230 thoughts on “GOLD BOTTOM – MORE CONFIRMATION”

      1. Gary Post author

        It would be a very strong signal if gold were able to take out the 200 DMA on its second day.

        Unlike earlier in the year, this time the 200 DMA is rising.

  4. Gary Post author

    Maybe this will be the pullback that traders are waiting for. I doubt anyone will buy though if it is. Like I said, without a crystal ball no one can tell in advance whether the pullback will last 1 day or 3 days. Most will be too scared after the first day because they won’t be sure whether its just a pullback or the beginning of another left translated cycle. Then when the next move up begins they will get left behind.

      1. Don

        I said all along that Ped was a fraud. His chart reading skills were horrible yet he talked as if he was an expert.

  6. Gary Post author

    So far this morning the euro is holding the breakout above that upper trend line that I posted yesterday. I expect the ECB is going to fight tooth and nail to keep the euro from rising…but I don’t think they will succeed.

    1. faz

      Zachery what pullback are you referring to ?

      Premarket is see QQQ is up a little, JNUG is a hair positive and NUGT down about .6%

  8. Gary Post author

    Oil is bouncing in a pennant. I expect it to break upwards and reach the $60-$62 zone.

    That’s where we will initiate a short position in preparation for a move back down into an ICL.

  11. Gary Post author

    The next two days may be kind of flat as Wall street will try to pin things at levels to cause the most options to expire worthless. There has been a lot of retail call option buying lately. They will try to flatline as many of those as possible.

  12. Don

    Gary, I was watching one of your rock climbing videos and it appeared as if you were climbing with bare hands. If that is the case and why no gloveS? (off topic… i know) Just curious.

    1. Gary Post author

      The holds are small. You wouldn’t be able to hold them with gloves on. Some only the width of a quarter.

  13. Nada

    Chart updates;

    USDJPY – went a smidgen about the outlined zone, but now it appears some selling;
    https://gyazo.com/b7d19f8e1ccddb26813305249f460ab5

    Dixie – doing a back test of the break down. Continued selling is what I expect;
    https://gyazo.com/7c261b913536010aefc0df47c6d9aa9a

    Gold – as mentioned yesterday, the 200ma is an obstacle. A close above is in the cards;
    https://gyazo.com/86f289bfd0274138182120095d7e7b9d

    Shitcoin still welcoming sellers;
    https://gyazo.com/8b6804b0f5d446349b12e0563001f03f

    1. Jim Dandy

      I wonder how long it will take for bitcoin to blow through 15K on the downside. Americano knows more than us, he has experience getting smoked in bubbles, like silve in 2011.

      2. Americano

        Choppy seas today Jim.
        Such is life on the Mayflower.
        Happy Christmas to you all snug & warm…..
        Still in merry ol’ England

  15. Jimsee

    The investing world (western anyway) I think has NO grasp whatsoever on the amount of infrastructure build we will require over the next 20+ years to survive. Fake money has put them to sleep at the worst possible time – potential super-cooling trend for 20-30 years.

  17. LeilaniFarms

    Good Morning Traders,

    Everything looks great for the Gold Bulls. Waiting for USD to dump today which means we should see some fireworks with precious metals and miners.

    Gold / Silver spot still not even up to their 50 EMA on the Daily. Watch what happens today as gold/silver breaks out. JNUG is already up 2.5% and climbing. Not surprised if we have another 10%+ day in JNUG today. 🙂

  19. JJHarmen

    The SM looks like it wants to go up but I am thinking we are not going to see fresh S&P highs this year. Just a guess, of course.

  20. Nada

    @Gary

    Did MS sell before she disappeared or is she still old turkey in JDST? She has the patience of job with her mabel marker.

    1. Jim Dandy

      It might hold long enough for the bitclowns to brag incessantly on Christmas day to all their relatives how they are trailblazers that recognize trends early, so the relatives also need to sign up to buy imaginary coins. Then the bottom falls out going into the New Year, and technical difficulties force the Mayflower to turn around and head back to England.

