How 'Gold' replaced 'Google' in FANG

3.28.22 - Thorny Questions on Bitcoin's Usefulness

Gold last traded at $1,933 an ounce. Silver at $24.99 an ounce.

NEWS SUMMARY: Precious metal prices consolidated recent gains Monday on lower oil prices and a firmer dollar. U.S. stocks traded mostly lower as investors monitored the planned Russia-Ukraine peace talks this week.

 Bloomberg/Kitco--"Commodities are shoving aside technology, said Francisco Blanch, global commodities head at Bank of America.

In Blanch's interview with Bloomberg...He talked about how the pandemic and the Russia-Ukraine conflict was impacting commodity markets, mostly oil.

Blanch previously had oil hitting $120 a barrel before the conflict due to a post-Covid demand recovery. Russia is a major oil exporter....

Blanch said oil prices could spike even higher depending upon how far Russian sanctions go, seeing $200 plus as his 'ugly scenario.' He notes that oil is the backbone of the economy, which is a major input for travel, industry and agriculture.

Blanch referenced the acronym 'FANG' referring to technology stocks Meta (FB) (formerly Facebook), Amazon (AMZN), Netflix (NFLX), and Alphabet (GOOG). Technology stock performed strongly during the beginning of the pandemic, but commodities are now the focus.

'It's the new FANG: fuel, agriculture, aerospace, nuclear and renewables, gold and critical metals. All have come to the fore with this crisis.'"