Key Levels To Watch For Gold, Silver, Copper, and Bitcoin
Rick joins me today to look at the gold, silver and copper charts as well as a comment on Bitcoin. Even with the slight bounce backs today in gold and silver his outlooks are not changed for slightly lower levels.
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Gold 40 year #Seasonality Chart from (1976-2015)
Here is a #Seasonality Chart for Gold over 20 years:
http://charts.equityclock.com/seasonal_charts/futures/FUTURE_GC1.PNG
If Gold gets back up above this year’s high of $1369.40 (which was higher than 2017’s high of $1362.40) then it may have a shot at closing above the 2016 high of $1377.50.
> Until that 2016 peak is taken out, then we are still in the same range-bound trading channel and the institutional funds and money sitting on the sidelines won’t be coming into the sector. However, once that level is taken out (higher high), then the next major impulse leg of the bull market will be confirmed.
5 year Gold Chart showing prior peaks:
Great interview with Rick. I really enjoy his perspective. Especially on Bitcoin!
Thanks also to Ex for his post of Stewart Thomson. Good stuff. Between full moons, Chindian buying expected to pick up, the Fourth of July holiday, and the employment report a week from Friday, there should be plenty of volatility!
Bring on the volatility….. Cheers Charles!
Rick, Bitcoin has utility value because its the swiss army knife of financial ledger entries. The USD is nothing but a PRICE for things thats it. All currencies are nothing but a price. Period full stop. The USA has no gold, it was stolen and sent to indonesia and the phillipines after 911. Building 7 was the largest gold heist in history. The games like tarriffs and trade wars are about buying time, while comex and central banks scrample to justify their existence in a collapsing business model that has ended already. Deutchebank is owed money from Italy $300B and 1 Trillion in derivatives. Germany wanted to repariate its Gold from USA. USA doesn’t have it. All they have is Tungsten that is plated and China knows this. China and Hong Kong are about to get hit hard as creditor nations owed Gold that the USA does not have. Both sides need time. The “cabal” as some call them have stolen what gold existed and moved it. All comex has comes from melting scrap gold and its not enough to make it through a deflation or inflation gold bull market. We can’t use Gold or Oil to back the Dollar. China would end up being owed $3 Trillion in Gold,we don’t have it. we would need 70X the oil in storage in the Cushing Oklahoma to back 1 year of Deficit spending if 1 Trillion. Neither works. So what we need bitcoin for, is this…we can’t use GOLD for trade because the criminals stole it all, we can use Oil because the trade deficits are too high, we can’t use the USD for external trade because no one will accept it in the future…so what is the solution in the interim??? Crypto is. Owning a serial number that if you possess it its as good as gold as good as cash and has no storage costs and is permissionless… no one can tell you who or what you can spend it on if you hold the key its yours to transact with directly with any other party. no fiat currency has these value propositions nor ever will. Utility is the value, and cash has lots its utility and to some degree so now has gold in certain circumstances. Trying selling a 17 year old gold vs. crypto and see that things have shifted regardless of how difficult its is to grasp. The crypto world is not going away, it won’t be regulated away its disruptive quality is what saves you once you understand what is going on at a deeper level.
Thanks for your diligent response, Evin. It’s a lot to process, but I am always inclined to simplify things as much as I can. This habit has led me toward near-certitude that a ruinous deflation, not hyperinflation, will ultimately settle our debts. As to bitcoin, although I agree that the currencies in use are worthless, bitcoin offers an opportunity for anyone to get in on the ground floor that is politically and financially infeasible. It’s one thing for government to create money out of thin air, but quite another to let every Tom Dick and Harry do it, which is the current state of bitcoin. Big Brother will own the franchise if Big Brother eventually transitions to cryptos, and the hoi-polloi can only hope that they are grandfathered in at reasonable valuations (yeah, sure!). Meanwhile, even if it is only delusional thinking and misplaced trust supporting the notion that dollars are backed by anything, crypto currencies do not enjoy even that flimsy support. In any case, I cannot buy into the notion that something can function as money merely because its supply is limited.
Sorry Evin, I have to agree with Rick on this one. Take for example the ‘Penny Black stamp’ the first ever stamp, 1840 if memory serves. It exists physically, there are not that many around, what’s it worth, maybe $60. The Bitcoin argument seems to be that because it wastes loads of computer power and energy it is worth something, that’s just like digging a hole, filling it back up, then digging the hole again, makes no sense
Matthew, Doc, et al, it looks like the communist Obrador will become El Presidente de Mexico on July 1. He loves Fidel Castro and Hugo Chavez so this might be the last free election in Mexico for decades. Should we sell AG, EXK, GORO, and USAS before Obrador takes their assets?
The new 1040 tax form will be a double-sided half page form.
(that’s the goods news)
However, up to 6 additional forms may be required as worksheets.
(That’s the bad news)
Alternative form considered:
2020 Simplified 1040 form:
Enter amount of income ……..
Compute 90% of income ……..
Send 90% amount in ………
(That’s the Democrat future form.)
(politicians and illegal immigrants exempt.)
CFS if that is the future I want off the merry-go-round.
Thanks Evin for your perspective. As an accountant I like the distributive ledger theory and as a result I believe blockchain will ultimately have some utility although I hear there is a newer technology (can’t remember the name), that does the same thing with a lot less power consumption. With so many coins right now it is hard to know what the winner will be and what it will look like. Could be something totally different than what we are thinking today. Time will tell. It would be great to know which coins you like and why you like them over the hundreds of others out there.
HASHGRAPH
That’s the one!
Complaint filed against Maxine Waters for ethics violation. Yeah, I know a buffoon when it’s yelling in my face!
Great to hear you back on the show, Rick. I hope all is well with you.
A Golden Moon
Stewart Thomson – Jun 26, 2018
“Gold often rallies significantly from early July. There is strong price support in the $1225 -$1250 zone and major rallies tend to begin at this type of support.”
“The next full moon is June 28. I expect that to roughly mark the beginning of the next major gold price rally. Ideally, it will begin from the $1225 – $1250 support zone.”
http://www.321gold.com/editorials/thomson_s/thomson_s_062618.html