Investing.com investing.com 28 Dec, 2020 08:15 am

Have The Banks Created An M2 Monster?

Have The Banks Created An M2 Monster?
Stocks Analysis by Michele Schneider covering: XAU/USD, XAG/USD, S&P 500, Dow Jones Industrial Average. Read Michele Schneider's latest article on Investing.com

Oil (United States Oil Fund (NYSE: USO ) had a golden cross, heading into a bullish phase on the daily charts.This is the first time we have seen a bullish phase in oil since December 2019.The Money Supply rocketed 25% in the last two weeks.That 25% growth in money supply reflects the US banking system’s checking accounts.

In the late 1970’s (yes that period of stagflation you all have heard Mish and MG talk about), checking deposit growth outpaced saving deposit growth.GLD-SPDR Gold Shares Daily Chart While Brexit settled, stimulus checks in the US were debated and Alibaba (NYSE: BABA ) got their hand (stock) slapped, a few other events that did not make headlines occurred.

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