Saturday, September 25, 2021

“The End Game is Here” — NO MORE DOWNSIDE TO PRECIOUS METALS — Andy Hoffman

by SGT, SGT Report:
Andy Hoffman from Miles Franklin is back for a precious metals and economic collapse update.

Andy says the recent Comex Commitment of Traders report was wildly bullish for precious metals. In fact, Andy says “I don’t think I’ve ever felt this way in the fifteen years in precious metals about what’s going on. There’s literally NO DOWNSIDE to precious metals.”

um, HODL…?!

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from David Dees:

Is Peter Schiff Against Bitcoin Because He Is A Globalist Insider Shill?

by Jeff Berwick, The Dollar Vigilante:
When mainstream media tries to drag bitcoin’s name through the mud, we get it. The mainstream media is owned by the same general group of people who own everything else including governments and central banks.

Of course, they are going to do everything they can to make bitcoin look as bad as possible. And they’ve done that, now declaring bitcoin dead 140 times. And that’s when they aren’t trying to associate bitcoin with things like the CIA’s drug running business or terrorist financing which Best Friends Forever (BFFs) Killary Clinton and Donald Trump do on a daily basis.

But when those not normally associated with the globalists try to say and do anything to demean bitcoin it makes you wonder whose team they are on.

Some historical context on the future of Bitcoin

by Simon Black, Sovereign Man:

On March 29, 1879, a widely circulated newspaper called the American Register published a scathing editorial stating that “it is doubtful if electricity will ever be [widely] used” because it was too expensive to generate.

Several months later, the Select Committee on Lighting and Electricity in the British House of Commons held hearings on electricity, with experts stating that there was not “the slightest chance” that the world would run on electric power generation.

It’s not that electricity didn’t exist at the time. It did. Serious study and research had been devoted to electricity since the 1600s.

But even by 1879 it was still considered an expensive fantasy.

Inflation, Gold and Bitcoin

by Bob Rinear, The International Forecaster:

I’m going to hop around a bit here today, so try and follow the plot I’m laying out. First off, if you follow markets, you know that this week the PPI and CPI both came in blazing hot.

I’m going to hop around a bit here today, so try and follow the plot I’m laying out. First off, if you follow markets, you know that this week the PPI and CPI both came in blazing hot. I want to talk about the CPI for a minute.

The CPI is the consumer price index and it is roughly the “inflation gauge” commonly used to speak about how much inflation there is. Now, the lying Federal Reserve, has told us for months ( Years) that it is under 2% and they won’t stop with their programs until it is up over that level. Yet we learned that prices in April jumped 0.9%.

If You Don’t Own Any Bitcoin, Read This

This week it hit $19,000. What’s next?

by Adam Taggart, Peak Prosperity:

Wow. Just….wow.  Bitcoin’s price has gone ‘beyond exponential’ this week. Just yesterday, as I started working on this article, it shot up 22% — from $14,000 to $17,000 (hitting an intraday high of over $19,000).

And that’s after a mind-blowing upwards rocket ride over the past several months. 

I think it’s safe to say that the vicious melt-up in price over such a short timeframe has surpassed the expectations of even the starriest-eyed Bitcoin fanboys.

The whole world, especially the 99.99% of us that own zero cryptocurrency, is asking: What happens next? And, What should I do?

Is this insane trajectory going to continue for a lot longer? Do I need to get in now to avoid missing this once-in-lifetime fortune-making opportunity?

Or is this a classic bubble blow-off top? Is this the deadliest time to enter, right before the price implodes?

An Expert’s Take

I had the chance to ask these questions Wednesday to a long-time veteran in the digital currency space. We met at a gathering of online media ‘mavens’; this guy has published news and analysis on cryptocurrencies since 2011, for both investors and developers. He knows the space exceedingly well.

Unsurprisingly, he holds a lot of Bitcoin. I didn’t ask directly how much; but knowing that he was covering the space back when Bitcoin traded in the single-dollars range, my conservative mental math quickly concluded he’s probably worth more than most people I’ve met in my life.

