Did you know that during the inflationary 1970s, gold prices skyrocketed by over 1,300%?

This piece of history underscores gold's value as an economic safeguard—a key point in today’s edition.

Today, we’ll take a look at the following:

• Treasury Yields Break Through 2024 Highs: First, we’ll highlight the rise to 4.65% in 10-year treasury yields, driven by strong retail sales and revised GDP growth expectations, signaling a rethink on rate cuts 🚀

• GM’s First-Quarter Sales — A Little Good News And A Little Bad News: Next, GM's mixed first-quarter results show a general sales dip but a notable surge in Cadillac Lyriq sales 🚘

• Gold Is Soaring While Bitcoin—And Everything Else—Is Slumping, Here’s Why: Finally, in unstable times, gold remains a reliable asset, starkly contrasting with Bitcoin's performance, which aligns more with risk-sensitive assets 💰

Explore these insights for smarter investment strategies.

Treasury Yields Break Through 2024 Highs 🚀

The yield on government bonds rose to the highest level this year as markets have scaled back their optimism about interest-rate cuts.

The 10-year yield, which sets the trajectory for mortgage and credit card rates, has reached 4.65%. 

Traders have started feeling less confident about the pace of rate cuts for this year 😱

Higher-than-expected retail sales data and an uptick in Atlanta Federal Reserve estimates for GDP has raised some doubts that the Fed will reduce interest rates any time soon.

According to technicians, the next level to monitor is 4.75%, and 5.0% also seems within reach.

While the market is doubting the Fed’s desire to cut rates this year, the 2% inflation target is still attainable by year-end 🎯

GM’s First-Quarter Sales — A Little Good News And A Little Bad News 🚘

GM announced U.S. delivery results: It sold 594,233 vehicles, down 1.5% year over year.

The decline wasn’t great but it’s not surprising 🤷🏻

GM delivered 16,425 all-electric vehicles, down 20% year over year.

That steep decline isn’t good news, but it was driven mainly by falling Chevy Bolt sales.

Cadillac Lyriq sales, however, were a bright spot 💡

GM delivered 5,800 units, a record, and up 500% year over year.

All-electric car sales accounted for 16% of Cadillac sales.

That shows the potential for EVs, but it also illustrates that luxury car buyers are far more likely to buy EVs than mass-market buyers 💵

That is something GM and the car industry need to fix.

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Gold Is Soaring While Bitcoin—And Everything Else—Is Slumping, Here’s Why 💰

It’s interesting to note that on days when stocks and bonds fall, so does Bitcoin, and gold outperforms.

Even though Bitcoin bulls have long called Bitcoin “digital gold” and a store of value to rival the legacy haven asset, that thesis hasn’t really been borne out.

Bitcoin has instead shown itself to be more correlated with risk-sensitive assets like stocks, and any link that crypto has with gold is fading 📉

Over the last six months, the correlation with gold is very low at 7.2%—a correlation of 100% would indicate that the two assets trade in sync.

Over the past month, this correlation has faded to just 3.5%.

Once Bitcoin is viewed as a risk asset, its divergence from gold makes more sense.

As we learned in 2021, Bitcoin is not a hedge against inflation at all ❌

It performs dismally when inflation and interest rates are rising.

Thus far, the evidence is clear: The best inflation hedge remains the dollar and gold, not bitcoin 💰

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