PANews reported on February 1st, citing Caixin, that Steve Sosnick, chief strategist at Interactive Brokers, believes silver's recent performance resembles thatPANews reported on February 1st, citing Caixin, that Steve Sosnick, chief strategist at Interactive Brokers, believes silver's recent performance resembles that
Analysts: Silver's recent performance resembles that of "meme stocks," while gold and Bitcoin are once again moving in tandem.
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News Brief
PANews reported on February 1st that Interactive Brokers' chief strategist Steve Sosnick believes silver has recently been behaving like a "meme stock." While Trump's Fed Chairman pick Warsh triggered a silver decline via a stronger dollar, the selloff had already begun during overnight trading—well before the nomination became public knowledge. Moreover, data shows that gold and Bitcoin have both delivered impressive gains over the past two years, with their returns separated by mere percentage points; notably, they're once again moving in tandem. Sosnick concludes by noting that despite ongoing demand for alternative assets and investors' enthusiasm for chasing trends, this meme-driven frenzy surrounding age-old commodities such as silver may be losing momentum.
PANews reported on February 1st, citing Caixin, that Steve Sosnick, chief strategist at Interactive Brokers, believes silver's recent performance resembles that of a "meme stock." While the news of Trump's nominee for Federal Reserve Chairman, Warsh, put pressure on silver trading due to a stronger dollar, the decline had already begun in overnight trading before the nomination announcement. Furthermore, data shows that gold and Bitcoin have performed remarkably well over the past two years, with their returns differing by only a few percentage points, and these two assets are now showing convergence again. Sosnick concludes by noting that while investors' desire for alternative assets and momentum trading remains, the "meme-ification" of traditional commodities with millennia of history may be nearing its end.
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