Bitcoin exploded from $8,000 per token to over $9,000 over the weekend. Meanwhile, the prices of gold and silver continue to be suppressed by the central banking interests acting in the Comex. Were this not the case, precious metals prices would have already risen chaotically, much like the prices of Bitcoin and other cryptocurrencies are doing now, according to Rob Kirby, interviewed here on Greg Hunter’s USA Watchdog.
The stagnancy of precious metals prices has become frustrating for holders, especially those who took large positions in recent years based on dire warnings of an imminent financial collapse which would dwarf that of 2009.
It’s become so frustrating that Andy Hoffman, a longtime precious metals analyst shocked everyone in that world when he announced that he’d sold all of his silver last summer, suggesting that silver is no longer investment-worthy, due to the rise of cryptocurrencies. He told CrushtheStreet, “I have no interest in [silver]. In the Digital Age, I don’t believe people are going to store thousands of pounds of silver, hoping that the gold/silver ratio goes down. I think that the incremental monetary demand is going into Bitcoin. Gold is always going to be the money of kings and it’s going to do just fine…I just don’t think the gold/silver ratio is gonna fall much…I only own gold now and I would say that gold is the better investment, especially when you have Bitcoin out there.”
But if anybody reading this is tempted to lighten up on their heavy load of silver, Steve St. Angelo of the SRSrocco Report warns, “Not only do I find this sort of thinking utterly preposterous, I also find it quite troubling that analysts who have been promoting precious metals for the past decade are now implying that gold and silver are no longer high-quality stores of value. I disagree entirely with this faulty and superficial analysis.
“There are several reasons why I believe it is essential to hold most of one’s wealth in precious metals than in Bitcoin and cryptocurrencies. However, the most important factor has to do with the fragile nature of a highly technical complex system that allows Bitcoin and cryptocurrencies to function.
“Unfortunately, the majority of the alternative and mainstream media analysts believe in the ENERGY TOOTH FAIRY…” St. Angelo then demonstrates how the future of the debt-wracked petroleum industry looks very grim, with a sharply decreasing Return On Capital Employed (ROCE). He says, “It’s unwise to believe solar, wind, electric vehicles, and a new high-tech world is our future. It isn’t.” The latter are derivatives of petroleum and cannot exist without it.
On the one hand, nobody really wants to wait until after the Apocalypse to find themselves sitting on Easy Street, all prepped with their silver bullion. On the other, nobody wants to wake up to find their fortune wiped out by a hacker. Is there a happy medium to be found here?
Rob Kirby says yes. He talks here about why, between a burgeoning movement to “cryptoize” precious metals with the transparency of the blockchain and Asia’s insatiable demand for gold, these forces will eventually overturn the manipulation of the metals markets. He also notes how a move by the derivatives giant, CME Group (which owns the Comex) to start short-selling the cryptocurrency market with Bitcoin futures this December will likely fail and hasten the inexorable mass-exit by speculators from fiat currencies into hard assets.
Thanks to: https://forbiddenknowledgetv.net