I still see some very famous talking heads seeming to think gold is just fine, it's not being completely cannibalized by bitcoin etc.
For those people, I'd like to just ask you one question to really get an idea of what I am talking about.
I'd like to ask what you think the price of gold would be right now if bitcoin and crypto didn't exist?
I think the answer to that one is pretty obvious, right?
Gold would most likely be around $3k per ounce, or even $4k with all the stimulus and money printing globally.
But, where is it right now? It's drifting under $1,800 with about 8 months of weakness:
That is one weak looking chart especially when you take into account what the stock market and bitcoin have done over that same time period, and that's make new highs after new highs.
The trader in me wants to buy gold here soon for a scalp trade because at some point I would think it has to bounce but the realist in me is trying to tell that trader to sit on his hands!
I'm not sure which side will win, but hopefully it's the one that ends up making or saving the most money.
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