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...And There Goes Gold
As Bitcoin soars over $600, another alternative to the fiat currency system is being monkey-hammered lower this morning as status quo support does everything it can to rotate stocks above the key levels we discussed earlier... because stocks rising on anything but fundamentals cannot be exposed for the liquidity-fueled excesses a rising precious metals price would unveil.
Gold is still holding above recent lows but Silver has broken to fresh 3-month lows...
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There is room for both Bitcoin and PMs. As a rancher I would love an alternative to the USD for day to day cash management. PMs are for hedging and diversification. Last time I checked I can still convert PMs to Bitcoin. Today, my alternative is to let the squid dictate my ranching buisness. Bitcoin is not an investment it's a currency and PMs are not an investment either they are a insurance policy for your money.
If Bitcoin drops to 0 and in the process takes down the fiat system I say good.
If Bitcoin drops to 0 and in the process takes down the fiat system I say good.
A coworker who has some bitcoin refuses to sell or cash in any of his BTC. Not sure who made the Vegas reference but it seems to fit the scenerio. Peole will just keep investing into it and never pull it.
With the price going up over $600 he is practically drooling over his imaginery coins. The senate meeting today is supporting it, since when would they support something they can't control or make money from. They will either get a tax or fee attached to BTC somehow.