Dr. Michael Burry of 'Big Short' fame and known for having predicted the mortgage crisis of the late 2000s well ahead of time and making a fortune from it has sent out a tweet that was deleted shortly afterwards, as he often does and the message contained within appeared to be referring to the FTX scandal / bankruptcy and the likely contagion to follow.
Burry, founder and head of Scion Asset Management, tweeted out 'Long thought that the time for gold would be when crypto scandals merge into contagion'. He doesn't often comment on gold and to do so now suggests he feels that gold's value will rise.
It certainly feels like the time is ripe for a spike in gold's value and I agree with Burry's presumptions. The FTX scandal is known to have affected the Ontario Teachers' Pension Fund. Are there other pension funds involved? Are there other pension funds invested with other crashing cryptos?
Now we're getting word that Genesis 'EARN' has halted withdrawals along with BlockFi while CRO has so far crashed over 93% and 50% just in the last week. Who's next?
Last Friday, Kitco News published an article stating that gold had posted its best week in two years and that 'gold is quickly becoming the asset to watch as inflation starts to slow and the crypto market goes through another meltdown phase'. The metal shot up $80 last week, its best week since July, 2020 and just before it shot up to a new record high.
At time of writing, gold is at $1,773 (see cover photo).
Everyone's talking about gold all of a sudden. For us poor people, the metal to focus on is silver. I keep getting hints that physical silver is getting harder and harder to get in your hands. While I expect gold to shoot up, how much I don't know, I do believe silver will outperform gold.
After everything that's happened in the last 20 years or so, silver still hasn't breached its 1980 high. I don't have a Twitter account but if I did, I'd probably tweet something like... 'Long thought silver's time would be when your gut feeling says so'.
My gut feeling says so right now.
Bix Weir says the COMEX will run out of real, physical silver in December. He's a smart guy and he knows what he's talking about. What happens then, a default? It happened in the 1960s with the London Pool. What happened shortly afterwards? Nixon decoupled the dollar from gold backing altogether and we've been running on fumes ever since.
Something's going on with the COMEX and LBMA over in London and with record gold purchases by central banks around the world to the tune of 399 tons just in the last quarter alone (except Canada) strongly suggests we are headed back to some kind of gold backing. Do they know something and are keeping quiet about it?
I wrote in a post just a few weeks ago that I suspected a crash was coming within weeks. I must admit, I was pretty good with my timing!
I earn free Satoshis using CryptoTab Browser. I also use the BAT browser to earn free BAT tokens on my cell phone. Zero investments were made to earn these tokens and the risk is minimal at best. Silver though, is my ultimate back up plan as the S&%t hits the fan. Consider investing in silver and / or gold. Click here for more info and purchase any precious metal at OwnX.
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Check out some of my previous posts.
Bix Weir interviews Clif High / Greg Hunter interviews Bix Weir.
CRO loses 50% in 7 days, 93% in last year.
From the era of want to the era of needs.
Central banks considering revaluing gold?
Another week. Another flurry of rate hikes.
Earning crypto without spending a single penny!
A fan of history? Check out my other blog, 'A Brief History Of'.
Imperial Russia's Missing 200+ million gold rubles.
That time Nicola Tesla tore up a contract worth $$$ billions.
