What to know:
By James Van Straten (All times are ET unless indicated otherwise) The recent market turmoil might have given gold the bragging rights of being the "store of value," while "digital gold" struggles, at least for now. |
Gold futures for April delivery have surpassed $3,000 an ounce for the first time ever, marking a historic milestone for the precious metal. Spot gold is consolidating just below $3,000 an ounce, up 15% year-to-date, while its digital counterpart, bitcoin (BTC), is struggling—down 12% this year and hovering around $80,000.
This divergence underscores gold’s role as the ultimate safe-haven asset in the current economic environment.
Since mid-February, U.S. spot bitcoin ETFs have experienced only three days of inflows, causing total net inflows to decline from $40 billion to approximately $35 billion, according to Eric Balchunas, a senior Bloomberg ETF analyst.
Meanwhile, the S&P 500 has entered correction territory, falling over 10% and struggling to reclaim its 200-day moving average amid escalating geopolitical tensions. Further tariffs imposed by former President Trump and stalled ceasefire negotiations between President Putin and Ukraine have exacerbated global uncertainty.
Andre Dragosch, Head of Research at Bitwise in Europe, attributes gold’s record highs and the U.S. equity sell-off to rising short- and medium-term inflation expectations, coupled with declining consumer confidence.
“The recent rally in gold to new all-time highs likely reflects both increasing inflation expectations and a broader flight to safety,” Dragosch explains. “In fact, both short- and medium-term inflation expectations in the University of Michigan consumer survey have risen to multi-decade highs. U.S. consumers are growing increasingly concerned about inflation, likely due to the Trump administration’s new tariff policies.”
He further notes, “Meanwhile, U.S. equities have been selling off due to mounting economic uncertainty driven by these trade policies, as well as rising recession risks amid a slowdown in the labor market. Both factors have significantly buoyed the price of gold.”
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Crypto Macro - March 14, 8:00 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases January producer price inflation data.
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PPI MoM Prev. 1.48%
- PPI YoY Prev. 9.42%
- March 14, 10:00 a.m.: The University of Michigan’s March (U.S.) Consumer Sentiment (preliminary) index Est. 63.1 vs. Prev. 64.7.
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March 14, 3:00 p.m.: Argentina's National Institute of Statistics and Census releases February inflation data.
- Inflation Rate MoM Est. 2.4% vs. Prev. 2.2%
- Inflation Rate YoY Est. 66.8 vs. Prev. 84.5%
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March 16, 10:00 p.m.: The National Bureau of Statistics of China releases February employment data.
- Unemployment Rate Prev. 5.1%
Earnings (Estimates based on FactSet data) March 14: Bit Digital (BTBT), pre-market, $-0.05
March 24 (TBC): Galaxy Digital Holdings (TSE: GLXY), C$0.38
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ApeCoin DAO is discussing the establishment of an APE base in Lhasa, Tibet Autonomous Region, China. It’s also discussing the creation of ApeSites, which aims to provide the BAYC community an “easy-to-use tool to create personalized websites.”
- Aave DAO is discussing the launch of Horizon, a licensed instance of the Aave Protocol to allow institutions to “access permissionless stablecoin liquidity while meeting issuer requirements.”
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Balancer DAO is discussing the deployment of Balancer V3 on OP Mainnet.
- March 14: CoW DAO’s vote on the incorporation of a 4-entity legal structure for the organization ends.
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March 14, 10 a.m.: Representatives from Lombard, Etherfi, Coinbase and Curve to participate in an X Spaces session.
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March 14: Starknet (STRK) to unlock 2.33% of its circulating supply worth $11.15 million.
- March 15: Sei (SEI) to unlock 1.19% of its circulating supply worth $10.06 million.
- March 16: Arbitrum (ARB) to unlock 2.1% of its circulating supply worth $32.29 million.
- March 18: Fasttoken (FTN) to unlock 4.66% of its circulating supply worth $79.80 million.
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March 21: Immutable (IMX) to unlock 1.39% of circulating supply worth $12.91 million.
- March 23: Metars Genesis (MRS) to unlock 11.87% of its circulating supply worth $102.6 million.
- March 23: Mantra (OM) to unlock 0.51% of its circulating supply worth $31.2 million.
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- March 18: Paws (PAWS) to be listed on Bybit.
- March 31: Binance to delist USDT, FDUSD, TUSD, USDP, DAI, AEUR, UST, USTC, and PAXG.
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