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Sector movers: Precious metals miners gain on 'debt debasement' trade
(Sharecast News) - Precious metals miners paced gains on the FTSE 350 again at the start of the week, as the price of the yellow metal pushed to within a whisker of its 52-week highs. Gold futures for next month delivery on COMEX hit an intra-session high of $2,125.10/oz. on Monday.
Meanwhile, Bitcoin surged 8% to a fresh all-time high to reach $68,139.31.
And the fundamental reason behind the moves in gold and Bitcoin?
In a research note sent to clients on 1 March, Michael Hartnett at Bank of America noted how U.S. national debt was now rising by roughly $1trn every 100 days.
"Financing domestic bliss & overseas wars US budget deficit past 4 years = 9.3% of GDP...little wonder "debt debasement" trades closing in on all-time highs, i.e. gold $2077/oz, bitcoin $67734."
Speaking of wars, in the background, shares of BAE Systems and Rolls-Royce were both to be seen trading at all-time highs.
Top performing sectors so far today
Precious Metals and Mining 8,201.56 +3.16%
Aerospace and Defence 10,115.24 +0.74%
Investment Banking and Brokerage Services 14,272.11 +0.61%
Electronic & Electrical Equipment 9,862.32 +0.23%
Gas, Water & Multiutilities 5,908.41 +0.10%
Bottom performing sectors so far today
Automobiles & Parts 1,301.82 -2.69%
Personal Goods 18,011.92 -2.12%
Chemicals 9,051.70 -1.63%
Tobacco 25,748.07 -1.56%
Travel & Leisure 7,933.55 -1.48%
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