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Bitcoin Making New Highs; Gold, Silver Struggle At Support

Commentaries & Views

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.

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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