Are You Buying Bitcoin or Gold?
People buy gold as a store of value.
But in my experience, when you need gold the most to hedge your portfolio, it hasn’t worked.
During the financial crisis, people moved their assets into gold. But it sold off along with stocks.
And during the crisis last year when the pandemic hit, gold dropped when the stock market did.
Today, Steve Fernandez and I discuss why bitcoin could replace gold as the world’s store of value.
(If you’d prefer to read a transcript, click here.)
Editor, Strategic Fortunes
From open till noon Eastern time.
ChemoCentryx Inc. (Nasdaq: CCXI) is a clinical-stage biopharmaceutical company that is up an incredible 70% this morning after it received Food and Drug Administration approval for its vasculitis therapy. This is the first new drug to treat the rare autoimmune disease in a decade.
Lilium N.V. (Nasdaq: LILM) develops electric vertical takeoff and landing (eVTOL) aircraft for use in high-speed air transport systems for people and goods. The stock recently went public via a SPAC deal and plunged after a quick rise. But the stock is up 13% today as investors start to get back into it at low prices.
Datang International Power Generation Co. Ltd. (OTC: DIPGF) is a Chinese electric and heat utility that is up 10% this morning on concerns of low supply of natural gas for heating this winter.
Avis Budget Group Inc. (Nasdaq: CAR), the rental car company, is up 9% after the government’s September employment report showed job gains in the leisure and hospitality and transportation sectors, hinting at a growth in recreational and business travel as the economy comes out of the pandemic.
Adagio Therapeutics Inc. (Nasdaq: ADGI) is a clinical-stage biopharmaceutical company that focuses on the development of antibody-based solutions for infectious diseases. It is up 9% today on no particular news.
Impala Platinum Holdings Ltd. (OTC: IMPUY) engages in mining, processing, refining and marketing platinum, palladium, rhodium, cobalt and nickel. It is up 9% on no real fundamental news.
Momentive Global Inc. (Nasdaq: MNTV) offers survey software products that enable customers to measure, benchmark and act on stakeholder feedback. It is up 8% this morning on the news that it is exploring a sale of the company.
Opendoor Technologies Inc. (Nasdaq: OPEN) operates a digital real estate buying and selling platform. It is up 8% today as part of a recent uptrend since the company got access to increased debt capacity, which it can use to buy and flip homes.
iQiyi Inc. (Nasdaq: IQ) is a Chinese streaming service that is similar to Netflix. It is up 8% after the company’s CEO spoke at the 11th Beijing International Film Festival about how the company’s entertainment distribution models are growing parts of the Chinese film and television market.
Offerpad Solutions Inc. (NYSE: OPAD) is a digital real estate platform that enables buying, selling, renting and renovating properties. It is up 8% thanks to positive media attention on the growing number of regional real estate markets it serves.
My career on Wall Street started while I was in college. I spent a summer interning for Merrill Lynch in the middle of the ‘90s bull market. I was fascinated with trading, and as a result, after college, I joined Salomon Brothers in the famed mortgage bond trading department. Later, I spent time at Citigroup working with credit derivatives. Eventually, I needed to walk away from the excess of Wall Street. That’s when I joined Banyan Hill in 2017. Now I help readers get ahead of the market and build their retirements.