      1. Nada

        lol, love the humor today @Jim Dandy. Yes, I suspect the eggnog will produce some fantastic stories for the time spent around the tree.

        1. Jim Dandy

          You´ve made me laugh over the last few days as well. All in good fun and we´re just teasing the poor suckers. They have had every signal that the end is coming but refuse to believe, instead just keep parroting the same stuff that was true at 6 cents per coin, and totally ignoring price. Such signals at the CME crooks can now short bitcoin, thus have incentive to flush it like they did with silver to the almighty Hunt brothers, or the Litecoin guy cashing out of everything all at once. Lee was an early adopter on the Mayflower, guys putting bitcoin in their IRA in March are bag holders! Just keep yapping about the fundamentals, price doesn´t mean anything. LOL

          1. Jim Dandy

            And the biggest signal to me, lest I forget, the bitcoin trust trading at a 100% premium to the portfolio value. When similar happened to Sprott physical silver, it wasn´t only bad for the etf, silver itself got destroyed.

  23. Nada

    @Gary

    Have you selected a hardship case for your subscriber based service as of yet? I imagine you must be running low on kleenex.

    1. Nada

      Nice, thanks for sharing. Would love to see autonomous cars, but no rush to jump into something that flies 500-1000 feet off the ground. I’ll take the drunk Northwest pilots any day of the week.

      1. jacob2

        After looking at the videoa can really see how this would capture the imagination. Weather it has a long term investment implications not sure but fun anyway just to think about. Always wanted a helicopter.

  25. Gary Post author

    Miners staying overbought.

    This is another confirmation that the advancing phase of a larger intermediate cycle has begun.

  27. Gary Post author

    GBTC is now down 42% in three days.

    The faithful are holding because every other correction has been recovered. They are confident this one will be too. This is why bitcoin is so dangerous. Traders have become accustomed to the extreme volatility. A massive drop doesn’t scare them, they just keep holding.

    The problem is one of these massive drops is just going to keep going, and going, and going. By the time all the idiots realize what is happening it will be too late. They will have lost everything.

    The extreme volatility in bitcoin has virtually guaranteed almost no one will walk away with any gains from this, the largest bubble the world has ever seen.

    Human nature never changes. I have seen no evidence that anyone has been able to control greed.

    1. Roy Batty

      LOLZ. “Idiots” is your new favorite word. I remember when it used to be “nut job conspiracy theorists” for the “idiots” who, like myself, argued that PM were indeed being manipulated. You claimed it was a tactic used by incompetent market analysts as an excuse for their bad calls and quickly adopted it yourself after a few of your own awful PM calls. Will, also the fact that several banks were busted doing just that!

      I do agree with you though that idiots need to be careful here unless the idiots got into BTC for under $300. What kind of idiots paid less than $300 for it is anyone’s guess. Not this idiot.

      1. Gary Post author

        Well let’s qualify this a bit. Up until 2013 I never saw any evidence of manipulation in the metals market, other than just the usual short term stuff around OEX. However after 2013 I started seeing all kinds of weird behavior that had never occurred before. It started right after Germany asked for their gold back.

        I don’t know whether this was an attempt to crush the price so the government could go into the market and replace the gold cheaply or more likely IMO the Fed needed to do QE3 to keep the stock market propped up but oil was already over $100. Another round of QE and they would risk spiking the commodity markets just like they did in 2008 when they tried to stop the real estate market implosion by slashing rates and flooding the system with liquidity. It backfired and created an inflationary storm that destroyed the global economy.

        My theory is when they started QE 3 to prop up the market they simultaneously tanked the metals market thus keeping the commodity markets in check.

        A brilliant plan BTW.

