iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,840 Blog Posts

Gold is in Danger of Spilling Over

I booked a gain in AAPL. I had purchased it about a week ago and took a 4% profit and ran. With today’s melt up, one would think fucking Apple would be up — but no.

On the issue of gold, we have a situation on our hands here. I am the single best gold trader in the world, believe me. Ask around. I’ve been buying NUGT since $13. All of that shit is in danger of ending here, as the insect metal breaches $1,500 with some alacrity. The issue here are rates. We need some deflationary pressure to scare folks back into gold. With QE in play and markets jogging higher, there is little to no reason for owning gold. As a point in fact, I’d probe with short positions if these levels didn’t recover.

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7 comments

  1. ferd

    Silver at strong support, while gold has none.

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  2. numbersgame

    This is the third time you’ve said you are done with gold. The first time, you said you were done, it was still in your quant, so you could claim victory either way. I suppose the same deal now?

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  3. spaceman

    Physical gold is the truth everything else is a lie you will not be received by the LORD through your complicity with the lie only allocated and segregated physical gold will set you free of your demons otherwise you may find yourself in a cloakroom someday pistol to your head shorting gold will be committing yet another sin in your lifelong sinful ways.

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  4. numbersgame

    Market valuation is an interestign thing. Most investors hold on to the axiom that stocks are worth what someone will pay for it, implying tat the stock market is not overpriced.

    Take a look at this article:
    https://www.zacks.com/stock/news/532223/why-the-indian-rupee-etn-has-soared-over-125-in-2019

    Now take a look at the historical value of the INR ETF:
    https://finance.yahoo.com/quote/INR/history?p=INR

    This is basically a microcosm of the larger stock market (obviously exageratted because of the extremely low liquidity of the ETF). The point remains: people bought it becuase it was going up, and very few actually attempted any valuation assessment. Now, if something as easily evaluated as this ETF ***which has a stated Net Asset Value*** can get so overpriced, what do you think happens to much more difficult to evaluate items such as NFLX stock?

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