Gold is up overnight. Bitcoin was smashed by >$500 and down to...

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sydney

1,247 Posts.

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15/09/17

07:19

Post #: 27233955
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Originally posted by sydney ↑

Why gold should fly and bitcoin retreat, at least for the short term.
The bubble of bitcoin burst when it got to $5000 for the following reasons:

-The Chinese saw a threat to their financial market and a way for money laundering and outflow of capital from China (the current rule is $50,000 is allowed to leave the country). It is by the way, one of the reason that we are losing 70% of Chinese investors in our Aussie real estate.

- The North Korean hackers are working hard to steal bitcoin accounts and security is an issue, it is a reminder of what happened in 2013 when a hacker stole $65m worth of bitcoin.

- To complete the sanctions against North korea, their will be a crack on bitcoin, because it is simple way of money laundering and to avoid banking transactions.

- When a reputable banker from wall street saying it is a fraud, it means a huge correction is coming and may be the same banker will jump in when it is more regulated and at a lower price.

So far the Russians are keen.

Today it shows that gold is up while Bitcoin is bleeding which to me is an indication, big investors are switching back to gold.

We should get back to $1350 tonight and above when the PPI data is released at 10.30pm our Aussie time and the momentum will be maintained tomorrow when the jobless claims show the double whammy effects of hurricane Harvey and Irma.

Smile gold holders, good days ahead and we are yet to see the retaliation from North korea to the recent sanctions.

Still believe $1400 by end of this month and $1500 be year end.

Cheers,

Sydney

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Gold is up overnight.
Bitcoin was smashed by >$500 and down to $3353 (in just few days it came down from $5000).
North Korea is preparing the nuclear site for more tests and more threats to Japan and USA.
Gold has done what technical analysts were expecting to retreat, before Fed meeting next week which should see gold climb to $1370.

North Korea is advancing its nuclear power and threat before they fire a nuclear missile.

And

Gold is building a base before the launch of next rocket to $1400 level and beyond.

My thoughts.

Cheers, Sydney
2 Upvote

0 Great analysis

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