        1. Roy Batty

          Yes I remember you became suspicious with the German gold announcement. It still seems ridiculous they wouldn’t have the gold available for immediate delivery … big red flag. Anyway, you have control over your ego and change your mind readily if the facts dictate it. I just hope you eventually begin seriously analyzing the DLT (or whatever it’s called) space … I think it’s just starting and similar to internet technology, evolutionarily, around 1994. Very small market cap compared to the market cap of internet stocks at the dot com bubble top. Large institutional investors just now getting on board. Transformational technology with far more impact than IP IMHO.

          1. Gary Post author

            The bubble needs to pop first, and all the many knock off crypto’s need to go down the drain just like the nonsense websites in 2000.

            Once the sector has been cleansed then we can start looking at whether this really will be a revolutionary technology. In it’s current block chain form I would say no. It’s just way too slow. And I’m still not convinced we need a decentralized ledger system.

          2. Roy Batty

            It is slow … like the internet was at first. But IT has been getting faster ever since it was slow. I think it’s revolutionary …. but it took a lot of research to get over being a detractor. It’s extremely hard to grasp. The decentralized aspect is what is valuable …. it will enable us to disintermediate third parties. Imagine Uber but without the company Uber. Peer to peer without the middle man. Driver to passenger, or with autonomous vehicles, passenger to car owner. How about eliminating most attorneys or most government bureaurats with smart contracts?

          3. faz

            Roy – on the repatriation of german gold – I read later how apparently when sovereigns park gold with each other for trade balancing choice reasons etc, often they have contracts that allow the host country to lend out the gold ie put it to work instead of just let it sit there in the vault.. Actually it generally does just sit in the vault but with a label saying like ‘temporarily loaned to XYZ’.
            The Germans were basically told they would have their gold back in 7 years or something – which looked fishy at the time of course but probaby the US was allowed up to 7 years because they had leased it out for 7 years. So there WAS actually a reason beyond simply ‘the gold is no longer there!’.

            However the question still was valid whether or not they would be able to get the gold back (in the event they had physically delivered it out).

          4. Roy Batty

            faz,

            Yes exactly. Loaning out another countries gold is a big no no. That’s why they call it “reserves”.

    2. Jim Dandy

      But they shouldn´t be upset, their bitcoins will still be bitcoins, and bitcoin can has limited supply and can move across borders, it just won´t be worth anything.

      1. Roy Batty

        LOL. Seriously, you should be a standup comedian. Or at least write jokes for one. You’re awesome! But let me correct you on something. BTC doesn’t “move across borders” …. it’s everywhere at once and sees no borders.

        1. Jim Dandy

          Don´t worry about what I say, you need an exit plan immediately. No time to waste, we´re almost through 15K on the downside, that didn´t take long.

          At least you got the fundamentals correct, unfortunately fundamentals don´t matter in extreme markets. You will realize that sooner or later.

          1. Jim Dandy

            And it´s worse than I thought, they can´t even keep this overpriced ¨coin¨afloat through Christmas, it appears. I wonder how long it will take to blow through 14K on the downside?

          2. Roy Batty

            I sold my one BTC at $11,409 after Gary scared me with one of his posts. Sentiment was 97% bullish and I was going to buy 2 when it got back down to $5,500. LOL …. what a game this is. I still have 34K of token coins though and they’re doing nicely.

          3. Jim Dandy

            Nothing wrong with selling into a huge runup, that was a good move even if it went higher. We play probabilities, since we can´t know the future. At first glance one could hate selling at $11K, and in another month, you might be happy as hell. Congratulations on taking a good profit, and I mean that, all kidding aside.

        3. RTTPD

          Good move selling. You wont regret it. Hopefully the other cyrpto wack jobs your bought don’ t implode.

          Hafe you read this :

          https://www.washingtonpost.com/opinions/bitcoin-is-big-but-fedcoin-is-bigger/2017/12/18/53e2e79a-e1b8-11e7-89e8-edec16379010_story.html?utm_term=.aed1a4b4e3e2

          You see this nuttg stuff and the communists that come out of the woodwork and write articles alluding to how NIRP will be oart of the new fed coin……oh….and how interest will be attatched to the fed-coin just like the dollar.

