Greenspan speaks. Whilst no longer in the hot seat as the head of the Fed, whenever 'the maestro' pontificates about the markets, people sit up and take notice, although those who look at the track record of old Al when it comes to markets might do better taking the opposite side of the implied trades. Remember 'irrational exuberance'. That was December 1996. Markets went up 33%, 28% and 21% in the next 3 years, doubling investors money. Today he sees no bubble in equities, but thinks long term rates are set to rise significantly in the years ahead. He also sees bubbles developing in China and is convinced Bitcoin is a bubble too. What a pity that the founders of Bitcoin can't issue a 10 year note with a margin above UST's, denominated in Yuan. Long that short S&P500 would probably go OK. Oh yes, and gold prices went up again overnight Details here (VIEW LINK)