Thanks Ronnie for great content over the last week. Really enjoyed that *********.com.au interview with Jim Rickards and that other video about a possible gold shock when the institutions start buying, including some of your own written content - I always forward on.
I am in GOLD and QAU and so far so good. I also found another one, PMGOLD. An ETF by The Perth Mint where you are entitled to one troy ounce of gold if you exercise. The gold stocks are not for me so I was thinking about physical bullion too if what Jim Rickards (and also Michael Burry) says comes true (a failure with these ETFs, along with other digital forms of gold, or the freezing of accounts in a total financial market meltdown). But in saying that I am also weary of a price fall and not being able to offload my gold quickly like clicking a button. Not sure if you are familiar with the famous prophet Baba Vanga (she came after Nostradamus). One of her famous predictions for the future was that gold becomes worthless and our utensils end up being made out of it. Anyway that's a bit off topic, but always sits at the back of my mind.
Aside from gold I have also been buying Bitcoin again. About ten years ago now I was a big buyer and supporter of bitcoin and digital currency. I had about 10 bitcoins to my name (they cost me less than AUD10 each). Unfortunately I sold them far too early and did not catch the run to $25,000 a piece (this was also true for my Litecoins and others). Anyway, the price of bitcoin collapsed to about $3,000 (USD) after all that but it did hold at that level. This year it started moving back up without collapsing so I started buying again at around the key psychological level of $10,000 (USD). I think it may be worth diversyfing here as it has become an uncorrelated store of value - and when the Chinese devalued their currency Bitcoin shot up. Ben Shapiro has also mentioned about diversifying into Bitcoin during these times. Not to mention the parent company behind some of the biggest exchanges in the world, Intercontinental Exchange, is launching Bakkt - a new exchange for institutions to securely buy digital assets, launching in just five days or so. I use CoinJar to buy and sell - I think they're the best for Australians.
Cheers. My (simple) charts:
XAUUSD - respecting trendline but this is not a short-term trade so if it was to fall out it would not phase me much. This could have been a good buying opportunity before expected US rate cuts tonight. Nice cool off on the RSI and now turning back up again.
BTCUSD - traders drew either a symmetrical triangle or a descending triangle pattern on this chart. World watching to see if we get a break up here as we near the apex. I am bullish and have been buying on weakness. All-time high is USD20,000 and so if this trade works out and pushes back close to that level or through I expect the masses to jump back on and take us to new highs.
