Bitcoin Near $10,000; Gold, Silver Trying To Join Party
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Featuring views and opinions written by market professionals, not staff journalists.
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.