Bitcoin Soars Back Towards Record Highs

Despite no specific catalyst, except perhaps some flight to safety seen also seen in precious metals post-Qatar-chaos, the price of Bitcoin is surging once again back towards its record highs.

Having fallen notably early last week, the cyrptocurrency has recovered almost all its losses as it tests back above $2600 this morning.

Catalysts for this jump appear to correspond to MidEast chaos but buying pressure in South Korea and Japan remains strong.

As we noted previously,GBTC (Bitcoin Trust) continues to trade at an extreme premium to the underlying Bitcoin price (but we note it is coming back a little today (trading down from $511 to $500 as Bitcoin rallies).


Raffie tmosley Mon, 06/05/2017 - 13:30 Permalink

Clif has explained that web bot been calling out $600 silver, BUT due to the manipulation silver right now staying put.Web bot using data in HOW the price should be. Yup, tired of hearing the SILVER TO MARS, but there is cracks in the PM man handlers foundation. Gotta be in position when the light goes green.You can only over torque a bolt so much before it snaps. 

In reply to by tmosley

GodHelpAmerica Txpl9421 Mon, 06/05/2017 - 13:13 Permalink

Wasn't wrong until 2011, when manipulation kicked into hyperdrive. Timing was influenced but it's an eventuality that must be realized. Silver at under 18 makes zero economic sense, and this gets resolved one way or another.

Precious metals will jump once the cracks manifest in widespread fear. Right now potential energy and stress continues to build. They will go vertical because the currencies they are priced in will go vertical in the opposite direction.

The crypto crowd bashes fiat and precious metals--how does that make sense? When fiat crumbles precious metals will soar--it's a goddamn ratio. Cryptos are rising in anticipation of this..

In reply to by Txpl9421

nope-1004 GodHelpAmerica Mon, 06/05/2017 - 13:29 Permalink

Cliff High has no basis for his assertions, just like Harvey Organs wild predictions.  These people are nuts to be predicting the future, as if they believe they are a god or something.  Cliff High says he has algorithms that search the internet for word usage increase.  I imagine that around the 4th of July his "bots" return and increase usage in Star Spangled Banner.  Yet, he doesn't disclose those sorts of word mining results, proof that he's just making this shit up.The future will unfold the way none of us know.  That's the only prediction that will stick.I suggest you maintain your sanity and ignore sociopaths like Cliff High.

In reply to by GodHelpAmerica

Haus-Targaryen nope-1004 Mon, 06/05/2017 - 13:44 Permalink

I want to know why his "arabian-pop" didn't give us ahead-up re; Qatari crisis.  I think he speaks in generalities so he can claim enough "hits" so that when he goes over into the crypto realm, in these markets with whiper volume someone with his exposure saying "its gonna go up" enough people believe him, pile and and then others get on the band-wagon. I like the cryptos, but I know how bubbles work and anyone who looks at a 12 month chart and tells me this is sustainable is a fool.  

In reply to by nope-1004

SILVERGEDDON FreeShitter Mon, 06/05/2017 - 12:45 Permalink

Thank God there are people deluded enough to participate in the Deep State roll out of digital control currency. Blow off top just around the corner is gonna ass rape a lot of late comers to the party. If your investments are solid tangible items in your control, they still exist after all forms of digital currency are outlawed and replaced by the Deep State Bankster preferred version. Land, water, tools, crops, food, silver, gold, lead, copper, and brass all have lasting value recognition throughout recorded human history.If they are yours, it becomes more difficult to control you and your assets. The moneyed and powerful do not like competition.  I truly do not have a hate on for digital currencies - but just like paper federal reserve notes, I do not trust the value thereof, or the ability of the currency to destroy your investment through devaluation, inflation, or taxation. So, if you want to lemming over the digital clown bux cliff, more power to you. If you want to trust the Fed, have at 'er. My message is for those who trust neither, and wish to survive both.  

In reply to by FreeShitter

Exponere Mendaces SILVERGEDDON Mon, 06/05/2017 - 15:00 Permalink

LOLHere comes another precious metals holder with his meager to non-existent profits to tell us Bitcoiners what's what!Blah blah blah hold it in your hand blah blah blah thousands of years blah blah blah they will stop it blah blah blah lemmings blah blah blah.Yeah, we've heard it all before.But you know what? We can't hear your grandpa musings over the loud cash-register ringing noise of our continuous profit-making.What's that? Gold is valuable? Shit, the market sure doesn't think so. But keep on "stacking", more Bitcoin for me!lolololol 

In reply to by SILVERGEDDON

FreeShitter HRClinton Mon, 06/05/2017 - 12:56 Permalink

I really cant answer that, I know for myself I bought low in them and reaping profits here and there, continuing to buy more on the dips. I have enough money made to buy a large chest full of semi auto weapons and ammo haha.  house is paid off already, my rides are paid off, I have a little debt in another cc ill pay off, other than that Im golden. Everyone here has different views on them for sure. I love them.

In reply to by HRClinton

Collectivism Killz HRClinton Mon, 06/05/2017 - 13:16 Permalink

Simple really, the PM bugs listened too closely to swindlers like Chris Duane and Bo Polny and ignored the new paradigm in technology and the greater ease for capital flight to take to cryptos versus billion. I am a huge stacker, but I also look at market reality. I use my crypto profits to keep stacking and fund projects around the house. Many are mad that they missed the boat on cryptos and are inclined to bitch and talk about how silver will eventually soar. I hope they are right, but personally, I don't expect much of silver or gold until late stage collapse.

In reply to by HRClinton

Michigander HRClinton Mon, 06/05/2017 - 14:13 Permalink

"Are PM holders that intolerant to anything other than PM"Bingo. Perfect confirmation bias. They are all in so any one person they can steer from putting a buck into crypto may be a buck that goes into bullion to help prove, one day, they were correct in their decisions.Personally, I've always taken it to be than the ones that scream the loudest have the smallest net worth. A penis envy of sorts. If you own tens of ounces of bullion, then you should be stacking. But what happens when you have thousands of ounces of bullion...when you have a full third of your net worth in becomes really tough to keep stacking in this climate. I would rather work with the crypto currencies and build some equity and buy silver when it breaks 30 rather than leave more dead money lie for how ever long it takes for the manipulations to end.  Just so we're clear30% real estate (modest rentals that everyone needs)30% bullion15% cash on hand15% cash in bank10% crytpo'sDont know how anyone could downvote that logic...but watch.

In reply to by HRClinton