The Latest Moves in Gold, Silver, and Bitcoin
Chris joins Jim Goddard on Howestreet.com to discuss the latest moves in the markets, crypto, and metals.
Last week was a pretty choppy week for the markets with the SP500 and NASDAQ both dipping into a short-term oversold condition, but the big buyers stepped back in and bought everything back up. This is further confirmation that we are still in a raging bull trend with money moving out of defensive positions.
The traditional “Sell in May and Go Away” adage did not play itself out last year and it feels like we won’t see it again this year. The retail sector is still doing exceptionally well with 86% of companies beating expected earnings and XRT retail ETF testing $95 a share. If it breaks it we should see an immediate 10%-15% pop.
Gold and silver have seen an impressive bounce the past month and a half but all of them are struggling at resistance just like January of this year. If you are a long-term investor now is the prime time to invest in gold at around $1700 with a long-term target of $2700. Buy the dip!
Bitcoin is definitely struggling to get some traction being under the 20 day moving average with the biggest damage done to the charts since early 2020. Listen to the interview to find out my downside target for Bitcoin.