Jerome Powell is the most powerful man alive.
Biden can move nuclear submarines, fleets of aircraft carriers, and entire platoons of troops, but he can’t move markets to the tune of trillions with simple one-liners like Jerome Powell can.
Jerome Powell is much more gifted than Bernanke and Yellen ever were, and he is a bold and visionary FED Chairman who may be regarded as one of the most skilled and talented central bankers in history.
There, Jerome. If you’re reading this or one of your staffers pass it to you, I gave you a big compliment, and I stand behind it.
What makes Powell so historically unique?
Jerome Powell stays in his lane. That’s it. The Democrats wanted him to talk climate and the Republicans wanted him to address deficit spending, but he resisted the temptation and kept his word by sticking to what the FED was created to do, which is the next-to-impossible task of smoothing out financial crises.
As the last FOMC meeting marked a massive change in language, Powell made sure everyone understood him (unlike Mumbling Joe) when he said rate cuts are COMING.
The Dow Jones Industrial Index is already at an all-time high, but even if one had blinders on and sunk their cash into a money market account while the NASDAQ delivered a stunning +50% year, they haven’t missed the main event!
Courtesy: Zerohedge.com, Bloomberg
Gold is really breathing down the neck of the dollar at this point.
I am reiterating that gold will shine nicely in 2024, but it’ll be nothing like the rate-sensitive sectors of the economy such as banking, housing, fintech, silver, and small-caps.
Is the market too bullish?
I think the answer is that the market is too bullish in certain areas but under-allocated in others. What’s most intriguing is that it is seriously UNDERWEIGHT on silver!
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ALL-IN MENTALITY: MY PHILOSOPHY ON LIFE
The bamboo is a plant you’ve probably seen a million times.
When it is first planted in the ground, bamboo is nothing to admire. What the naked eye doesn’t see is that it is planting roots beneath the surface. While it doesn’t look like it is growing from the outside, it is spreading its roots far and wide deep into the soil while gathering momentum and attaching itself to water sources.
When no one is expecting anything of it, the bamboo does what no other plant can and feeds its cane with water. That helps it grow the fastest of any plant on the planet.
Most other plants bend and crack under the weight of the water, but not the bamboo — It stands tall!
Don’t be fooled and think that one must be weak if they have done years of fieldwork, research, and sunk their roots in the ground to no avail to the outside world.
The bamboo of 2024 will be silver, and I expect to see the dollar sinking nicely as the U.S. economy sees a shift away from mega-tech for the first time in 12 years and moves into the domestic middle-class companies that are the real lifeblood of this country.
Best Regards,
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