Without a Net

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About seven months ago, gold looked like a sure thing. Trillions of dollars of fresh fiat, rising inflation, rising interest rates, and central banks gone wild. On top of this, metals were pushing to lifetime highs and had emerging from an enormous basing pattern.

That all ended on August 6th. Anything to do with precious metals has stunk to high heaven, like GLD:

slopechart GLD

In sharp contrast to this, let’s see how something you can’t hold, you can’t touch, and you can’t feel (Bitcoin) has gone versus gold over the long haul:

slopechart BTC GLD

Incredible, isn’t it? How about the alt-coin Ethereum?

slopechart ETH GLD

Same deal. Crypto has all the characteristics of something that will keep beating gold into submission for God knows how long.

What’s particularly scary is that the next support level is just a cat’s whisker away, and if that fails (or, should I say, when it fails), there’s precious little beneath it to slow the fall.

slopechart GLD