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Equities, Bitcoin Flying; Gold, Silver Holding Strong

Commentaries & Views

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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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