So here what I learned during my chat with him:

  • He thinks the current price action is “nuts”: To his veteran eye, the current frenzy is a speculative mania and will end in a massive sell-off, resulting in huge losses for those buying in at these prices. He’s watched Bitcoin long enough to have seen it experience several 70%+ corrections. In his mind, this will simply be the latest one. And there will be more in the future, he predicts.
  • But he’s not worried in the long run: Like many longtime crypto investors, he sees a much higher price potential for Bitcoin. But to reach that level and sustain it will take years. The currency will need to be much more widely held among the general populace and used in a material percentage of transactions (i.e., not just being held by speculative investors). Until then, he expects lots of volatility (both up and down) of the sort we’re seeing now.
  • He admits that Bitcoin could lose out to a superior successor: When asked if the capital currently flowing into Bitcoin could flee for a better crypto ‘mousetrap’ in the future, he says “sure”. Which is why he has diversified holdings across a number of cryptocurrencies and watches new entrants into the the space closely. But one advantage Bitcoin increasingly has over the rest of the crypto field is scale. He gave a highly-technical argument for how the blockchain actually has limited value without a platform to offer it sufficiently critical scale. “Does Bitcoin offer that critical scale yet?” I asked. “Probably not yet” he answered, “But it’s much closer to it than any other competitor at this time. And it’s growing faster than the rest.” Translation: Bitcoin is the odds-on winner at this point.
  • He expects the world’s central banks to criminalize the cryptocurrencies: We talked about the central banking cartel’s longstanding monopoly of the money supply and its historic ruthlessness for squashing all competition. He agreed that the central banks would like nothing more than to replace the current cryptos as well as all paper fiat currencies with digital sovereign versions. And he predicts they will likely try to do exactly this. How successful will they be? Uncertain. He can certainly foresee a time when they ban ownership of Bitcoin and its brethren, criminalize transacting with them, and shut down the exchanges. Though while the cartel may be able to seriously curtail Bitcoin et al, he doesn’t see it succeeding in driving them to extinction for several reasons. One he offered that I hadn’t heard before (but have since verified) is that private investors have put a network of satellites up in space dedicated to making it possible to transact in Bitcoin anywhere on Earth even if the terrestrial networks are taken down by the authorities or natural disaster.

His overall takeaway? Don’t buy at today’s prices; wait for a correction (it could be a really big one). But once it happens, buy in and hold, as he sees the price going much, much higher over the next decade.

By the way, I’d share this guy’s name with you but he asked me not to. Given how stratospheric Bitcoin has risen over the past year, he says his biggest priority right now is to fly under the radar and have as few people as possible be aware of his crypto holdings. Apparently this has recently become a real concern for Bitcoin investors who have suddenly become overnight multi-millionaires (Or hundred-millionaires. Or in the case of the Winklevoss twins, even billionaires). A vast windfall like this makes you an alluring target to criminals.

Just one more unexpected consequence of this crypto mania we’re watching play out in real time.

The Peak Prosperity View

The above expert’s views match well with those of our team’s outlook here at PeakProsperity.com.

Charles Hugh Smith, who has been writing about Bitcoin for us since it traded below $600 has long had a price target of $17,000 — which seemed unattainably high even just one short week ago. That underscores how insane the price moves of the past few days have been.

With the $17,000 milestone hit so quickly, does he think a large correction could ensue? Very possibly. (I should make clear though, he remains quite bullish about Bitcoin’s long-term future potential).

Davefairtex, our resident charting expert, notes that his model now shows Bitcoin’s level of overvaluation at “nosebleed” levels with a daily RSI of over 98 and the forecaster clearly predicting a reversal:

And reader mrees999, our community’s most-respected educator on the cryptocurrency space — and one of the biggest advocates earlier in the year for buying Bitcoin — offered the following words of caution yesterday:

I probably wouldn’t get in now. It’s gotten irrational with FOMO. I’m selling into this rally and waiting for a massive correction once the bit shorts come in with the futures trading about to begin.

