Bitcoin Update – Prices Should Find Support Around $30,000 Bitcoin has seen a wild ride, losing over 50% from its April $65,520 high. The recent plunge appears almost over, and we see firm support surrounding $30,000. Our 2021 outlook expects new highs and an advance to $90,000+ by year-end. TECHNICAL OUTLOOK Bitcoin […]
Continue Reading →After a prolonged decline, gold miners continue to show signs of strength. The charts below support an intermediate breakout and a renewed uptrend in precious metals. If gold bottomed, as defined, it should stairstep its way back towards the $2000 level over the coming weeks/months. If you’re new to precious metals, […]
Continue Reading →-GDX- We may (finally) be getting the long-awaited bullish recognition day in miners. To strengthen this view, I’d like to see a stable close above $36.00. -NEM- We are getting a robust move in Newmont above the March high as well as the intermediate trendline. By all measures, it looks like a […]
Continue Reading →Building off last night’s GDX update, I wanted to point out additional similarities between 2016 and now. GDX 2016 CORRECTION: After a very sharp rise in 2016, miners entered a multi-month corrective phase. The 2020 pattern is following a similar path and could confirm a bottom soon. Note: The third and final breakdown (below […]
Continue Reading →The gold cycle indicator finished the week at 11. It dipped briefly to zero on Friday when gold reached $1759, but prices recovered before the US open. Consequently, we never reached an official zero reading during normal trading hours. In this week’s newsletter, I’ll cover the Fed, Interest Rates, and Asset Bubbles briefly. […]
Continue Reading →Gold has been in a downtrend since August 2020. Investors are turning bearish, and we could see a selling climax in the coming days. Our gold cycle indicator is near its maximum bullish reading, and we expect a bottom forthwith. It’s important to note that gold is approaching its pre-Covid (February 2020) high […]
Continue Reading →Silver is under attack, and prices are back below the $27.00 level. Yesterday’s gap higher was closed, and prices are backtesting the intermediate trendline. What happens next is crucial! A close below $26.00 would establish a false breakout and bearish reversal (favorite trick of manipulators). In this scenario, silver could collapse back towards $22.00, possibly […]
Continue Reading →Below is a snippet from a Bloomberg article I’m reading. It appears physical silver dried up over the weekend. Increased demand could push prices through $28.00 resistance and trigger a sharp rally next week. Silver Coin Sites Grind to a Halt as Reddit Horde Takes Aim Retail sites were overwhelmed with demand […]
Continue Reading →An epic battle between institutional and retail investors is unfolding in the shares of GameStop (GME). Prices finish the week 400% higher and are up over 1600% in January. Robinhood and Reddit advocates are exploiting a massive short position in the stock. The pressure is building and will likely continue into next week. It’s […]
Continue Reading →The speculation in today’s market is incredible. Millennials seem to be the driving force behind these bubbles. They stampede from one hot-stock to the next, looking to get rich. Currently, they have their sights on Gamestop (GME). The stock was up 92% today and 685% in January. -GME- The momentum traders have turned to […]
Continue Reading →