Today was a correction in Gold and Silver prices. Gold was down about five percent and silver was down around seven percent. These kinds of drops are highly unusual for precious metals. This shows that Gold and Silver are in a speculative bubble.
Does this mean that gold and silver bull market is over? I don't think so, it looks like a first real correction on the way to a blow out top. Usually the pattern to this type of bull market top is three run ups with final one being potentially the biggest one.So I don't think it is the end of bull market, but we are getting close.
I think once we are at the top we can have a major drop of about forty five percent. That is why I am not comfortable holding gold at this point. The risk reward doesn't look attractive to me here.
I completely liquidated my gold miners GDX ETF and trimmed my silver holdings significantly, but I am still holding some PSLV. The stock market is looking expensive for me here, so more than half of my portfolio is now in cash, or more specifically money market fund.
I will stay in cash until a major correction in the stock market after which I will be looking to deploy cash into some ETFs. Don't know which ones yet, but Ark Invest ETFs are looking interesting.
I am holding my BTC and ETH ETFs here, still looking for another pump in these speculative assets. Hive is struggling to stay above fourteen cents. Looking like a pretty good buying opportunity here, but it might drop even lower.
Today, I saw an interesting announcement from the Splinterlands DAO manager @Clayboyn that Base to Hive Bridge is now on Tribaldex:
@clayboyn/wrapped-hive-is-live-on-eth-bsc-and-base
So it is possible to buy Hive on Coinbases Base chain now and transfer it to Tribal Dex or hive-engine. This is a great development that connects Hive to major mainstream layer one blockchain.
In other news Splinterlands launched the new reward cards today with something completely new: Weekly Fortune Draws. This is similar to the draws from the Foundation mode where you collect entries and then at the end of the season you can receive black foil cards as a prize.
The Fortune Draws limit the amount of tickets you receive based on how much SPS you have staked or delegated to you. I have already seen an increased rental demand for SPS today. At one point offers for SPS went up to double the value prior to the new reward cards launch.
And that is reasonable, because in order to get maximum reward tickets at a Diamond league level you now need 2,500,000 SPS! So you can earn up to three Draws per day and each draw has something like 20 tickets if you have enough SPS at Diamond level.
I don't have enough SPS so each of my Draws is limited to 16 tickets. You get each Draw for every five wins. So you need fifteen wins per day to get your three Draws per day. It is very similar to Foundation system.
I also noticed that it is very easy to spend a lot of Glint tokens in the new reward system. And if you want gold foil in card Draws the new system is also very hungry for Alchemy potions...
I am still trying to figure out all the details of the new reward card system, but one thing seems clear - it is a big change! I think gold foil cards are going to be more rare than in the past, though I did see the prices for gold foil reward cards drop very quickly in the first couple hours of new rewards going live.
Did you check out all the changes in Splinterlands today?
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