          This is exactly what happens when you put a bunch of monkeys in a barell and let them slosh around with cryptos….its only going to draw in more monkeys.

          1. Roy Batty

            Yeah, good ad hominems. Now try to use your brain and seriously look into it. I’ve only found two utility tokens, out of over 1,000, that have promise. It’s still a gamble, but one that can pay off 1000x. It’s easy to call people idiots and nutjobs. Researching new technologies isn’t nearly as easy.

          2. Gary Post author

            After four bubbles in the last 17 years you would think people would learn. When I say idiots and nutjobs I’m referring to the people chasing price over the last 3-6 months when it’s clearly in a bubble.

            These are the same people that got caught in the tech bubble and real estate bubble. Yes they are clearly idiots.

          3. Roy Batty

            Hi Gary,
            I was answering RTTPD, not you. I know that you have at least given it some serious thought. You said you yourself got caught in the dot com bubble? I don’t think people are idiots because they lose money in bubbles … just ignorant. Idiot means low IQ.

          4. RTTPD

            You didn’t even read the article.

            When this crashes–and it will—the government/CB are going to come in with their own crypto currency and force every one to use it.

            And it will be laden with all the controls the Cyrpto bugs have said over and over they despise.

            I have correspondence with the professor who wrote the article…..and she believes that is exactly what is going to happen.

            You are extremely short sighted being the cheer leader you are, pumping up all these lousy crypto currencies, so they can be used to virtually strangle the whole population.

            And the crappy thing is…….you only have one lousy Bitcoin, which is chump change. You wrote all those posts, sold out, and pumped your ass off just because you profited from one bitcoin!

  28. Pingback: Breaking News And Best Of The Web - DollarCollapse.com

    1. vin

      No way. Now watch gold/golds shooting up. I have been waiting for this lucky signal.

      Good luck. I am going to do something that is NO NO NO. I am going to buy jnug call options.

      1. Gary Post author

        Those are suckers bets. The spreads are huge making it very difficult to exit and the extra volatility is already priced into the option. You can accomplish the same thing buying GDXJ options without the huge spreads.

        1. vin

          i did i.e bought gdxj/gdx options (small amounts) some time ago, both long range (leap) and short range.

          One big advantage of jnug options is the limited risk and if one gets lucky then it is like a lottery. And, if you are correct it will be fun.

          Irrespective of what happens your kindness is highly appreciated. Gary, I wish you a merry christmas and the BEST new year EVER.

    1. faz

      Jake I didn’t realise you were talking about blockchain .. LoL

      For others like me who didn’t realise… :-

      “(Reuters) – Beverage maker Long Island Iced Tea Corp’s (LTEA.O) shares jumped 300 percent after the company said it would rebrand itself Long Blockchain Corp, the latest obscure U.S. firm to tap into the frenzy surrounding crypto currencies.

      Long Island Ice Tea said it was shifting its primary business strategy to blockchain technology and was in the preliminary stages of evaluating specific opportunities to grow that business.

      The company said it would still continue to operate its beverage business, under which it sells Long Island iced tea and Long Island lemonade. “

    2. Jim Dandy

      Yikes, I wish I could convince the Pilgrim to sell, but he´s head over heels in love. $23K for an imaginary coin is getting further away by the hour.

  36. Goild

    I am done for the day and likely for the year as I am taking off for the holiday season.
    Best wishes to all for the holidays and for a wonderful New Year with a lot of profit.

  37. isavage

    Gary JDST hit the 68% fib retrace. More time in JNUG in over bought in to next week or we going to get another buying opportunity with a nice pull back here?? 🙂

    1. Gary Post author

      My tools are only good for calling bottoms. The middle of a cycle is anyone’s guess.

      But gold does look like it’s going to try to close above the 200 DMA today.

    2. Americano

      I did! Bought etc ( Ethereum Classic). $43. I think I get 50% before April.
      I hope as that was last of my dry powder in case BTC went down more to scoop up – but I couldn’t wait.
      Such is life……on the Mayflower.

