Gold is pricing in global financial distress, while oil prices in recession

Quick Take

• During Friday’s session, when Bitcoin touched the low of $19,500 due to the fallout of SVB, further contagion spread into Europe.
• Bitcoin is up 25% from the lows, while Gold is up 5%, these assets could be making markets aware of global financial distress, and further fallout is unknown.
• Credit Suisse has got major headlines, but we can suppose contagion may spread further as rate hikes at this moment in time are planning to go ahead.
• However, crude oil, an indicator of inflation and recession, has plummeted by 15% in the past month.

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