The influential economist Mohamed El-Erian highlighted the strong performance of cryptocurrencies and stocks in November, while underlining losses in the gold and oil markets.
What happened
El-Erian, who is the Chief Economic Advisor of Allianztook to X on Saturday to show the year-to-date performance of the major asset classes.
He noted that November was the strongest month of the year for Bitcoin (CRYPTO:BTC), the largest Cryptocurrency in the world, and for the benchmark stock index S&P 500.
Bitcoin’s cumulative year-to-date gains exceeded 127% at the end of November, a considerable increase from 64% in October. In fact, the annual profits of the leading cryptocurrency have already exceeded those recorded in 2021 and 2022.
More Read
The usual end-of-month table for YTD performance for major assets/asset classes, along with one highlighting November’s developments.
It was the strongest month of the year for #Bitcoin and the S&P while, at the other end, #gold and #oil registered monthly losses.#markets… pic.twitter.com/8C5EQkwvLO
— Mohamed A. El-Erian (@elerianm) November 30, 2024
On the other hand, it highlighted the losses in the precious metals market, as the accumulated gains of gold fell from 32.70% in October to 29.06% in November.
In addition, crude oil recorded further losses, with accumulated losses for the year widening to 5.09% at the end of November.
El-Erian’s publication comes in the context of an important geopolitical development. Israel and Lebanon have reportedly reached a ceasefire agreement, which has had a notable impact on global financial markets.
You can also read: 5 Stocks Recommended by Wall Street Analysts to Outperform the Market This Month
Why is it important
El-Erian’s analysis comes after Bitcoin’s historic rally, which saw it approach the $100,000 milestone.
The digital asset rose more than 40% in November, boosted by the electoral victory of the US president-elect. donald trump.
Furthermore, the ceasefire agreement between Israel and Lebanon reduced geopolitical risks and increased investor optimism. This has caused gold and oil prices to decline, while riskier assets have seen a rally.
Photo courtesy of Shutterstock
You can also read: Cathie Wood assesses impact of a Trump-Musk conflict on Tesla and SpaceX
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