Protocol Research, Macro Bites, Market Musings

Gold has long been negatively correlated with real interest rates, with a correlation as high as -0.82. The traditional explanation for this phenomenon is that when real rates are positive, the opportunity cost to hold gold is high because it doesn’t pay any dividends or interest. Recent data, however, shows a break from this pattern...

With rising inflation concerns, many suggest buying gold as a hedge, with the asset’s performance in the inflationary 1970s often serving as the primary supporting evidence. This thesis, however, merits a closer look...

With BTC up nearly 25% MoM, now seems like an appropriate time to take a step back and try to quantitatively evaluate where we’re at in the cycle — before it gets too far along...