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.

Inflation Forces Retailers To Sharply Increase Prices

As inflation forces all retailers to sharply raise their prices look for lots of excuses as to why it's happening. But the biggest excuses will come from the government and the Federal Reserve, that will blame everything and everyone but their own policies.

You Don't Buy Gold To Get Rich

You don't buy gold to get rich. You buy gold to stay rich. Most people who are buying Bitcoin are doing so to get rich. The problem with putting too much money into something that has the potential to make you rich is that it also has an even greater potential to make you poor.

Bitcoin: Supply & Demand Dynamics

The price of Bitcoin is set by supply and demand. The problem for Bitcoin HODLers is that the future supply of people who own Bitcoin and need to sell will exceed the demand from people who don't own Bitcoin and want to buy. All Bitcoin owners need to sell. No one needs to buy.

Fed Policy Has Failed To Produce Real Economic Growth

The Senior Economic Reporter on CNBC claims the weak jobs report vindicates Fed policy. It actually confirms the opposite. Fed policy has failed to produce real economic growth. April's anemic Jobs Report proves the Federal Reserve only succeeded in creating inflation and blowing bubbles.