when people say everybody says the same thing be careful and that is everybody says oh it’s an election year Equity markets are supposed to go up I don’t disagree with that but it’s when we all agree I

Remember hearing this in 2006 about the US housing market and it was everybody was proven wrong to 2008 we know what happened in 2008 and that was an election year yeah yeah well so that’s the thing but I’m glad you went to the curve because it’s still if it’s still not um

It’s it’s to me it’s that severe deflation I’m worried about and it all it takes this one little trigger and it’s just that to me the trigger is that US Stock Mark and then I look over these little things I used to trade on I remember making a lot of money with

Clients and for myself was being in the macro but sometimes using those little Tweaky things like the um like the um that little Gap and um making a lot of money sometimes okay here’s the macro but here’s what might trigger it all you need is for the S&P 500 to go to that

Level just where you left the Gap it’s 5% and the fact that since 1997 it’s never left it yet makes me think okay well all these little things that might be one of those things you’re always looking for triggers right I’m sure you are as a Trader that’s a potential

Trigger just keeping on the radar and just question of you know how long it’s gonna make me lose my hair are you are so I’m I’m looking at the dollar chart right now the the Dixie right and so you know if you zoom out we’ve been in this

Channel just hitting the high end hitting the low end back to the high end are are you guys in the C that the dollar is going to head up like is there going to be geopolitical risk where it just pushes the dollar up or we think

That the dollar is kind of beginning to curl over again and heading lower can can I give you a little bent on that and then Scott you go on it thing I’ve really enjoyed pointing out to Classic bottomup FX type people is what’s happening in the the hottest technology

On the planet and that’s been cryptos I mean completely went to um crypto dollars uh stable coins as the Bas layer there’s no other anything even close as other stable coins so I like to point that out in terms of the dollar so people get bearish at Dollar I’m like do

You realize if you measure against the dollar against a basket of currencies there’s nothing even close so I’m I’m bearish the dollar versus gold but and maybe swissy but versus any other currency on the planet good luck and then you have the key quote like I enjoy

From Jamie Diamond and some of these other countries that have a higher rating than the US are all under the Bro of US military protection it’s just Unstoppable the strength of the US right now completely compared to the second largest economy which is potentially going into a depression and then you

Have the third largest economy Japan and Germany both of them have zero rates and both under the protection of the US it’s just laughable to think the dollar can really drop that much and I’ll end with this in the US dollar you get a 5% T Bill guaranteed every day you hunk down

$100 with the US Treasury and a year from now you’re gonna get $15 can you get that in China and Japan or Germany that’s one the top four countries in the world maybe India because that’s the fifth largest country Mike my question for you is can you have that us strength

That you’re talking about but not necessarily have the dollar strength to go with it well so that’s the key thing you typically here’s one thing I’m really concerned about and and the dollar and see this chart is one thing that our um Equity strategist has really

Um been honed on to me is if you look at the trade weighted broad dollar not just the Dixie Dixie is against Europe since 2011 it’s almost tick for tick with the US Stock Market outperforming the msci xus um stock index so out US Stock Market outperforming in the world so the

Biggest tilt risk I think the double negative I think for Commodities and risk assets is if the US Stock Market tilts lower the dollar tilts lower it almost implies they have to be together in that phase so at some point you cannot go you know trees don’t grow to

The um to the sky they have to at some point stop that’s the key thing I’m worried about but right now if you look at the dollar let’s put it this way if the US Cuts rates 100 basis points this year and no other country in the world

Cut rates us is still double the um two not rate in China many ex’s of rate in Japan double the rate in Germany the twoo r it’s just it’s Unstoppable the thing is obviously the deficit but um who’s better what country what single country with anything near the depth of

Like the US Treasury Market yes we have deficit problems but and the debt to GDP ratio I hear China is almost three times as much Japan obviously is much more Germany might be more fiscal but again there’s another country on their umbrella of US military protection so one thing that and this

Just popped into my mind switching mode a little bit uh Scott is is I I remember reading just a few days ago that tether reported something like a 2.85 billion profit first of all and call me an amateur when it comes to crypto I didn’t even know that they could report a

Profit like I didn’t know that they’re basically like a company and for so I guess my question to you and I don’t know if you know this but like what is how do they generate this how do they generate profits and then you know being a company that reports profits isn’t

That kind of like a stock or or like they made more money than uh they made more money than Goldman Sachs I think yeah of late this is a salana chart we don’t need to bring that up but um yeah first of all so so tether is probably

The big biggest beneficiary of those High rates that Mike likes to talk about right because if to for them to mint more treasure that means that one of their clients who has direct access to te. or whatever it is has to go deposit dollars which are then Minted as stable

Coins they take those deposits dollar they put them into us treasuries and literally just make an absolute killing killing billions and billions and billions of dollars every single quarter it’s a private company so it’s not really like a stock the actual asset is just a minted version of the dollar

That’s deposited into the into their bank account so it’s a private company right so they’re making that money they’re taking those profits doing that which they want with them a big part of that is buying Bitcoin they own billions of dollars now on bitcoin that is not to

Back their stable coins they’re buying that with their own corporate profits for their treasury much like a micro strategy on the balance sheet but yeah it’s an insanely profitable business when yields are high because they can do exactly what Mike Mike’s talking about it’s extremely bullish for the dollar

Actually they just park that money in treasuries generally shorter term treasuries for them and extremely liquid because they have to be prepared for uh redemptions you know they’ve had s billion dollar in redemptions in a in a matter of weeks before with some of these collapses and have been able to do

