Bitcoin Making New Highs; Gold, Silver Struggle At Support
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Over the weekend, Bitcoin traded over $6,000, looking increasingly like the cryptocurrency is taking some of investor money away from gold and silver. The metals are on support and should hold here but the cryptos are on fire, making new highs on a regular basis.
The last five days have been a struggle for the metals as they hover around major support levels. One issue is the strength of the equity market, which sucks up most of investable cash. Add in cryptocurrencies and you have the metals struggling.
Equities are reaching ridiculous levels and valuations. It would be no surprise if the equites started to sell off, bringing new money back the metals. As long as support holds, we expect a run to $1,320 as the next resistance.