(Again, I should point out that mrees999 remains robustly optimistic about Bitcoin’s longer-term future price potential.)

To the above, I’ll simply add two additional pieces of data to show how quickly Bitcoin has outstripped any sort of rational justification for its recent price explosion.

The first is this chart below, which shows how Bitcoin’s price has blown above the maximum Fibonacci extension between its previous swing low and yesterday’s swing high (note: this chart was created before the price continued higher to $19,000):

Read More @ PeakProsperity.com

If You Don’t Own Any Bitcoin, Read This

by Adam Taggart, Peak Prosperity:

This week it hit $19,000. What’s next?

Wow. Just….wow.

Bitcoin’s price has gone ‘beyond exponential’ this week. Just yesterday, as I started working on this article, it shot up 22% — from $14,000 to $17,000 (hitting an intraday high of over $19,000).

And that’s after a mind-blowing upwards rocket ride over the past several months. 

I think it’s safe to say that the vicious melt-up in price over such a short timeframe has surpassed the expectations of even the starriest-eyed Bitcoin fanboys.

The whole world, especially the 99.99% of us that own zero cryptocurrency, is asking: What happens next? And, What should I do?

Is this insane trajectory going to continue for a lot longer? Do I need to get in now to avoid missing this once-in-lifetime fortune-making opportunity?

Or is this a classic bubble blow-off top? Is this the deadliest time to enter, right before the price implodes?

An Expert’s Take

I had the chance to ask these questions Wednesday to a long-time veteran in the digital currency space. We met at a gathering of online media ‘mavens’; this guy has published news and analysis on cryptocurrencies since 2011, for both investors and developers. He knows the space exceedingly well.

Unsurprisingly, he holds a lot of Bitcoin. I didn’t ask directly how much; but knowing that he was covering the space back when Bitcoin traded in the single-dollars range, my conservative mental math quickly concluded he’s probably worth more than most people I’ve met in my life.

So here what I learned during my chat with him:

  • He thinks the current price action is “nuts”: To his veteran eye, the current frenzy is a speculative mania and will end in a massive sell-off, resulting in huge losses for those buying in at these prices. He’s watched Bitcoin long enough to have seen it experience several 70%+ corrections. In his mind, this will simply be the latest one. And there will be more in the future, he predicts.
  • But he’s not worried in the long run: Like many longtime crypto investors, he sees a much higher price potential for Bitcoin. But to reach that level and sustain it will take years. The currency will need to be much more widely held among the general populace and used in a material percentage of transactions (i.e., not just being held by speculative investors). Until then, he expects lots of volatility (both up and down) of the sort we’re seeing now.
  • He admits that Bitcoin could lose out to a superior successor: When asked if the capital currently flowing into Bitcoin could flee for a better crypto ‘mousetrap’ in the future, he says “sure”. Which is why he has diversified holdings across a number of cryptocurrencies and watches new entrants into the the space closely. But one advantage Bitcoin increasingly has over the rest of the crypto field is scale. He gave a highly-technical argument for how the blockchain actually has limited value without a platform to offer it sufficiently critical scale. “Does Bitcoin offer that critical scale yet?” I asked. “Probably not yet” he answered, “But it’s much closer to it than any other competitor at this time. And it’s growing faster than the rest.” Translation: Bitcoin is the odds-on winner at this point.
  • He expects the world’s central banks to criminalize the cryptocurrencies: We talked about the central banking cartel’s longstanding monopoly of the money supply and its historic ruthlessness for squashing all competition. He agreed that the central banks would like nothing more than to replace the current cryptos as well as all paper fiat currencies with digital sovereign versions. And he predicts they will likely try to do exactly this. How successful will they be? Uncertain. He can certainly foresee a time when they ban ownership of Bitcoin and its brethren, criminalize transacting with them, and shut down the exchanges. Though while the cartel may be able to seriously curtail Bitcoin et al, he doesn’t see it succeeding in driving them to extinction for several reasons. One he offered that I hadn’t heard before (but have since verified) is that private investors have put a network of satellites up in space dedicated to making it possible to transact in Bitcoin anywhere on Earth even if the terrestrial networks are taken down by the authorities or natural disaster.