    1. Americano

      Gary – that’s gbtc. It’s a stock that tracks Bitcoin that had an 85% PREMIUM over actual Bitcoin.
      It’s like screaming how $ hot dogs are when you buy one at Dodgers game.

      1. Jim Dandy

        Dosen´t 20% make it a bear market, by definition. I´m sure the our local Pilgrim, Jimmy Stewart never lost 20% in his miners in 2 days, or maybe he did. No fool like an old fool, we have to learn from our mistakes, not repeat them even bigger.

        1. Roy Batty

          AGQ is a bad memory …. even though we made a fortune on it with Gary. The bottom dropped out after silver hit 49 and something.

  43. Gary Post author

    I warned everyone what was coming. At some point in a bubble you have to control greed and just decide you’ve made enough. If you can’t do that then you will end up losing everything. Remember the bigger the bubble the bigger the crash. This was the largest bubble the world has ever seen.

    My prediction is that it will lose at least 95% of it’s value when the crash comes. Maybe it has started, I can’t say. But with everyone expecting $20,000, $50,000 $1,000,000 this would be the perfect spot for a top. Coming up a little short of 20,000 and catching everyone off guard.

    Gold did a similar thing by failing to make it to $2000.

    1. Jim Dandy

      If somebody can´t sell into a straight up vertical market, they will never sell, bc they believe a story and price means nothing. When price dosen´t mean anything to you, might as well bend over.

    2. Gary Post author

      The lure of free money. 99% of all humans are unable to resist that sirens call….

      I like to make money the old fashion way… I earn it 🙂

  44. Roy Batty

    But the premium on GBTC has dropped significantly to 28%. I might buy into GBTC this time and hope the premium shoots back up above 100%.

      1. Roy Batty

        Righton. 1 GBTC represents 0.092 BTC. These poor “idiots” that paid 100% premium over BTC, at ATH, and now selling with little or no premium are being double effed.

  45. cazabrujas

    I would be glad if bitcoin crashed sooner than later. If it crashes right now, it very probably won’t affect the stock market at all. If it becomes more ingrained into the global economy, a crash could cause trouble.

      1. cazabrujas

        LOL. I don’t know exactly when, but I assure you it’s going to be way lower than 5.5K some time next year. I am sad that there are no bitcoin ETFs, otherwise I would have invested a fair amount in long term puts.

        1. Roy Batty

          People, many people, have been shorting BTC for years and years. Needless to say they are now broke. Never, never, never, ever short a bull market.

    1. Gary Post author

      It’s way too early in gold’s 8 year cycle to even think about testing that 1050 low.

      I’d be willing to bet gold reaches 1900 before it ever hits 1050 again.

      1. Rango

        Cool Gary. So this guy is metal troll. I guess it’s fear in me looking for those headlines like that.

        I missed the boat now and miners are now overbought RSI(5) 88. Exact psychology you’ve been talking about but i won’t buy at overbought conditions cause you always get rapped when doing so.

        http://stockcharts.com/h-sc/ui?s=gdxj&p=D&yr=0&mn=6&dy=0&id=p55053123985

        The only thing that bugs me that we haven’t’ seen huge volume in 3x miners with yearly bottom. Why is that?

        http://stockcharts.com/h-sc/ui?s=jnug&p=D&yr=0&mn=6&dy=0&id=p24014336147

        1. Gary Post author

          Are you willing to risk missing a nice rally because you require a perfect entry?

          Gold closed back above the 200 day moving average today. If it holds this level you may not ever get a perfect entry

  48. JJHarmen

    Roy Batty : You stated “many people, have been shorting BTC for years”. That is news to me. Exactly how were they shorting Bitcoin?

    2. cazabrujas

      I don’t think he knows what he is talking about. Shorting bitcoin is not easy or simple today, much less a few years ago. Also, I am sure he doesn’t have any solid info to back up that statement.

