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Recap June 6: Elon Musk Breaks Bitcoin Again, Minimum Global Tax, Meme Stocks Explode (Recap Ep126)

In this week’s recap, U.S. benchmark indices were slightly higher, as investor concerns over the consequences of a strong economic recovery, marked by surging inflation, continued to trouble the overall market. Friday, May jobs report showed solid gains, boosting investor confidence in an economic comeback.

Russia has been gradually reducing its dollar holdings since the imposition of Western sanctions following the annexation of Crimea in 2014. On Thursday, Russia says it will end all U.S. dollar assets in its National Wealth Fund & increase holdings in Euros, Chinese yuan & gold in what some analysts say is a political move ahead of a presidential Russia-U.S. summit later this month.

Oil prices extended gains, ahead of an OPEC+ meeting & on investor optimism that fuel demand will grow in coming months, as the U.S. summer driving season gets underway & the global economy continues to recover from the pandemic. Investor concerns over global inflation drove gold + 8% in May above $1,900, & silver firmly above $28.00 . Heading higher as the U.S. Fed is not yet ready to tighten its ultra-loose monetary policy, even as inflation pressures continue to rise. Gold/silver benefit as real interest rates remain in historically low negative territory.

Cyber attack paralyzes JBS SA operations in Australia and the United States; president of Chile will promote the same-sex marriage bill; AMC Entertainment shares continue to rise; the European Commission plans to create a digital identity wallet; global M&A activity hit a record for the third month in a row; Biden changed the proposed 28% corporate tax increase; Google is being investigated by the German government.

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