Let’s cut right to the chase…

It’s the world’s most under-the-radar market move, and that’s a good thing.

In 2023, gold didn’t just perform; it dazzled…

Gold’s price hit a record high of nearly $2,150/ounce, later stabilizing around $2,050.

This peak, fuelled by factors like Middle East tensions, anticipated U.S. rate cuts, and a weaker dollar, confirms gold’s role as a reliable asset in uncertain markets.

Despite its significant rise, coverage remained minimal, mainly highlighted by gold enthusiasts.

Looking ahead to 2024, the impact of the global economic climate on gold remains a key focus.

The Spotlight’s Back on the Fed

Right now, most economists are predicting a modest recovery year for 2024, with most countries growing below their historical average GDP growth rates:

Coinbase Custody changes leadership ahead of Bitcoin ETF decision: Report

By Ana Paula Pereira

Rick Schonberg will succeed Aaron Schnarch as CEO of Coinbase Custody as the spot Bitcoin ETF race heats up.

The game of musical chairs preceding the decision on whether a spot Bitcoin

exchange-traded fund (ETF) will be allowed on Wall Street is ongoing, with Coinbase reportedly replacing the leadership of its custody business. According to Bloomberg, Aaron Schnarch recently resigned as the CEO of Coinbase Custody.

Schnarch had been leading the company since June 2022 but has now been succeeded by Rick Schonberg, a senior fintech executive working at Coinbase since 2021 as head of custody, foundations and trading, according to his LinkedIn profile. Goldman Sachs, State Street and JPMorgan Chase are among his previous employers.

Is it Really ‘Up Only’ for Bitcoin?

It’s that time again — when your friends and family members who know you’re into Bitcoin text asking if now is the time to buy.

A time that signifies we’re at another peak in bitcoin’s price.

I know, I know. How bah-humbug of me.

This post is part of CoinDesk's "Crypto 2024" predictions package.

But the truth is, if you’re thinking about buying bitcoin right now, it might not be the best time to make a sizable purchase — despite the fact that we might see spot bitcoin ETFs (exchange-traded funds) approved in the near future (possibly as early as January).

Why?

Let’s start by looking at bitcoin’s price action during periods leading up to the last two Bitcoin halvings. (The next is due in late-April, when block 840,000 is expected to be mined.)

Money for Nothing

By James Howard Kunstler

“Society lives and acts only in individuals… Everyone carries a part of society on his shoulders; no one is relieved of his share of responsibility by others. And no one can find a safe way out for himself if society is sweeping toward destruction. ” — Ludwig von Mises

Remember, you are a sovereign individual and the blob in our nation’s capital city is an undifferentiated mass of feckless protoplasm. You contain a cosmos of ideas and aspirations. The blob is an agglomeration of sham and failure. The blob stands for itself, not for our country. You and I can stand for our country.

Remember, also, that the economy of our country at its best was the sum of choices made by sovereign individuals, while the economy of the blob is a gelatinous buildup of unsound hypotheses having nothing to do with the pursuit of happiness.

If Wall Street’s Mega Banks Are Safe and Sound as the Fed Says, Why Do They Need a Half Trillion Dollar Bailout Facility at the New York Fed?

By Pam Martens and Russ Martens: December 12, 2023

There is a battle raging between the Wall Street mega banks and their federal banking regulators. The regulators want the mega banks to hold more capital against their high risk trading positions to prevent a replay of the bailouts in 2008 and repo bailouts in the fall of 2019. The mega banks have launched a deceptive ad campaign and public relations battle to thwart that from happening.

The federal regulators’ efforts to raise capital are being undermined by Fed Chairman Jay Powell’s perpetual testimony to Congress that the U.S. banking system is safe and sound and adequately capitalized.

Thus far, no member of Congress has thought to question Fed Chair Powell during public hearings as to why the Fed needs a new permanent bailout facility of $500 billion, on top of its century-old Discount Window, if the banking system is adequately capitalized.

It’s Like Ford, GM, FCA Got Run Over by a Tesla on Autopilot

By Wolf Richter for WOLF STREET.

Ford today gave another signal in a series of signals – it’s planning to cut production of its F-150 Lightning by half in 2024 to just 1,600 trucks a week – that proves the point: Two years ago, Ford, GM, and FCA (owned by Stellantis) were 10 years behind Tesla. Today, they’re 14 years behind, and they’re in the process of throwing in the towel. Every executive from the CEO on down three levels should be fired on the spot. I’m furious. I have been waiting for years for the legacy automakers to put the heat on Tesla to knock it off its high horse.

But no. Instead of focusing on designing competitive EVs – cost-competitive EVs – and to build the supply chains needed to produce them, GM announced $10 billion in share buybacks two weeks ago, and Ford $5 billion in share buybacks, to kowtow to Wall Street and keep their shares from plunging further. The CEOs should be fired on the spot, or did I already say that?

A Move That Will Spark This Sector's Rally in 2024

By Chris Igou

The feds are getting in the way of one sector's rise...

Their actions have been hurting these companies for years. And with their thumb pressing down on a key figure, the feds have a big impact on what comes next in this sector.

I'm not talking about police oversight or the FBI knocking on doors. I mean the other Feds... the ones that determine the world's most important figure in finance...

They monitor how easily and cheaply companies can grow their business. For almost two years, they've made it more difficult across the board. But that's all likely to change starting next year.