      1. Roy Batty

        Who said anything about simple? It takes a few brain cells and can’t be done on Schwab. Go to GDAX or one of the other exchanges and get a margin account. No naked shorting. Let us know how it goes 😉

  49. JJHarmen

    Another SM sell down at the end of the day. Even though the S&P closed up, the sell down looks a suspiciously like distribution.

  56. JesseL

    With a little bit of luck, I managed to pick up a 50 JNUG March Calls at the culmination of the selling frenzy at noon on December 7th. I should be safe to hold these through the March 16 OpEx, and they could be a worth quite a bit if Gary is correct on his ICL call.

    FYI: The calls cost less than .50 per contract, so my total outlay is less than $2500.

          1. JesseL

            Bought them using 4 Limit Buy orders set up at progressively lower prices at .50, .45, .40, and .35. The first two orders got tripped and JNUG turned back up by the end of the day and has been rising since then.

            This purchasing strategy has worked for me in the past. When Gary starts talking about fear in the market, I try to set limit orders when everyone is pulling their hair out and and giving up.

          2. JesseL

            FYI: I comment my charts on a daily basis with pithy comments from Gary just to remind me of what he says. Here are a couple of my chart notess….

            Gary Savage (12/8/2017) :
            Gold should find a final YCL within the next 3-7 days. Probably on, or right after the next rate hike which I think will turn the dollar back down and start the bear market in earnest by breaking down out of the megaphone top.

            Gary Savage (12/8/2017) :
            Gold should find a final YCL within the next 3-7 days. Probably on, or right after the next rate hike which I think will turn the dollar back down and start the bear market in earnest by breaking down out of the megaphone top.

          3. JesseL

            Gary Savage (12/7/2107):
            Bloodbath phases have nothing to do with trend lines. They are about creating extreme emotional conditions. Give it 5-7 days to finish what it needs to do.

            Today is day 1.

          4. JesseL

            Gary Savage (12/7/2107):

            This is a monster basing pattern forming. It’s going to trigger a monster move higher once it’s finished. Ultimately you are going to be rewarded huge for your patience.

            No one ever said Old Turkey was easy. It’s how the biggest gains are made, but almost no one has the emotional control to follow it all the way to the end. JNUG is going to be over $500 (split adjusted) before the gold bull is finished.

          5. vin

            It will be nice if jnug significantly exceeds 24 by March 18. Good luck to you.

            I also own jnug call options, only a small amount but at much lower strike price. I did not indulge much for two reasons. First, Gary doesn’t think buying options on 3X is safe. Second, even without them I have a big chunk of my portfolio invested in gold/golds. I also own small amounts of gdx and gdxj calls.

          6. JesseL

            I generally avoid options on 3X ETFs unless we are near an ICL/YCL capitulation. If you can buy them at the selling frenzy, it’s worth the risk to pick up some out of the money calls with a few thousand.

            The bulk of my positions right now are in shares such as GDX, SLW, AG, HL, SAND, and some cash in reserve.

    1. RTTPD

      No offense SLEP ——- But that GS article has about as much credibility as if you were to post a similar article from the Washington Post telling us that the FBI leadership is made up of men with the highest ethical and morale standards and honesty in the country.

  61. isavage

    CME Futures introduced = new source of unlimited BTC- check

    Crypto stocks sell off in advance of rade – Check

    Out of hours smash for maximum affect to let the big boys in at low price – Check

    Humm this is all very familiar lol as as predicted by me for weeks

    Who’s buying? I loaded up on more ETH BTC & BCH who ever comes out the leader will drive the next leg of the Crypto revolution

      1. Jim Dandy

        Charlie Lee selling all his Litecoin the same week as you buying as many of his imaginary coins as you can afford. Bag-HODLers!

  62. SUBBA

    I bought JNUG (Mar 12 and 14 calls )and NUGT March 26 and June 26 calls on Dec 13 th . Lets see how long I can keep these to make good money on these calls.

