Gold Rush

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By Matthew Gutierrez and Shawn O'Malley · March 06, 2024

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Bitcoin is soaring, and some say Bitcoin is “digital gold.” But how about regular gold? It’s enjoying a nice little run of its own.

?? Gold closed at an all-time high on Tuesday despite higher real yields and a strong U.S. Dollar. Gold has gained nearly 4% in 2024 and 16% over the past 12 months.

Another interesting wrinkle: The price of gold is rising even as U.S. ETF assets invested in the underlying commodity keep falling.

“Gold, much more so than any other commodity, is about sentiment and psychology,” Peter Lynch once said.

— Matthew & Shawn

Here’s today’s rundown:

Today, we'll discuss the biggest stories in markets:

• Why CEOs’ economic confidence is surging
• Chairman Powell addresses Congress

This, and more, in just 5 minutes to read.

POP QUIZ

Which state has the highest minimum wage? (The answer is at the end of this newsletter!)

Chart of the Day

In The News

?? U.S. Economy Boom Fuels CEO Optimism

In late 2022, American executives were cautious, with tempered expectations about the economy. Now, their optimism is surging, with expectations of strong sales and capital investments.?

Economic resilience, baby: The Business Roundtable’s quarterly gauge of CEO sentiment is above its historical average for the first time in two years. More CEOs want to spend more on equipment and factories, and many believe the economy will remain strong through 2024.?

• Plans for hiring have also edged up modestly.
• "This quarter's survey results underscore the resiliency of the U.S. economy and suggest accelerating economic activity over the next six months," Cisco’s CEO noted. "To further strengthen the economy, the U.S. needs to double down on policies that spur domestic investment and bolster American competitiveness," he added.?

Other executives echoed his remarks, noting that they’re concerned about excessive regulation and overreaching antitrust actions “eroding the foundation of free enterprise and the benefits it provides.”

Why it matters:

This week, Atlanta Fed President Raphael Bostic said the increased economic strength and executive confidence likely mean...