Todd ‘Bubba’ Horwitz Todd ‘Bubba’ Horwitz
Tuesday November 14, 2017 07:58
Kitco Commentaries | Opinions, Ideas and Markets Talk
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Traders are always watching for signs that a market is overdone. In gold and silver, the signs are mounting. From a technical perspective, both are in extended consolidation, holding higher lows. Both have been somewhat ignored because the equity markets make new highs almost every day and show no signs of slowing down, but gold and silver hold.
The competition for investors has become fierce from the cryptocurrency space and yet gold and silver hold. The latest and greatest sign for the metals is the new Bitcoin IRA, indicating that the crypto space is reaching a top. The Bitcoin IRA should be a reminder of the gold stores from 2011, when one was opening on every corner. I don’t have to remind everyone that was the absolute top of the gold market.
Here we are again with another big news story trying to convince investors that those markets are safe, secure and without risk. Market tops and bubbles come in different ways but usually when that market is in the headlines, you should take cover, realizing the top is near and a sell-off is near.