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Bitcoin Near $10,000; Gold, Silver Trying To Join Party

Commentaries & Views

Black Friday and Cyber Monday have left Bitcoin pushing up against $10,000. New accounts are chasing Bitcoin higher, with over 100,000 new accounts last week alone. This could be in bubble territory and no market goes up forever. However, Bitcoin is a real currency and is a safety play comparable to precious metals.

Gold and silver are once again trying to push higher. The key levels are $1,300 in gold and $17.50 in silver. With the U.S. dollar showing weakness again, there is reason to believe that gold and silver could push through their resistance levels sooner than later. Metals are holding up well in the face of equity markets making new highs almost everyday.

Fear has been the driver of metals and other asset classes that are considered fear trades, but now Bitcoin, gold and silver are going up on new money buyers because there is no fear. A pullback would be no surprise but support is strong and higher prices are coming.

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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