If you have been watching close in recent days, the metals markets have started to move higher in spite of the crypto sell off. Silver bottomed around 13.50 and gold has risen steady of its bottom to currently rest at around 1330.
Today I had to talk myself out of selling off a few thousand dollars of Cryptos into the metals market! I always seem to get a little jumpy on these sell offs but I have learned my lesson over and over with Bitcoin........when people are calling it dead and laughing during the sell off, it becomes the time to buy after the weak hands have been shaken off. I have been shook off my position a few times and have regretted it shortly after almost every single transaction.
This sell off was healthy and most likely a product of the nice rise the entire crypto market had and coupled with the Chinese government coming out yesterday and outlawing ICO'S. Say what you want about China but, I for one am happy China is seeing these initial coin offerings for the scams that are. I do think that several of these coins will hit big for some people but the majority of them are mechanisms to extract Bitcoin from your holdings.
If more national governments were to adopt this way of those nking to protect investors, the real coins like BTC, ETH, LTC will get more of the market share that they deserve. Why are you buying an idea for so much money (BTC) when there is not even an established blockchain?
My question to you all is what do you feel can happen more easily.....gold or silver doubling from the spot they are in right now or BTC having another double? I don't know the answer to this question but I kind of have a feeling that 18.00 silver has an easier road to 36.00 than BTC has to 9k. Where do you guys stand in this trade? Where is the best place to park this garbage cash right now?
Please leave your comments below and let me know how you see the next 12 months or so going. I hold gold/silver/BTC/LTC/ETH/Steem already but just trying to get my chips in the right spot for the next 12 months for the most profit.