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'Big Short' Investor Michael Burry Makes $10 Million Gold Bet

Michael Burry, famed for predicting the 2007 subprime mortgage crisis, invests heavily in gold, purchasing 440,000 Sprott Physical Gold Trust units valued at $10 million by the end of Q1.

• Main Points:

  • Gold Investment: Burry's Scion Asset Management buys 440,000 Sprott Physical Gold Trust units, worth $10 million.

  • Sprott Physical Gold Trust: A closed-end fund holding physical gold bullion, targeting investors seeking gold exposure without handling the metal.

  • Renewed Interest: Burry's move reflects renewed investor interest in gold amid global economic uncertainty.

  • Analyst Predictions: Financial analysts anticipate a potential upside in gold prices, citing geopolitical and economic factors.

• Detailed Insights:

  • Market Conditions: Burry's gold investment aligns with market volatility and geopolitical tensions.

  • Analyst Views: Peter Schiff predicts significant growth in gold prices, advocating for investment in precious metals.

  • Long-Term Outlook: Analyst Jan Nieuwenhuijs forecasts a multiyear gold bull market, with gold prices potentially reaching $8,000 per ounce in the next decade.

  • Diversified Portfolio: Burry's investments also include Chinese e-tailers JD.com and Alibaba, along with Citigroup and HCA Healthcare.

  Related: Indian Crime Officials Probed in Bitcoin Scam.

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Better Markets Opposes Spot Ether ETF Approval

Better Markets, a financial nonprofit organization, cautions against approving a spot ether ETF, citing risks to the broader financial system. In a comment letter to the SEC, it highlights concerns about intertwining crypto with traditional finance, citing systemic risks seen with bitcoin products.

• Main Points:

  • Warning Issued: Better Markets opposes spot ether ETF approval.

  • Systemic Risks: Approval could intertwine crypto with traditional finance, posing broader risks.

  • Past Bitcoin ETF Approval: Criticizes SEC's approval of Bitcoin ETF, citing fraud concerns.

  • Volatility Concerns: Points to extreme price swings in bitcoin, indicating potential volatility in ether.

  • Impact Beyond Crypto: Approval could exacerbate systemic risks introduced by Bitcoin ETFs.

• Detailed Insights:

  • Criticizing Previous Approval: Better Markets questions SEC's decision to approve Bitcoin ETF, alleging legitimacy concerns and highlighting industry fraud.

  • Volatility Comparison: Compares ether's volatility to bitcoin, suggesting similar risks in investing.

  • Interweaving Finance Sectors: Warns against further merging crypto with traditional finance, potentially amplifying systemic risks.

  • Analyst Views: While optimism exists for spot ether ETF approval, doubts linger about timing, with some projecting delays beyond May.

  Related: Jim Cramer's Warning on MicroStrategy Stock.

Canaan's Q1 Unrealized Gains Narrow Net Loss

In Q1 2024, Canaan Inc. reported $35.1 million in revenues, with costs totaling $72.4 million, resulting in a gross loss of $37.3 million. However, an unrealized gain of $33.6 million from cryptocurrency value changes helped reduce the net loss to $39.4 million.