Feb 1 — silver has recently behaved like a “meme stock.” While a stronger U.S. dollar following news of former President Trump’s nomination of Warsh as Fed chair put pressure on silver trading, the decline had already begun during overnight trading before the nomination was announced.
Data also shows that over the past two years, gold and Bitcoin have exhibited highly correlated performance, with returns differing by only a few percentage points. These two assets are once again moving in tandem. Sosnick concluded that while investors' appetite for alternative assets and momentum chasing remains strong, the “meme-ification” of traditional commodities with thousands of years of history may be nearing its end.