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Gold Lame

This is a syndicated repost published with the permission of Slope of Hope – Technical Tools for Traders. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

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 should be where the smart money goes. But, nope, it has sucked out loud for months, and this morning is no exception. I‘m glad to have nothing to do with it anymore. Although you can reliably count on Schiff having a put-everything-in-gold post every other day on ZH.

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 WSB crowd actually thought they could “squeeze” the silver market to the heavens earlier this year. This metal is even worse garbage 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.

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