The Market's Bedrock Is Eroding

The Market’s Bedrock Is Eroding

By Zero Hedge August 13, 2023 In Stock Market

To start last week off, I wrote an article asking whether or not there was a shift taking place underneath the market. In that article, which you can read here, I cited Fitch’s downgrade of U.S. debt and a major trend break on one of the most widely held stocks in the world as potential reasons to perk up investor senses.

This past Thursday’s trading added to the growing body of evidence that the market may finally be out of anxious, insane, euphoric energy. Despite a CPI print that came in at 3.2% versus estimates of 3.3%, the market rally on Thursday was short lived. The NASDAQ was up almost 2% at its high and finished the day nearly flat, unable to hold a bid throughout the session despite the “good” CPI news.

If my thoughts early last week – supporting my mostly incorrect assertions about the market over the last 12-18 months – turn out to be correct, the back half of 2023 may not look nearly as optimistic as the first half did. Oh, and you can forget the “soft landing” fairy tale. Regardless, you can have a look into how I’m positioned heading into the second half of the year here.

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As I have noted in weeks past, I’m also continuing to keep my eye on the BRICS nations, readying a new gold-backed global reserve currency. The official announcement of the new currency is expected August 22-24 – less than 2 weeks away – during the BRICS summit in South Africa. This announcement from BRICS is a key waypoint in a larger map of dethroning the U.S. dollar as the world’s global reserve currency. Not only does it solidify what we already know — that gold is real money — but it is also the most pronounced public challenge to the U.S. dollar on the global stage in recent memory.

It’s also a serious waypoint in a much larger map of U.S. de-dollarization that I laid out in full just 2 months ago in a length, multiple hour longform interview.

For more on what I’m keeping an eye on, here are some of my most recent posts from the last several weeks (my favorites emphasized in bold):

And Fringe Finance archive access:

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