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On March 5th, Phillip Nova analyst Priyanka Sachdeva stated in a report that a stronger dollar is likely to continue putting pressure on gold prices. Despite the escalating conflict in the Middle East, the unexpectedly sharp rise in the dollar may have prompted some investors to take profits on gold. As energy prices rise, inflation concerns are resurfacing, while market expectations for fewer rate cuts by the Federal Reserve this year are also strengthening. She added that investors should consider factors such as the dollars performance, the pace of gold purchases by central banks, and whether the conflict in Iran will escalate further when allocating gold.On March 5th, Bei Chen Lin, Head of Investment Strategy for Canada at Russell Investments, stated in a report ahead of Fridays US non-farm payrolls data release that investors should consider the broader context when examining US employment data. "Job growth needs to be considered within the overall environment. With US population growth slowing to near standstill, even adding 60,000 jobs is still a healthy pace of growth." Analysts surveyed by The Wall Street Journal predicted that the US added 50,000 jobs in February, down from 130,000 in January. Lin added, "We believe a robust pace of job growth should be sufficient to stabilize the labor market and may even drive a hiring rebound in the second half of the year."On March 5th, Eastern Time, Bridgewater Associates founder Ray Dalio reiterated his strong bullish stance on gold. He stated that in the competition between gold and Bitcoin, there is a clear winner—gold. He emphasized that golds position is irreplaceable. Dalio recommends that individuals allocate 5% to 15% of their portfolios to gold to diversify risk during times of disaster.Iranian state media reported that explosions occurred in Tehran and Karaj.Hong Kong stocks continued to decline in the afternoon, with the Hang Seng Index turning negative and the Hang Seng Tech Index falling 1.15%. Sports goods stocks declined, with Li Ning (02331.HK) falling 3.6% and Anta Sports (02020.HK) falling 2.5%.

Apollo holds crypto for clients as it expands in digital assets

Skylar Shaw

Nov 01, 2022 15:50

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In a significant effort to introduce bitcoin to institutional investors, one of the biggest asset managers in the world, Apollo Global Management Inc., has started storing cryptocurrency on behalf of its customers via a collaboration with the digital asset exchange Anchorage Digital.


The decision was made amid a difficult year for the cryptocurrency industry, with bitcoin, the biggest digital asset in the world, down more than 50% since the beginning of 2022 as investors seemed uneasy about the world's historically high inflation rates.


Diogo Mónica, president of Anchorage Digital, a cryptocurrency company that possesses a national trust bank license from the Office of the Comptroller of the Currency, said: "It's the affirmation of this relentless drumbeat that [crypto] is here to stay." "The fact that there is short-term volatility doesn't really matter for the huge institutions since this is a process and technology with a very long time horizon."


Apollo said its partnership with Anchorage goes back to the middle of last year, when the company first started looking into how to best protect its customers' crypto assets. Apollo refused to specify what kinds of crypto assets it now owns. Apollo subsequently took part in the Series D investment round for Anchorage, which was completed in December 2021.


Adam Eling, chief operating officer of Apollo's digital assets division, stated, "We look forward to cooperating with Anchorage for the protection of client assets as we explore innovative ways to deploy blockchain technology throughout Apollo's company."


Mónica said that negotiations regarding how Anchorage can eventually strengthen its partnership with Apollo are already underway.


Christine Moy, a former executive at JPMorgan Chase who was recruited by Apollo in April, will oversee the company's digital asset strategy and play a crucial role in its investment choices in cryptocurrencies, blockchain technology, and Web3, a decentralized version of the internet.

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