Goodbye gold

I am a gold trader from way back. It is the macro metal, so I always found it relatively easy to time the market, but I no longer trust it.

The reason is BTC.

Since there is now an ersatz, digital gold, the real thing is exposed to different money flows.

There is a loose relationship between the two, but when they move, now appears much less specific:

For those that are long gold, it is looking a little like BTC right now with the RSI going moonshot:

As options pile in:

Chasing BTC:

Rather than gold triumphing over the BTC ponzi scheme and bubble, as I had hoped, the latter has undermined the former.

It’s all become far too speculative for my tastes.