Crypto currrencies, led by Bitcoin (Dogecoin and others) and supporting ETFs, are breaking away as gold, hammered by relentless dollar strength, drops toward $2,600 an ounce.
Most blue-chip stocks worldwide are also rising in the wake of last week’s Republican election victories in the United States.
[See highlighted crypto and metals links throughout for current prices. Later this week, brief notes as promised about my two watching-paint-dry cheap gold explorers: QC Copper GCUU and Banyan Gold BYN.]
“Regardless of the long-term story for Bitcoin, the current move is based on rampant speculative buying of the rumor. Gold, in contrast, has benefited from a strong undercurrent of buying for longer-term reasons. I think both assets can have a place, but right now the traders are buying Bitcoin and shorting gold with equal fervor.” — Brien Lundin, Gold Newsletter
I reached Brien as he prepares for next week’s 50th New Orleans Investment Conference — Brien’s showcase attended by gold, metals and contrarian investors.
The crypto-currency exchanges, led by Coinbase Global shares (up 18% in a few hours Monday), also are benefiting from what looks like joyous waves of crypto news about funds, lawsuits, President-elect Donald Trump‘s campaign pledges and other items.
A trusted crypto tracker and longtime The Calandra Report subscriber, Mark Mullins in eastern Wyoming, says, “It has reached all-time highs and some conservatively predict 100k USD by year’s End.Ether (etherium) looks better in my opinion. Plenty of dumping by Grayscale held Ether down range ’round 2.1k-2.5k USD, but this has eased and it is now banging at the 3.2k door with 4k maybe 2 weeks to a month away. “
Mark filled me in last week on all this. Good for him.
As you know, TCRs, I am not well versed in crypto currencies. I own about $1,200 of theFidelity Wise Origin Bitcoin fund FBTC, and I likely will be selling that in today’s 10 percent gain and adding to the metals holdings (as usual).
“Alt-coin season is also emerging. Cardano and Solana both taking flight, the former still not a fully-functional chain, the latter mostly filled with meme projects. As long as memes continue to prosper, SOL should remain a player since ETJ ethereum continues with excessive gas fees,” Mark says.
Thom Calandra is a writer and an investor. Research and material are meant as editorial opinion. He is not a professional investment adviser. Please do not consider his reporting as a recommendation to buy or sell securities.
