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12:15 NY Time
Gold Trying To Break Out, Plus Crypto Comment!
Friday November 02, 2018 08:01
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
After Wednesday’s ugly trade, gold spiked on Thursday, testing the $1,240 level once again. Although gold broke down through $1,220, trading as low as $1,215, it immediately bounced back to the $1,240 resistance level.
Gold looks poised to make a big up move and push through $1,240 resistance sooner rather than later. Gold’s rally may have been sparked by the weaker dollar; however, gold has been gaining strength with the stronger dollar.
Our expectations are for gold to break out to the upside and test the $1,275 level. Gold can churn here while building a solid base. The $1,220-$1,230 levels should hold as support, and it’s only a matter of time until gold pushes through $1,240 on its way to $1,275.
Crypto Comment :
It is a fact that for crypto currencies be a useful as money they must be a stable source of value, and bitcoin and other crypto trash do not fit this definition. They are not useful for transactions since almost no one accepts them. They are certainly (not) a stable source of value, and they are not an efficient means of processing payments, meaning they are not timely in handling payments. Janet Yellen is correct in stating when speaking of bitcoin in particular: It has difficulties because of its very decentralized nature. Crypto currencies are a failed concept, while the distributed ledger system may have many uses the idea of hundreds of cyber space currencies is simply a speculators wed dream or perhaps nightmare. It’s not good to be late to the party as it concerns Ponzi schemes. HP
Miners Continue to Consolidate During Q3 Earnings
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com
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