    I am thinking to close these when JUNG @ 20 and NUGT @ 35. Any thoughts on these?

    1. Jim Dandy

      14K didnt last long,but I was a bit surprised to find out imaginary Crapcoin dropped another floor through 13K while we were sleeping like babies. Looks like it bounced a little, the geniuses here should take this opportunity to mortgage the house and load up!

    2. faz

      Lol just registered that at tinyurl with the handle bitcrash for easy sharing. tinyurl.com/bitcrash
      Surprised ‘bitcrash’ was still available actually.

  67. Gary Post author

    Tough to say if the implosion is starting, but if it is….

    I saw no one able to control greed and sell.

    Anyone that bought during the final mania is already underwater.

    No matter where you bought you’ve already lost a huge chunk of your gains.

    If this is the top, and keep in mind this was the largest bubble the world has ever seen, the crash is going to be epic. My prediction is 95% of bitcoin’s value will evaporate during the implosion.

    The bigger the party, the bigger the hangover that follows.

    1. Gary Post author

      Where is Ted now? Probably wondering how he could have already lost half of his investment.

      This is why bitcoin is so dangerous. It’s so volatile that investors have become desensitized to these giant swings. When the bubble pops price will have to drop 50-60% before anyone realizes what’s happening. By that time it will be too late.

    1. Jim Dandy

      I´m gonna buy some Bitcoin, somewhere under $1000 in the next few months. I agree with all the fundamental arguments in support of it, the price was the problem. The Mayflower is taking on water, with no stop out plan in place, as $23K is getting further and further away.

      1. Gary Post author

        When the bubble pops it will take everything down with it.

        Let’s face it if someone can’t make themselves sell into a vertical market stretched over 200% above the long term mean then they have no hope of ever controlling greed.

        Like I said, I saw no one sell.

        Human nature never changes.

        1. Roy Batty

          “I saw no one sell”.

          What does that even mean? Of course people sold….where do you think the buyers were getting it?

  73. Roy Batty

    I’m hoping this is the beginning of a bear market for bitcoin rather than just a correction. I’d like to see it get down lower than 5.5k.

    1. Gary Post author

      The problem is that when a bubble pops it can take years to recover. The Nasdaq required 15.

      This is a critical component that so many overlook. Because price went up so long and so far people just automatically assume that once the bottom is reached it will just start going back up and it won’t be long before it’s back at new highs.

      The reality is price can languish in the depths of hell for years before it claws it’s way out.

      2. Roy Batty

        Your confusing a huge market index with one small currency. The difference in market caps and asset types is exponential. Why would you compare BTC with NASDAQ? Many internet companies kicked ass beginning immediately after the dot com bust.

        Above I’m just saying a cyclical bear market would be better than a friggin ball busting crash.

  74. Jim Dandy

    Boy did the CEO of Litecoin ever ring the bell at the top. I am going to have to pay attention to his future moves, he played the bagHODLers like a fiddle.

  76. Bob

    The problem with Bitcoin in the longer term is that it has no history. Gold, silver and other commodities have tremendous histories. Blockchain will appear as a flash that failed. It will take an entirely new technology/innovation for people to have comfort in a “store of value”.

    2. Roy Batty

      Thanks Bob for figuring out what the problem is.

      “Blockchain will appear as a flash that failed”. I’ll write this down so I can remember it.

      “It will take an entirely new technology/innovation for people to have comfort in a “store of value”.” What does this mean?

    1. Gary Post author

      I warned people that when the bubble popped it would make a beeline for the 200 DMA. That’s down around $6000.

      It won’t stop there either. Based on how far it got stretched above the 200 it should drop a long ways below it before the crash is finished.

          1. Nada

            No, but he warned incessantly that it was a bubble and not to get mixed up with bitcoin due to the 200dma.

          1. roadrunner

            I actually know a guy who did exactly that. he banked just over 200k in bitcoin/litecoin profits and went into miners. He was posting his crypto trades in real time for months and then last week sold it all and announced he was going into PM’s.

