Jun 25, 2021
Jordan was unfazed by the recent decline in gold. He was looking for a pullback, although not to the extent of the recent decline. Silver had been leading but failed to breakout which was a sign of a decline. Jordan says we’ve been building a bullish cup and handle pattern and it continues unabated. It’s still in a super-bullish trend that will take time to build. How much longer is anyone’s guess. Jordan thinks we’re at least half way through this consolidation. It’s very frustrating because gold didn’t hold near its high. The recent decline defies comparison to other historic declines. Could this be a repeat of March 2020? Bob Hoye nailed the decline.
At least precious metals haven’t been slammed like cryptos with an over 50 percent decline from recent highs. It was reminiscent of the dot com bust. Bitcoin could be dead money for several years. People are going to realize cryptos are not a replacement for precious metals. Bitcoin has performed the best when the stock market has trended much higher. Bitcoin has been lagging gold through several cycles.