Bitcoin Correction Today, Mounting Evidence For Gold & Silver Breakout
The big story in real money today is a dip on bitcoin’s Mt. Gox. Having reached as low as ฿7.76 per 1$ from its recent high of ฿9 per 1$ reached over just the last two days. This has been correlated by a marginally positive day for gold and silver, each having moved up. Their gains, to be sure, are scantily noteworthy in percentage terms – hell, even dollar terms. In other words, they remain virtually unmoved. Platinum and palladium, also, have scantily moved. Gold currently sits $1.88 up; silver is up 7 cents; platinum is down $1.28; and palladium, having moved the largest percentage besides bitcoins drop, is down $4.75.
Bitcoin has had a positive year, especially over the last 1.75 months when it ran from ฿5 per $1 to ฿9. Such a runup betokens a slowdown and correction, but for the real money advocate who is properly diversified, there is a silver lining; namely concerning the inverse relationship between bitcoins and the precious metals.
This inverse relationship could be mounting evidence for a gold and silver breakout to the upside in the coming weeks, as Bill Murphy has recently broke the news that there will be big, big moves in August:
The consolidation on the bitcoin Mt. Gox chart comes as WalletBit, a mobile commerce company out of Germany, has released its new mobile payment platform, ResponsePay, which facilitates only bitcoin transactions. Any new technology abetting transactions solely with bitcoins are sure to prove bullish for the p2p monetary system.
Regardless, there should be no surprise should the gold and silver markets remain soft, as manipulation has been so for many years. Nonetheless, there is mounting evidence of a gold and silver upside breakout. Stay tuned!