Equities, Bitcoin Flying; Gold, Silver Holding Strong
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Bitcoin trades $6,000 while gold and silver are under some pressure, adding proof that the cryptocurrencies may be becoming the safe-haven investment. The metals will remain the longer-term asset play and are now on major support. Failure to hold these levels could create more selling pressure over the next few days.
The stench of complacency in the investing world plus the cryptocurrencies is definitely adding pressure to the metals. Equity markets making new highs day after day are keeping gold and silver in line, stopping them from breaking out to the upside. The metals are drawing a line in the sand and should be able to hold their ground at $1,280 gold and $17 silver.
With investors losing their minds chasing equities because of yield, the impressive rally and hold of key support levels is more impressive. Between the Fed and other central banks trying force investors into equities, the better bet is the metals for more growth and added protection.