Bullion, Bitcoin, & Big-Tech Bid As Dollar Dumped Tyler Durden Wed, 07/08/2020 - 16:00 The dollar was dumped overnight (following chatter of US attacks on the HKD peg) and extended losses during the day... Source: Bloomberg "I love the smell of burning credibility in the morning..." US equity markets were manically bid at the cash open then faded into the European close, then was ramped all the way back to the highs again... And gold spiked further (spot back above $1800)... Pushing the barbarous relic to 9 year highs... Source: Bloomberg Chinese stocks were up again overnight... Source: Bloomberg TSLA dared to drop today... As Nasdaq pushes on to record-er and record-er highs, the median US stock is back near two-month lows... Source: Bloomberg Stocks and bonds remain gravely decoupled... Source: Bloomberg Treasury yields were very modestly higher today (2Y unch, 30Y +1bps) remaining lower on the week at the longer-end... Source: Bloomberg The dollar's losses were the offshore yuan's gains, pushing back below 7/USD... Source: Bloomberg Cryptos were higher on the day with Ripple outperforming... Source: Bloomberg All the major commodities were higher on the day led by Silver... Source: Bloomberg WTI dropped right after the unexpected (and large) crude build but the machines rejected that and sent it back above $41... Gold in Yuan hit a new record high today... Source: Bloomberg Gold continues to track (inversely) with US real yields... Source: Bloomberg Copper's recent outperformance over gold has decoupled commodities from bonds... Source: Bloomberg Finally, we ask, is the world losing faith in fiat? Source: Bloomberg And is that what's driving US equities higher, just like in Venezuela and Zimbabwe? Source: Bloomberg