His overall takeaway? Don’t buy at today’s prices; wait for a correction (it could be a really big one). But once it happens, buy in and hold, as he sees the price going much, much higher over the next decade.

By the way, I’d share this guy’s name with you but he asked me not to. Given how stratospheric Bitcoin has risen over the past year, he says his biggest priority right now is to fly under the radar and have as few people as possible be aware of his crypto holdings. Apparently this has recently become a real concern for Bitcoin investors who have suddenly become overnight multi-millionaires (Or hundred-millionaires. Or in the case of the Winklevoss twins, even billionaires). A vast windfall like this makes you an alluring target to criminals.

Just one more unexpected consequence of this crypto mania we’re watching play out in real time.

The Peak Prosperity View

The above expert’s views match well with those of our team’s outlook here at PeakProsperity.com.

Charles Hugh Smith, who has been writing about Bitcoin for us since it traded below $600 has long had a price target of $17,000 — which seemed unattainably high even just one short week ago. That underscores how insane the price moves of the past few days have been.

With the $17,000 milestone hit so quickly, does he think a large correction could ensue? Very possibly. (I should make clear though, he remains quite bullish about Bitcoin’s long-term future potential).

Davefairtex, our resident charting expert, notes that his model now shows Bitcoin’s level of overvaluation at “nosebleed” levels with a daily RSI of over 98 and the forecaster clearly predicting a reversal:

And reader mrees999, our community’s most-respected educator on the cryptocurrency space — and one of the biggest advocates earlier in the year for buying Bitcoin — offered the following words of caution yesterday:

Read More @ PeakProsperity.com

Uh-Oh Bitcoin Fanboys, Hodlers, Pumpers & Shills: Janet Yellen Says “The misuse of cryptocurrencies and virtual assets is a growing problem”

from Silver Doctors:

“…we can better stem the flow of dark money from organized crime and terrorist financiers…”. That doesn’t sound good…

(by Half Dollar) The Treasury Department is kind of publicly picking a fight with Bitcoin.

Here’s the question: Why would the Treasury Department publicly pick a fight with Bitcoin when there are myriad ways the ESF and the NSA could take down Bitcoin in less time than it takes to send a Satoshi from Chicago to a Cave in Afghanistan?

Perhaps to give the duped Bitcoin “Hodlers” time to get out?

Government Crackdowns In China And India Threaten To Absolutely Crush The Cryptocurrency Bubble

by Michael Snyder, The Economic Collapse Blog:

Taxation and regulation are weapons, and governments often use these weapons to target things that they do not like. Cryptocurrencies such as Bitcoin, Ethereum, Ripple and Litecoin threaten to shatter the existing paradigm of financial control that the elite have carefully crafted, and that is making government officials all over the planet very nervous. So the latest rumblings about “government crackdowns” on cryptocurrencies in China and India shouldn’t come as any sort of a surprise. Those two governments hate anything that even smells like freedom, and so it was only a matter of time before they pulled the trigger. And the bigger the cryptocurrency bubble becomes, the more national governments around the world are likely to take action to “get it under control”.

How High Can It Go? Bitcoin Shocks The World By Crossing The $7000 Mark Less Than 1 Month After It Sold For $5000

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by Michael Snyder, The Economic Collapse Blog:

Less than a month ago, Bitcoin was selling for less than $5000, but now it has smashed through the $7000 mark with seemingly no end in sight.  At this point Bitcoin has a total market cap of more than 100 billion dollars, and some analysts are suggesting that it could eventually go as high as a trillion dollars.  Cryptocurrencies overall are up an astounding 640 percent so far in 2017, and personally I regret not investing when Bitcoin was still in the very early stages.  I always thought that governments would eventually crack down and regulate cryptocurrencies out of existence, and that still may happen someday, but it hasn’t happened yet.

