Why Stocks Could Rally 20% – Again – in 2024

By Brett Eversole

Most investors never saw it coming...

2022 had inflicted an incredible amount of pain. Stocks and bonds fell in tandem. Nearly everyone expected the pain to continue in 2023.

The market tends to do the opposite of what everyone expects, though. And instead of falling further, stocks soared.

The market finished the year up 26%. A good chunk of those gains came in November and December. And the broad rally since late October points to more gains this year.

In fact, history shows the market could rally 20%-plus in 2024.

Let me explain...

A year of 20%-plus market gains might seem like an outlier. But it's more common than you'd think.

Used-Car Wholesale Prices Have Given Up 53% of their Crazy Pandemic Price Spike: Historic Plunge Continued in December

Used-Car Retail Prices have given up only 36% of their price spike so far.

By Wolf Richter for WOLF STREET.

Used vehicle prices at auctions fell another 0.5% in December from November, seasonally adjusted; and by 2.0%, not seasonally adjusted, according to the Manheim Used Vehicle Value Index today. Manheim is the largest auto auction house in the US and a unit of Cox Automotive. Its auction venues sell about 5 million vehicles a year. The index is adjusted for changes in mix and mileage.

The index price, at $18,110, has dropped by $4,792, or by 20.9%, from the peak in May 2022. During the incomprehensibly crazy run-up of prices from February 2020 through May 2022, the index had soared by $8,842, or by 63%, to $22,902.

As of December, $4,792 or 53% of the $8,842 price spike has now vanished – a historic plunge, after a historically insane price spike.

Crypto Is About to Have a “Moneymaker Effect”

By Houston Molnar

In 2003, Chris Moneymaker entered the 2003 World Series of Poker. He’d won a ticket to the event at an online tournament with a buy-in of $650.

At the time, Moneymaker was an unknown. Few people thought the accountant from Spring Hill, Tennessee, could win against legends like Robert Varkonyi, Dan Harrington, and Phil Ivey.

But to the surprise of everyone, Moneymaker took home the $2.5 million grand prize.

It’s considered one of the greatest upsets in gaming history – akin to Buster Douglas’ epic knockout of Mike Tyson in February 1990.

At the time, “Iron Mike” was the undisputed heavyweight champion. With 33 knockouts under his belt, he entered the match a 42-1 favorite against Douglas.

According to the defunct website Poker Listings, Moneymaker was the first person to win the World Series after qualifying online.

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.