After years of resisting, what finally pushed me over the edge and into crypto was my disgust at gold’s behavior. Precious metals should be thriving right now. Precious metals should be where the smart money goes. But, nope, and this morning is no exception.
I'm glad to have nothing to do with gold anymore.
As a chartist, I was convinced of gold’s lameness recently because of the failed trendline. This line is resistance now.
It’s even worse with silver. Even when I was still trying to make a go of it with gold, I thought silver stunk. It has a mountain of overhead supply. It’s comic that the wallstreetsbets crowd actually thought they could “squeeze” the silver market to the heavens earlier this year. This metal is even worse than gold itself.
Not to say that all hope it lost. The long-term (and I mean long-term) picture for gold isn’t ruined yet. Years from now, it could absolutely be $5,000 per ounce. For now, however, I prefer to trade profitably, which is why I’ve thrown caution to the wind and am purely into digital assets that do not exist in any physical sense.