One of the great things about Bitcoin is that it represents a medium of exchange that is not controlled by the central bankers.  So when you use Bitcoin you are choosing to become less dependent on a system that is designed to financially dominate the entire planet.  Any way that we can become more independent is a good thing, and so I greatly applaud the use of cryptocurrencies.

But there are those that are warning that a major bubble is forming and that extreme downward price action will be coming at some point.  Needless to say, the upward momentum that we are witnessing at the moment is certainly not sustainable indefinitely.  The following comes from Breitbart

The price of Bitcoin smashed another record early Thursday morning — $7,000 for each unit of the digital currency.

As of 7 AM Eastern time, BTC is selling for $7,191.16, according to data from Coinbase. Bitcoin — which is minted by a decentralized network of miners, not a governing body — hit this latest benchmark with a single-day increase of nearly $640, only 13 days after it first became valued at $6,000. If an individual bought 1 BTC exactly one month ago, it has grown $2,902.33 or +67.67{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in value.

Anything that goes up that fast is eventually going to come down, and those that invest at $7,000 could end up seeing the price fall back several thousand dollars.  Or, the euphoria surrounding Bitcoin cold propel it through the $10,000 mark and make all of the skeptics look like idiots.

We just don’t know, and that is part of the charm of Bitcoin.

And according to Bloomberg, soon investors will be able to trade Bitcoin futures…

The digital currency got new impetus this week after CME Group Inc., the world’s largest exchange owner, said it plans to introduce bitcoin futures by the end of the year, citing pent-up demand from clients. Skeptics including Themis Trading say the rally is evidence that the software-created asset is a bubble that should not be given regulatory cover.

Of course Bitcoin is not the only major cryptocurrency that is out there.  In fact, there are rumblings that Amazon is about to start promoting Bitcoin’s chief competitor

Ethereum, the top digital currency behind Bitcoin, has plunged in price as Bitcoin enjoys its massive surge, falling from a 24-hour high of $301.41 to $277.82 Thursday morning.

However, this Tuesday, Amazon bought the domain namesamazonethereum.comamazoncryptocurrency.com, and amazoncryptocurrencies.com, fueling speculation that it may get into the action on decentralized digital currencies. Ethereum is not just a currency like Bitcoin but an app development platform — the Windows or OSX of blockchain. The domain purchase could be a sign that Amazon may join the Enterprise Ethereum Alliance — a group of large companies, including JP Morgan and Microsoft, putting their weight behind blockchain tech.

If Ethereum ultimately becomes the dominant cryptocurrency in the marketplace, what would that do to Bitcoin?

Or could it be possible that there is room enough for both of them?

The truth is that we don’t know what the future will hold.  Cryptocurrencies have never existed before, and there are so many variables at play.  The biggest variable is how national governments will respond to these alternate currencies, and I still believe that they will eventually make a move to heavily regulate them.

And unlike gold and silver, these cryptocurrencies do not have any intrinsic value.  The only reason that they have any value at all is because people believe they have value.  But for the moment the number of believers continues to rise, and this may be a factor in why the price of gold is relatively low right now.  This is something that Ron Paul commented on recently

“Does it represent real money to you?” Cambone further asked the former presidential candidate.

“Not to me, no, it doesn’t,” Paul answered. “But if it serves the voluntary exchanges of people, and serves the purpose of exchanging wealth, … it could act as if it were money ….” he stated.

“Some say Bitcoin is stealing the thunder away from gold,” Cambone continued, “and that’s one of the reasons the yellow metal is not rallying further. Do you agree with this?”

“I think that’s a very strong possibility,” he considered. “I am amazed,” he laughed, “at all the capitalization on these cryptocurrencies. It’s a huge amount of money,” Paul emphasized.

Read More @ TheEconomiccollapseBlog.com