Interactive Brokers: Bitcoin and gold are showing convergent trends again; silver is recently resembling a "meme stock".

Interactive Brokers chief strategist Steve Sosnick believes that silver's recent performance resembles that of a "meme stock." While the strengthening dollar pressured silver trading following the news of Trump's nominee for Federal Reserve Chair, Warsh, the decline in silver had already begun in overnight trading before the nomination announcement. Furthermore, data shows that gold and Bitcoin have performed remarkably well over the past two years, with their returns differing by only a few percentage points, and these two assets are now showing convergence again. Sosnick concludes by pointing out that although investors' desire for alternative assets and momentum trading remains, the "meme-ification" of traditional commodities with millennia of history may be nearing its end. (Caixin)