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In today's news...
Bitcoin is on fire in the last 24 hours. Bitcoin was at a 'low' of $30,445 around 10 am yesterday but has since seen a meteoric rise to $35,066 by around 11 pm last night. At time of writing, Bitcoin is at $34,574. This is a remarkable $4,100 jump in one day. In Friday's post, I pointed out that Bitcoin was on its way to breaching $30,000 after clipping that mark twice earlier that morning. Seven days ago, Bitcoin started at $28,368 and this morning, it's up more than $6,000. Congrats to those who got in early.
It's obvious that tensions in the Middle East have a lot to do with these massive price gains. It might also have something to do with Congress attempting to elect a new Speaker Of The House. After three vote counts, still no speaker. How is Biden going to get that $105 Billion for Israel and Ukraine? Good luck, Joe...
According to MilkRoad.com, it has now been 713 days since Bitcoin' all-time high of $69,045 on November 11, 2021. Today's price is still 49.94% lower than the all-time high. Are we to see $40,000 before the week is over? If it went up $6,000 in the last 7 days, what's to stop it from doing it again over the next 7 days?
With rising interest rates and inflation, mortgages hitting 8%, the collapse of commercial real estate, bankruptcies and rising sovereign debt burden costs, it's clear to me that some kind of financial implosion is imminent.
In my last post, I pointed out how both Bitcoin and gold were doing well but silver was still struggling. Gold, which was on its way above $2,000, was again smacked down to just above $1,950 this morning but appears to be rising again. It currently sits at $1,965 while silver, which rose to above $23.30 on Friday was pushed down to just above $22.60 by 7 am this morning. It now sits at $22.84 but it's just a matter of time now before we see precious metals get some serious attention. According to KingWorldNews.com, the gold market has just witnessed its second biggest short covering on record! I guess a lot of hedge funds were caught on the wrong end of the stick when gold and silver sprang back to life after the Hamas incursion into Israel on October 7. Below is this morning's silver chart. Silver should be going up, not down! With a massive 230 million+ ounce deficit seen in 2022 that has only gotten worse this year, somebody out there won't be able to get their hands on silver when it's needed the most.
With gold rising ever higher, currencies around the world are feeling the pinch. All the while, central banks have been jumping over themselves to buy gold at such a frantic pace not seen since the 1960s when gold was still considered 'real money'. I wrote about this in a recent post you can see here. If the central banks are buying up as much gold as they can with all that fiat currency, then they must have a good reason right? Of course, they do. They can see that governments are printing money into oblivion because they're the ones doing it!
In other news, Chairman Xi Xinping visited the People's Bank Of China for the first time. It also marks the first time a Chinese leader visits the central bank since Mao Zedong. His having to go there must have been for a very good reason (Print more money?).
It was also recently reported that a purchase of oil in exchange for digital Yuan has occurred for the very first time. I read on one site that the purchase was for 2 million barrels while a Kitco News article states it was for one million barrels. Regardless, the move is significant as it bypassed the US dollar. Is this another nail in the coffin for the USD?
Still, while the USD was below 105 earlier this morning, it rose back to just above 106. While it appears strong with a 2.58% increase for the year, if you go back a full 12 months, the USD is actually down 5.2%. Things are likely to get worse for the USD as a lot of overseas dollars are heading back to America. According to BusinessInsider.com, the Chinese have recently sold the most U.S. assets in 4 years, dumping $21 Billion in U.S. stocks and treasury bonds. Does this spell higher inflation for America?
Looking at oil, suprisingly, the price has gone down a bit with Brent Crude at $89.27 and WTI at $84.89 so there might be a little break at the pumps, although it will likely be temporary. Let's enjoy it while we can because the likelihood of armed conflict with Iran is becoming increasingly likely. One of the first things Iran would do is blockade the Straight of Hormuth, where 20% of all the world's oil traverses through. Not to mention the ongoing oil deficit which is now in the hundreds and hundreds of millions of barrels, thanks to OPEC and OPEC+.
Final note: The US national debt, as of this morning... $33.666 Trillion. The rise is exponential going forward.
Stay wary. Prepare. Stock up. Protect your loved ones.
Peace and love to everyone!
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Previous Posts:
Silver continues to struggle year to date... Why?
Bitcoin flirts with $30K...again!
How quitting potato chips helped with weight loss.
Are we witnessing the 'Event That Will Change The World'?
Gold skyrockets back above $1,900.
The tragedy unfolding in the Middle East.
U.S. national debt surpasses $33 Trillion.
Central bank gold buying spree not slowing down.
Oil prices in gold remarkably stable for last 70+ years.
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