Weekly Update: Gold, Silver, Bitcoin – 06.09.2017

gsb

Approximate spot prices

Gold: $1,265 per paper ounce
Silver: $17.20 per paper ounce
Bitcoin: $2,800 per coin

Well what do we have here? Comey testimony, British elections, Qatar isolation, US macro data tanking, housing bubble, Putin laying down the law, students demanding segregation, CNN personalities dropping like flies, and so much more. It’s all a bit too much to keep track of in depth at this point, and since that’s presumably not what you’re here for I’ll just get to the point:

Buckle up for the summer.

It feels like even if things level out slightly that we’ll be looking at a different landscape when the fall comes around. Keep your eye on China, Russia, and Iran. North Korea has vanished from the top headlines, but of course they haven’t gone away.

There appears to be a consensus that the cryptocurrency explosion of 2017 is indicating that the clock is ticking down on the current fiat system. I’m looking for more opportunities like ZenGold and OneGram – cryptocurrencies backed by precious metals – to begin making waves.

Keep your cool and continue to accumulate.

Please let me know if you would like me to add ethereum to my coverage! Comment anywhere this article is seen or email me at amateursociety@gmail.com.

Gold

Gold D 06092017

Gold H 06092017

Gold almost roused me from my slumber by tagging $1,300, but it has since pulled back close to the $1,260 level identified from the previous update. If that area holds and we move above $1,300 on the next upmove the setup will be quite constructive to the extent that something of that sort is meaningful. The latest smacking was coordinated with the UK elections and the Comey testimony. Did paper traders and computers really believe that Comey was going to provide smoking gun impeachment evidence against President Trump? Some foolish prognosticators living in an alternate reality certainly did, and they were resoundingly disappointed. This particular testimony – and the reporting of it – illustrate quite clearly that there are two different parallel narratives. Did Comey’s testimony mean impeachment or exoneration? Depends on who you ask. Is gold still a store of value? Yes. Continue to accumulate in preferred areas. I’ve moved some gold gains from the low $1,100s over to ethereum in a rebalancing effort.

Silver

Silver D 06092017.png

Silver H 06092017.png

Silver went with gold for the up and down trek this week. It’s important to note here that these paper contracts move against the dollar and that the dollar index is not the value of a dollar in a vacuum. It is the dollar versus a mix of other fiat currencies. With the Euro weakening – after strengthening with the French elections – we see the dollar move up and the precious metals move down. Please realize that these fraudulent price mechanisms are disconnected from everything other than the reality of programmatic trading, virtually unlimited deep pockets, a desire to prolong the current system, and the overall slow spin into global fiat currency failure. Sit back and enjoy the ride. I’m seeing a lot of explosive silver forecasts, but I’ve seen those before. The thesis is still intact, so continue to ride it out. Never go all in…

Bitcoin

BTC D 06092017

BTC H 06092017

Remember when we were looking for drops back below $1,000 as buying opportunities? That was about 100 days ago. What will the next 100 days bring?

My biggest laugh of the day came from a story about Jim “Bear Stearns is fine” Cramer saying that bitcoin could hit $1,000,000 per coin because of demand to pay off ransomware attacks. Yes, he actually said that:

http://www.cnbc.com/2017/06/07/cramer-says-its-possible-bitcoin-could-reach-1-million-one-day.html

If anything this comment should tell us that bitcoin is most likely not in a bubble as many conclude based on the parabolic price action since it seems financial professionals still have no idea what it is. For bitcoin to get into a bubble people will first have to realize what it will actually be used for. After a global money renaissance that eliminates the corruption of banking we can talk about a bubble. In the meantime, don’t listen to the people who hyperventilate about bitcoin being down 20% – 30% on a quick, necessary pullback. As you can see, it doesn’t last long.

Will you get another look at $2,000? It’s possible, but if that happens there are a bunch of big fish looking for just that to jump in. My target price for the end of 2017 is now somewhere between $3,000 and $10,000. Check back in around Christmas and I should have a narrower range for you. In the meantime, take profits on parabolic upmoves and use the profits to add to your silver holding and take speculative positions in other cryptocurrencies.

Conclusion

Do your homework and heavily discount those who haven’t. Give additional credibility to those who haven’t done their homework and admit it. You haven’t missed the boat, and that’s even more true of silver. Great opportunities are out there, but you have to be tactical in your decision making. Join us for our weekly open calls and sharpen up those inquiry and decision skills!

Disclaimer: These are one amateur’s fallible opinions. Holding any asset is risky, so do your own research and make your own investment decisions.

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