Do it without a sweat I think in the past maybe tether wasn’t fully backed now you literally have the CEO of caner Fitzgerald going on his Road Show much like a Larry f saying we’re holding their assets guys they’re fully backed this an incredible business I got a

Piggyback on that one because tether is one of the key I was very bearish in 2017 all cryptos and I got a lot of push back for I really enjoyed it um people seem don’t seem to realize that being independent it’s when someone really disagrees with you you’re almost always

Right it’s when they agree with you you’re almost always wrong but it was being in Hong Kong and talking to Chinese Nationals and non-nationals and everybody’s the and and I remember over refreshments and um and um I say a little few drinks being told by some Chinese National Mike don’t

Misunderstand tether this is making this is transmogrifying our lives we can get in the whole world can get exposure to the dollar through their phones and at the time was $2 billion dollar so I really got it back I’m like okay this technology is revolutionary few it was I

Think I don’t remember when it was right around Bitcoin when it goes around 5,000 I finally got bullish um but tether has been transformed so I I just pull up a little um article on Bloomberg lately and it’s almost hundred billion dollars back back then it was two billion and I

Just look at it this is an Unstoppable Force it’s yes they might be dicey but it’s it’s um just access to that that Dow and the key thing as Scott mentioned is I’ve the quote I heard is they might go public but and a poor basis they’re the most profitable company um probably

Most profitable company in the world and one of the top holders of treasuries ranked versus countries and you know when you’re the US don’t mess it up just regulate it and I think that’s where it’s going they’re helping the hyperd dollarization of the world right because in these countries where people can’t

Get dollars on the black market they can’t find cash they go and buy tether and that increases the market cap and increases the proliferation of the dollar and every one of those tether stable coins is backed by an actual dollar that’s being put into US Treasury it’s unbelievable business look at a

Global basis we see what’s happening in China I mean it’s second largest compan there’s a m country massive amount of wealth creation is why didn’t all this crypto the organic crypto Market not controlled by any government go for the Yuan or the Yen or the Euro um or even

The swissy or the pound it went for the buck and I make that’s just such a statement for this for how I people say the US um influence is declining I think that from a standpoint of every single Central Bank of the world has to watch

Every word that that Mr Powell says is the opposite and tether to me is a good example of you want another currency go for it good luck with that one and ande they tried so it’s we we have Euro stable coins from all these issuers including tether dollar back gold back

Stable coins from all of them everybody we’ve never seen any popularity of any of the other stable coin yep amazing so so we just have a couple minutes left and I just want to kind of cover cover some of the big events coming up in the next day or so

So the first one obviously after hours today Apple reports earnings Apple’s getting a big bounce now it’s kind of you can see it’s falling off a cliff recently but today getting a big bounce with the rest of the market the Dollar’s falling yields are falling that’s a

Recipe for upside in equity prices and certainly we are seeing it so it’ be interesting to see Apple after hours today you have meta after hours today as well as Amazon so the you know multiple trillion dollar companies I don’t know what those all equal something like 7

Trillion dollar report after hours today uh but that’ll be big and then um the last one is is the economic report tomorrow the non-farm payrolls I think I saw that 187,000 is the expected number um but remember private sector ADP did come in week on Wednesday uh and jobless claims

Are starting to creep up so it’ll be interesting to see like like Scott said I mean do you even believe them anyways but let’s be honest come at 175 and then they’re going to revise it to 275 when nobody’s looking perfect true but but having said that the markets will react

Based on the number at least initially so so I think that’s important but again 187 is the number there um and then I’ll just kick it back to you guys what are your final thoughts I mean you know whether it’s crypto or or economic or anything give us some final

Words go ahead Mike ah um final words is um I think what you said is more significant the numbers less important the revisions are usually more important it’s also it’s just a trigger for people to do sometimes what they wanted to anyhow it’s often it’s very rare you get

A ma change in sentiment you need the whole shift over and the key point I like to make is um for this year alone the major risk is remember it’s only we’ve just went through January we’ve had 3% in the S&P 500 that’s great just a couple more months of that we’ve

Already had a normal annual year how long’s that going to last I look at the biggest risk is the pendulum swinging a little bit back from last year which favors probably gold treasury bonds and um I got to see how the world’s most significant leading indicator Bitcoin

Either um can lead if it can lead that um how how it will lead this year I want to see the arguments I have with Dave see if it can show other than just being a very highly speculative highly Bai High B measure of the S&P 500

Particularly now that it’s in the ETF space and it’s all most of the ARB is gone Scott what about you buddy I’m just glad we’ve grown up to grown up enough to be considered the world’s leading indicator never thought I would hear those words about Bitcoin which I think you know

Depending on your view Half Half glass empty half glass full means we’ve made it baby no matter what comes next there you goce and I’ll just last thing I’ll leave you guys with is last night I was on Costco.com and I saw bars of gold being offered and uh and believe it or

Not it was only about 30 $40 over spot and then I got one of those like one of the executive memberships that gives me 2% cash back so I picked up my a lotted they only out two ounces of gold two bars of gold but I got it for just under

Spot and I’m proud of that be able to grab it and uh and huddle that gold for for a few years anyway so how long how how long can until you can buy two more is it just you know I don’t know may maybe next year I’d have to I have to

Maybe I’ll even try going back today and see see if they let me so let’s let’s see how this year works out but I’m I’m still sticking with my call I think it’s going to be a year where Gold’s can outperform Bitcoin obviously that means

More of a risk off it off year I like it I go with it too all right guys make sure to follow these gentlemen they are awesome as you guys can see and we’ll be back next Thursday with another Market Mavericks at 3 p.m. eastern time you

Guys have a great one take care cheers