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Could it be the classic case of a gorilla in the room inviting to join a party at the exact same time as he himself tries a graceful exit? In Davos, on Tuesday, Bridgewater’s Founder Ray Dalio called for the stock market to enter its most profitable albeit final “melt up” stage, saying that people in cash must be feeling stupid by now... He might be right on how these people feel but did he build an  USD80bn hedge fund not being able to see that we were ‘already’ in melt up mode, well before he spoke?

US Treasury Secretary Mnuchin threw another bombshell, saying that a weak dollar “was good” for the US economy. This was read as confirmation of D. Trump’s electoral stance and as a formal endorsement of more dollar weakness. The nearly humorous clarification that ensued from White House press secretary Sanders did little to allay these concerns. (“Currently we have a very stable dollar because of how well the U.S. is doung...”). Yesterday’s dollar SALE and equity market returning the previous day’s Dalio’s “melt up rally”, lent further support to the precious metals’ complex with Gold and silver gaining respectively 1.5% and 3% and the entire metals’ complex now in bullish trend and break out conditions. 

Some considered the crypto space as a safe haven yesterday. Answering a question on bitcoins, UBS Chairman A.Weber delivered a serious warning. He waved bitcoin’s claim to be a currency saying “There’s very little elasticity in the supply of Bitcoin, so every increase in demand directly results in an increase in price”, which negates by itself its currency status. He also called for regulators to “zoom in" on Bitcoin for investor protection reasons. So far, the phenomenon was marginal, he said, not worth the regulators’ attention but that has now changed with so much retail investors involved.

BentinPartner Advisers, Basel There is more to our research than the Daily Close, the Confidometer and our blog posts. To receive actionable content, a comprehensive wrap up every day and our tactical FX and global models positioning or if you wish to be notified 24/7 with updates on key macro economic releases and/or technical breaches on our comprehensive investment universe covering international equities, bonds, FX, precious metals and commodities, take a free trial to the Bentin Daily, our premium research service. We help you know when to run and when to sit by tracking all developing (or well established) trends and equally importantly by flagging market breakouts. You may join our free trial by clicking here. https://www.bentinpartners.ch/subscribe We are leaving no stone unturned. Important Disclaimer © Copyright by BentinPartner llc. This blog is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security or underlying asset referenced herein or investment advice. Investors should seek financial advice regarding the suitability of any investment strategy based on their objectives, financial situation, investment horizon and particular needs. This blog does not include information tailored to any particular investor. It has been prepared without any regard to the specific investment objectives, financial situation or particular needs of any person who receives this report. Accordingly, the opinions discussed in this blog may not be suitable for all investors. You should not consider any of the content in this report as legal, tax or financial advice. The data and analysis contained herein are provided "as is" and without warranty of any kind. BentinPartner llc, its employees, or any third party shall not have any liability for any loss sustained by anyone who has relied on the information contained in any publication published by BentinPartner llc. The content and views expressed in this report represents the opinions of Marc Bentin and should not be construed as guarantee of performance with respect to any referenced sector. We remind you that past performance is not necessarily indicative of future results. Although BentinPartner llc believes the information and content included in this report have been obtained from sources considered reliable, no representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of such information. This blog is also not intended to be a complete statement or summary of the industries, markets or developments referred to in the blog.  


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