I think some of y'all misapprehend my opposition to the Bitcoin bubble. I always appreciate, with all humility (I work at it, I do), being corrected or having my knowledge broadened. But I feel a little like saying to some folks, "Teach your grandmother to suck eggs" when people lecture me about the value of decentralization & freedom & privacy. Might surprise y'all to find out I have been working for those things for, oh, more than six months now. Whoops. The sarcasm is seeping in.
Heaven knows, you couldn't find anyone more in favor of decentralization & eliminating financial intermediaries like banks & all the rest of the blood-sucking ticks in the financial structure, but I still ain't in favor of buying into parabolic markets. Listen: it is NOT different with the debt bubble this time, it is not different with the stock bubble, and it is not different with any other parabolic chart you want to show me. They all end the same way. Updating the ancient Greek proverb, "The mills of the market grind slow, but they grind exceedingly fine." Wait for it.
Let me throw one other thing in: I believe in REAL wealth, not paper, not virtual. The wealth of the world comes from the things men take out of the ground. All else is simply processing. I am biased: I only count as wealth REAL things, or concerns that produce REAL things. Might I miss a thousand hot speculations? I sure hope so. I got caught in the Get Rich Quick mentality once early in my life, and the outcome was so hateful, so painful, that I changed my motto to "Get Rich SLOW." Takes longer, but lasts longer, too.
Today Bitcoin rose 2.6% to $11,472.21, $291.32 higher. No top in sight yet. Bill was introduced lately in the US senate to make concealing ownership of Bitcoin a crime. The yankee government is NOT your friend.
Stocks underwent an odd day. The Dow rose 58.46 (0.24%) to 24,290.05, a new high. Most of the other indices fell. S&P500 posted a first half Key Reversal with a surge to a new high and a lower close or the day, down 2.78 (0.11%) to 2,639.44. Tech stocks also pulled down Nasdaq 1.05% on top of a rotten four days, closing below the 20 DMA. I show you the chart here, http://schrts.co/5iwWC4 because a similar pattern appears in the Nasdaq 100, down 1.17% today and below the 20 DMA, http://schrts.co/8cK5or , the Russell 2000 down 0.3% (looks more like the S&P500 chart, http://schrts.co/hN59aa ) and the Wilshire 5000 (down 0.15%, http://schrts.co/hCQLdd ).
All these charts look wobbly, queasy, ready to turn down. But have faith, America! The tax bill will save us!
US Dollar index rose 20 basis points (0.22%) to 93.04. as y'all can see, http://schrts.co/DDCNWt climbing over 93 only brings the dollar index slap up against the short term downtrend line, and just above lie the 50 and 20 DMAs. Dollar will tip its hand about the near future by how it acts at this line, punching through or falling back.
Silver & gold are dead as hammers. Comex gold lost 44.50 to $1,274.30, trading in a squintzy $7.00 range. Silver lost 1.3¢ (is that really worth measuring?) to 1628.4¢ and traded in a 22¢ range.
Gold chart illustrates the frustration, http://schrts.co/C28HV9 Back & forth in the identical range, floating on the 200 DMA. Hard for me to shake the expectation this year will mimic the last two (2015 & 2016), posting December lows in contradiction of established seasonal pattern. Everything on this chart whispers, "Lower prices coming."
Silver continues to drive toward my target about 1610 - 1600¢. http://schrts.co/o96FnV
Just be patient while the bubbles wear themselves out.
So many people have asked me I have finally given in. I will help you sell your set of sterling silver tableware you no longer want. I will either liquidate it for you into US dollars or swap it for silver bullion products, whichever you want. I warn y'all, however, not to confuse the MELT VALUE of sterling with the RETAIL PRICE. Retail price generally marks up the silver value 500% to 800%.
If you are interested, send me an email with "STERLING" in the subject line and I will respond with an email describing how you must inventory and ship things. Before you ever ship, I will give you a ROUGH (very rough) estimate of what your sterling will bring. Without seeing it in person, that's the best I can do. Please do NOT ship anything to me unbidden, as I am tetchous enough to refuse unbidden shipments.
Argentum et aurum comparanda sunt —
Silver and gold must be bought.
— Franklin Sanders, The Moneychanger