Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Hi everybody and welcome to this week’s 5 Things We Watch.</li><li>This week we’ll cover Euro-flation on the back of the Ifo numbers dropping this week.</li><li>Then we’ll have a look at the inflation outlook in the US using the same metrics as applied to Europe.</li></ul>

Hi everybody and welcome to this week’s 5 Things We Watch.This week we’ll cover Euro-flation on the back of the Ifo numbers dropping this week.Then we’ll have a look at the inflation outlook in the US using the same metrics as applied to Europe.

5 Things We Watch: US & Europe inflation, OPEC, Shipping, Bitcoin boom

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Cross Asset Strategy

<ul>
<li>The real-time market cap of gold is USD 15 trillion, not USD 13 trillion, as is often stated.</li>
<li>This matters because I expect gold to gain on and outperform bonds within a multi-asset portfolio. In recent years, this has been the case.</li>
<li>A real-time estimate of gold's market cap also translates to a real-time Bitcoin price estimate as it functions as digital gold. In this piece, I show my base case scenario.</li>
</ul>


The real-time market cap of gold is USD 15 trillion, not USD 13 trillion, as is often stated.
This matters because I expect gold to gain on and outperform bonds within a multi-asset portfolio. In recent years, this has been the case.
A real-time estimate of gold's market cap also translates to a real-time Bitcoin price estimate as it functions as digital gold. In this piece, I show my base case scenario.


A Real-Time Estimate of Gold's Market Cap and Bitcoin's Potential Value

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>BTC faces a bullish outlook with tailwinds from ETF inflows and an upcoming halving. Early signs of a broader cryptocurrency market rally are underway.</li>
<li>Gold prices remain pressured from investor rotation to other assets. Fading recession fears are eroding gold's risk premium. </li>
<li>Cumulative ETF fund flows for bitcoin and gold ETFs highlight the diverging outlook with large inflows to bitcoin ETFs and outflows from gold ETFs. </li>
</ul>


BTC faces a bullish outlook with tailwinds from ETF inflows and an upcoming halving. Early signs of a broader cryptocurrency market rally are underway.
Gold prices remain pressured from investor rotation to other assets. Fading recession fears are eroding gold's risk premium. 
Cumulative ETF fund flows for bitcoin and gold ETFs highlight the diverging outlook with large inflows to bitcoin ETFs and outflows from gold ETFs. 


Bitcoin to Continue Outshining Gold In 2024

<ul>
<li>First, Japan entered a recession, and a week later, the Nikkei hit an all-time high after 34 years. Any idea why this is?</li>
<li>The Institute of International Finance (IIF) has updated its global debt chart. Be aware that it does NOT show the true underlying trend.</li>
<li>You are only allowed to trade Chinese equities if you are going to buy them. China will have a serious long-term issue in attracting fresh capital.</li>
</ul>


First, Japan entered a recession, and a week later, the Nikkei hit an all-time high after 34 years. Any idea why this is?
The Institute of International Finance (IIF) has updated its global debt chart. Be aware that it does NOT show the true underlying trend.
You are only allowed to trade Chinese equities if you are going to buy them. China will have a serious long-term issue in attracting fresh capital.


The Weekly Market Monitor – The 34-Year Wait Is Over!

<ul>
<li>Ironically, the country with the central bank that refuses to tighten extremely loose monetary policy has hit a recession first. Congrats Japan!</li>
<li>Bitcoin has breached the USD 1 billion threshold again. The reason is that US spot ETFs must buy every bitcoin available to meet demand. Investors are extremely hungry for digital gold!</li>
<li>And my bellwether global earnings indicator points to positive earnings growth for the first time in a long time.</li>
</ul>


Ironically, the country with the central bank that refuses to tighten extremely loose monetary policy has hit a recession first. Congrats Japan!
Bitcoin has breached the USD 1 billion threshold again. The reason is that US spot ETFs must buy every bitcoin available to meet demand. Investors are extremely hungry for digital gold!
And my bellwether global earnings indicator points to positive earnings growth for the first time in a long time.


The Weekly Market Monitor – Recession Strikes the Most Accommodative Economy, Bitcoin Shines!

United States

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

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Bitcoin (XBTUSD CURNCY)

5 Things We Watch: US & Europe inflation, OPEC, Shipping, Bitcoin boom

Hi everybody and welcome to this week’s 5 Things We Watch. This week we’ll cover Euro-flation on the back of the Ifo numbers dropping this...

Steno Research

A Real-Time Estimate of Gold's Market Cap and Bitcoin's Potential Value

My real-time estimate of gold's market capitalization is USD 15+ trillion, leaving a Bitcoin price target of USD 140-170K.

Jeroen Blokland

Bitcoin to Continue Outshining Gold In 2024

Bitcoin is looking bullish due to ETF inflows and the upcoming halving, while gold prices are under pressure as investors shift to other assets.

Mint Finance

The Weekly Market Monitor – The 34-Year Wait Is Over!

Investments highlighted: Nikkei 225 Index, Japan 10-year yield, DAX Index, Chinese Equities, Walmart, Nvidia, Bitcoin, Gold, Treasuries.

Jeroen Blokland

The Weekly Market Monitor – Recession Strikes the Most Accommodative Economy, Bitcoin Shines!

The likelihood that the Bank of Japan will not tighten has risen sharply. So has the price of bitcoin, now worth over USD 1 billion, which is still...

Jeroen Blokland

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

5 Things We Watch: US & Europe inflation, OPEC, Shipping, Bitcoin boom

Hi everybody and welcome to this week’s 5 Things We Watch. This week we’ll cover Euro-flation on the back of the Ifo numbers dropping this...

Steno Research

A Real-Time Estimate of Gold's Market Cap and Bitcoin's Potential Value

My real-time estimate of gold's market capitalization is USD 15+ trillion, leaving a Bitcoin price target of USD 140-170K.

Jeroen Blokland

Bitcoin to Continue Outshining Gold In 2024

​Bitcoin is looking bullish due to ETF inflows and the upcoming halving, while gold prices are under pressure as investors shift to other assets.

Mint Finance

The Weekly Market Monitor – The 34-Year Wait Is Over!

Investments highlighted: Nikkei 225 Index, Japan 10-year yield, DAX Index, Chinese Equities, Walmart, Nvidia, Bitcoin, Gold, Treasuries.

Jeroen Blokland

The Weekly Market Monitor – Recession Strikes the Most Accommodative Economy, Bitcoin Shines!

The likelihood that the Bank of Japan will not tighten has risen sharply. So has the price of bitcoin, now worth over USD 1 billion, which is still...

Jeroen Blokland

Bitcoin is looking bullish due to ETF inflows and the upcoming halving, while gold prices are under pressure as investors shift to other assets.