Goldtent TA Paradise

Bitcoin: You should be aware of this market dynamic

1. Gold Learner says:

   April 27, 2024 - 10:50 am at 10:50 am

   Sir Plunger,
   In my journey with stock markets since 2007, I have made a lot of mistakes and net net still have not made any money.

   My optimism in the juniors is now at its peak. I have learned a lot about position sizing, diversification, and frequent profit taking, to correct mistakes of the past.

   However, Bitcoin is a “thing” which I have always shunned, as I “hated” it because the “origins” … inventor if you will, was masked in secrecy.
   This has been a con game of the highest level to suppress gold, as it played to the tune of those who saw Govt as the enemy. Not just tech investors. The tech investors are still by and large gold and PM haters. I keep sampling opinions of friends, neighbors, to get my own “sentiment index”.

   The frog has been extremely boiled slowly but extremely well. But now: if Bitcoin’s correlation with Nasdaq is revealed and for “some reason” Bitcoin cannot hold itself together and does fall sharply like Nasdaq, which I see coming in the next few months, I think the gold-doubters shall be reduced, by some small percetange.

   A very interesting period in the history of markets now lies ahead culminating in the Nov 2024 election.

   All IMHO.
   GL

2. Gold Learner says:

   April 27, 2024 - 10:52 am at 10:52 am

   Pardon a couple of unintended English errors …

   ” as it ALSO played to the tune of those who saw Govt as the enemy. ”

   ” The frog has been boiled extremely slowly but extremely well. ”

   GL

   • Plunger says:

     April 27, 2024 - 10:59 am at 10:59 am

     I am generally agnostic about bitcoin. I like the concept, however in the early days I immediately figured that since it is a direct threat to government fiat money that the government would go after it and its holders in one way or the other. Surprisingly to me, this hasn’t really happened yet. In time its easy to see that it was worth at least a certain position in it due to its exponential gains. IMO it’s a trading vehicle and also worth maybe holding a small amount just in case it does does to a million.

   • Plunger says:

     April 27, 2024 - 11:16 am at 11:16 am

     But you are right about techies being the higher order of gold haters. They can get downright nasty about it actually. Bitcoin no doubt has pulled demand away from gold, but I remain unconvinced that it was created for this purpose, but I also don’t know. However I feel quite sure that the GLD was precisely created for this purpose. To siphon off demand for physical into a paper ETF. Yes, I am saying that the claimed physical backing of GLD & SLV is a fraud of sorts. Ted Butler would disagree with this, but I continue to be unconvinced that the physical backing is honestly accounted for. Yea that’s right kind of like “safe and effective”

     Regarding the comment about net net not made money… well now is your chance. We are actually in a bull market now. If one is not an accomplished trader then the correct approach is to be right… sit tight. It’s starting to get fun

     • Plunger says:

       April 27, 2024 - 11:29 am at 11:29 am

       Further clarification: Regarding being in a gold bull market: Gold and gold stocks HAVE been in a secular bull market since Dec 2015/Jan 2016. We witnessed 2 cyclical bulls within that secular trend so far. IMO gold is now in the 3rd cyclical bull. But let’s recall how Robert Rhea defined the psychological phases of a bull market. Those first 2 bulls were more of a warm-up. I think gold is now entering more of an advanced level of the bull. I figure this one should be good for maybe another 2 years. Not saying it will be THE END after that, but it will need a rest and I think it will be best to stand aside. But until then hang on, its going to be fun to observe the general public begin to warm-up to this sector then start buying into it. It will be entertaining to watch the institutions who hated gold royalties at rock bottom prices begin to love them at elevated prices and then trade in their treasury bonds to buy them.

       I will be guffawing when CNBC wheels out Tom Lee to pump Newmont as a “sure thing”. Folks it’s going to be fun. Sit back, relax, and enjoy the show.

       • Gold Learner says:

         April 27, 2024 - 6:47 pm at 6:47 pm

         Thank you Sir Plunger for all your replies. More food for thought for me. I’m somewhat well positioned to finally make money in this bull market.
         And I agree this is just a revving of the engines before we are off to the races for PM shares.

         GL