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
20,570 Blog Posts

On a Long Enough Timeline, Gold Bugs Gets Squashed

You knew it was going to happen. Peter Schiff on Joe Rogan. Gold bulls out on CNBC talking extremely greasy about the dollar, jerking themselves off to HARD CURRENCY. Old Gloom and Doomers circa 2008 back in Youtube to warn people about the coming storms. Spiritually, gold bugs are vapid losers, hell bent on end of days. Financially speaking, although right since 2000, these people have been cryo-frozen since 2008.

Since then the iPhone had been invented and modern finance turned on its fucking head — yet here were are discussing the Fed and how fucked they are. Pray tell me, when will said chickens come home to roost? I am getting dreadfully tired of waiting for it to happen.

Silver is off by 5%, gold is -2%. Le Fly steps into today long DUST — a true market maven and champion amongst unwashed plebs.

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7 comments

  1. purdy

    Rates up, yet dollar down. PMs not done. Sell your DUST now.

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  2. ha

    I stopped listening to Schiff years ago. Except for this year his timing has been off for 10 years. 10 years of the same old broken clock. Now may be time to listen again.

    Things seem to be stirring now in the precious metals. I believe the real trigger has been crypto. Fat and lazy banks have been collecting 7% of gdp forever with essentially no innovation or competition. 3-5 days to clear a gd check; they can’t be serious. Crypto forced them to come up with Venmo and some faster transfer time.

    So sorry. Too little too late.
    Crypto is eating the banks’ lunch and dinner and desert. They are being buggywhipped, as they should be. Credit card companies survive for now.

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  3. ha

    I stopped listening to Schiff years ago. Except for this year his timing has been off for 10 years. 10 years of the same old broken clock. Now may be time to listen again.

    Things seem to be stirring now in the precious metals. I believe the real trigger has been crypto. Fat and lazy banks have been collecting 7% of gdp forever with essentially no innovation or competition. 3-5 days to clear a gd check; they can’t be serious. Crypto forced them to come up with Venmo and some faster transfer time.

    So sorry. Too little too late.
    Crypto is eating the banks’ lunch and dinner and desert. They are being buggywhipped, as they should be. Credit card companies survive for now.

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  4. bob smith

    Hat tip for the DUST call. I didn’t have the guts to pull that trigger but sold all my miners. Still have my physical for the grandkids.

    People were getting too giddy about gold (“to the moon”) and when Robinhooders were buying miners, it was my signal to get out.

    A 15% – 30% correction in gold and at least 30% for silver is probable and that means many of the miners get cut in half. I’m getting back in but it’s way to early now.

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  5. purdy

    Had TBT and DUST, sold toooo soon …what a maroon. Congrats Fly.

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  6. bob smith

    There is virtually no support for silver until ~ $18. It will be a choppy ride but I think it gets there.

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