Earnings360 Newsletter for 6/20/2024

The US government still values its gold reserves at 42 dollars an ounce, a price Congress set in 1973. Gold trades above 4000 today, leaving official books showing about 11 billion dollars for holdings worth more than 1 trillion in the real market.

A bill now moving through Congress would require the Treasury to reprice that gold at current market value, while companion legislation could trigger the first audit of US gold holdings in more than 65 years.

More than 60 million Americans qualify to move part of their savings into physical gold, tax-free and penalty-free.

The week that the Clarity Act vote failed, 98 of the 100 coins in CoinDesk's benchmark crypto index closed higher. That is not a Bitcoin rally… that's the entire market moving at once.

Solana ran 10%. XRP gained 7%. Hyperliquid jumped over 12%. Layer-2 names like Starknet and Arbitrum climbed more than 17% in a single day. Zoom out and it gets clearer. Over the past month, Ethereum is up 35%. Solana is up 41%.

That kind of breadth… money spreading across hundreds of coins instead of crowding into one… is what the beginning of an altcoin cycle looks like.