A week ago at this time, Bitcoin was at $16, 946. On Sunday, Bitcoin slowly began to rise but on Wednesday, just before the U.S. Core CPI print was published, it then had a series of jumps upward which has continued unabated. Yesterday morning, Bitcoin topped $19,000. Overnight, it jumped once again, topping at $21,255 before settling (temporarily?) at $20,894 at time of writing.
Bitcoin has risen $4,000 in one week and has been a boon to HODLers. There are probably some technicals I'm missing here but while the CPI print might have had something to do with it, this is also the month where we get fourth quarter / full year report from manufacturers. We should get a better idea how the economy fared in 2022 within the next week or two.
Another thing that might be causing jitters is the U.S. debt ceiling which once again, for the 73rd time I think, is about to rear its ugly head. Treasury Secretary Janet Yellen warned yesterday that if the debt ceiling is not raised, the U.S. government may default in June. She stated that the Treasury has a bit of cash to keep things going for a few more months but after that, what happens next is anyone's guess.
Etherium rose more than 9% overnight ($127) and is now at $1,534. A week ago at this time, it was at $1,264. In just 7 days, Etherium has racked up some 20% in gains.
Moving on to precious metals, both gold and silver increased in value with gold closing at 7 month highs. Gold struggled to breach the $1,900 mark but finally did so to close at $1,920. It's about time, I say. Precious metals are heavily manipulated by the paper markets. In an interview released yesterday on GoldSilver.com, Alasdair Macleod stated that for every ounce of physical gold, there are 100 paper ounces and for every ounce of physical silver, there are 300 ounces of paper silver. Nothing to see here, folks!
Is the COMEX / LBMA jig finally starting to fall apart? I hope so. It wouldn't be the first time. The London Gold Pool collapsed in 1968, incidentally the same year silver coinage was removed from circulation in Canada.
Speaking of silver... For two days straight, the powers that be tried to smack silver back down to keep it below $24 but yesterday, silver finally unleashed its fury along with gold and Bitcoin.
The strange thing about silver is that it's the one thing that has yet to be truly affected by inflation. Since 1980, haircuts, movie / concert tickets, gasoline, rent, a hamburger and fries, sunglasses, beach balls, plastic forks and knives, earrings, lumber, aluminum, water and ANYTHING you can think of has risen in price along with inflation but just one thing, one thing has never been able to breach its 1980 high and that's silver.
You would think that a precious metal as valuable as silver would be worth several hundred dollars, maybe even thousands by now but nope, it's still less than HALF its 1980 high while EVERYTHING else has doubled, tripled, quadrupled and so on! Can you see what's wrong with this picture? It's just a matter of time now when silver surprises to the upside and just keeps going.
At this point, I strongly recommend diversifying your portfolio to include precious metals by at least 10% or more, along with strong cryptos like Bitcoin, Etherium and Litecoin. I have faith in the Theta token as well and also $SPOT which recently became a tipping token on PublishOx. I'm fast approaching my first 5,000 Satoshis earned with the CryptoTab browser where I can earn free Bitcoin Satoshis so why not, eh?
As for gold, look at its performance since year 2000. I think gold and silver are just getting started, along with Bitcoin!
Peace and Love to everyone.
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