Bitcoin: Horrible Technicals

Horrible week technically for Bitcoin. GBTC had an outside reversal week. It took out the prior week's high, then closed below the prior week's low. The pattern may repeat on a monthly chart too. GBTC already took out the August high. Now it just needs to closed below the August low.

Central Banks Keep Buying Gold

Central banks globally added another net 56.7 tons of gold to their reserves in May as more banks dip into the gold market, according to the latest data compiled by the World Gold Council.

Gold-buying by central banks slowed last year from the record pace we saw in 2018 and 2019. That trend has continued into 2021, but buying is ahead of last year’s pace as many countries continue to load up on the yellow metal.


-- in Schiff Gold

Video: Labor Market, Inflation and Gold

 

• Inflation spilling into the labor market. 
• Pressures pushing dollar down and costs up. 
• What does Basel III mean for gold? 
• CNBC pundits are as clueless now as they were in 2006 and 2007.