Bitcoin is going to break that $61K peak very soon. The momentum is favors the bulls. I don't understand this digital currency that China is bring out. Has it got anything to do with by-passing swift code to allow nations like Iran to trade directly, ie. not using USD. Russia if it continues to play a role in destabalising Ukraine will fall into this umbrella of sanctions 'enjoyed' by Iran on the usage to trade internationally with USD.
I've been reading Russia and China accumulating physical gold by their CB for years, including using Switaerland as a proxy for stealth buying etc. The LT gold chart (monthly) does look like a cup & handle with the handle forming looking for a break to the up side. Usually C&H are bottom reversal patterns.
Range top $1755 tested on Thurs US open but couldn't follow through on Friday. If there is a weak pulback into the current range and then makes another attempt at the resistance, I reckon it will break but $1767 s another longer term one!
I wonder if the $ that usually goes to gold were diverted to Bitcon since this is clearly where the momentum is. The millinials are creaming the cryptos in general in some insame multi-baggers. I knew of a friend of a friend who casually threw in $1K on a minor crypto, waited for a few years then 100+ bages in 4 months! WTF. Replicated in other cryptos.
Even in our very junior specs sector, you couldn't replicate such moves in that short a time. Ends in tears or the start of something BIG?
This chart does show how scarry or desperate Fed has been and perhaps
@pureau can make a commentary of how far the 'printing' paratemers can continue to extend , never mind the rate? This together with other pieces of indirect evidence are suggesting the SM is ripe for a crash or deep correction. GFC and Pandemic are 2 high profile triggers where gold sector were collectively sold off with everything. Last year, the quick bounce in SM in general aided the gold sector recovery so I am not sure if gold sector presents the defensive nature that were historically believed to exist. Something I am not convinced.
(20min delay)