Just getting started may be the take on recovering 200-day moving averages (MA) of #stockmarket volatility and gold #ETF inflows vs. falling #cryptocurrencies. It's a question of duration and ample catalysts for volatility and #gold to continue rising vs. falling risk assets. My bias is unprecedented US austerity and tariffs coming with stock-market capitalization to GDP backing down from 2x -- the highest in about a century -- may be ample fuel for a bit of normalization. Full report on Bloomberg here: https://blinks.bloomberg.com/news/stories/std82bdwx2ps {BI COMD} #commodities #bitcoin #macroeconomics @BBGIntelligence