          2. Nada

            @roadrunner

            Mind sharing the blogger? Very nice call by this guy. Do you know if he stuck all of his profits into miners? Thanks and GL.

  80. Nada

    Tradingview is SLOOOOOOW this morning and having big issues with their charts. Tons of bitcoin longs around the world are losing thier shit.

  81. jacob2

    The crypto bubble has gone up with the sm. Will be interesting to see if they now both head south in unison. Gold should be the recipient of some of that fall out. Markets pretty much done for the year.

  83. Roy Batty

    Gary, you said:
    “Let’s face it if someone can’t make themselves sell into a vertical market stretched over 200% above the long term mean then they have no hope of ever controlling greed.

    Like I said, I saw no one sell.

    Human nature never changes.”

    If you saw no one sell then maybe you can explain to us where the buyers were buying? Obviously people were selling otherwise there would have been no buying.

      2. Troy

        Gary,

        I did for GBTC. I thought I was such a superstar buying GBTC in the contest for 490 and selling at 980 for 100% profit. I’ll let my greed run a bit more for the SM and Gold bubbles. 🙂

        Troy

  85. LeilaniFarms

    BitCoin has / had a “Whale” problem that many of you may or may not know about. According to Bloomberg there are about 1,000 people who control or “own” 40% of the entire market. What happens when these people who got in early (years and years ago) start to see thousands and thousands of % gains creating many multi-millionaires and even billionaires? They might start to take profits creating days like this.

    The Winklevoss Twins who sued Facebook owner Mark Zuckerberg and won the lawsuit, then purchased $11 million worth of BitCoin back in 2013 before it had any real significant value. They are the co-founders / owners of Gemini which is a major crypto currency exchange. Forgot to mention, they are now Billionaires, well, maybe not after today’s bloodbath.

    Then, we have the “LiteCoin” founder / owner or whatever he is, dumped ALL of his holdings 2 or 3 days ago. Coincidence? I think not…

    All of this makes me wonder if BitCoin was actually more of a planned “Pump & Dump” scheme created by a few hundred people years ago and are now cashing out as mania stage reaches the masses? I’m not one for conspiracies and maybe each “coin” really has their own creator. But in the infant stages I’m sure it would have been quite easy for a few hundred people to get together and slowly create a market together and if/when it reached the spotlight and the masses start buying, They could all liquidate their holdings to retail investors and cash out BIG TIME.

    Pretty smart if you ask me…time will tell.

  88. Herman

    Flash crash in AG; it bounced at 6.87, retracing .618 of the entire move from 6.28 to 7.83. Correction should be over now., or may be cut even a little deeper to 6.61.

  90. Herman

    Jimsee – exactly. Tax loss selling and target cut by BMO, I read somewhere, but AG was due for some sort of correction anyway.

    1. Herman

      Also backtesting the 50 MA, this is interesting. Relatively very cheap now.,

      I also tend to think GDXJ will follow suit, once it has touched the 200 MA, any time now.

  92. isavage

    Everyone finished gloom & doom about the Crypto Space yet?

    Got so great entry’s & my Crypto stocks never got to my stops above my average entry price (mentally placed )

    NATH’s shortly & everyone will be yet again kinking them selves for not buying yet another dip – this one specially manufactured for the Banks to buy with the the new CME leverage. Why else would they & other major Corp’s be investing vast sums of money in to the space??

      1. isavage

        Thanks Nada

        There is a big gap at around 8K in BTC – they may waterfall it to fill. if so a true Gary Blood bath dip to buy 🙂

        1. Nada

          I posted some charts earlier. Just a dead cat bounce in the dollar in my opinion. The tax bill is signed, so hopefully sellers will start picking up the pace.

  94. isavage

    BTW if they do waterfall it & with the tax bill signed in latter on today could give the perfect excuse for the Indexs’s to also have a sell off when everyone is thinking Santa rally is a done deal. Just saying 😉

Comments are closed.