The gold and silver bubbles may have popped; what it means for bitcoin (BTC)
The bubble in precious metals might have popped this week, with silver’s violent decline on Friday leading the group lower.
Having touched a new record of $120 per ounce earlier in the session, silver has pulled back to $75 in U.S. afternoon hours, now lower by 35% for the day. Gold — which as recently as Sunday had never seen $5,000 per ounce — climbed to $5,600 at one point Thursday, but has now retreated to $4,718, down 12% for the day.
Platinum is lower by 24% and palladium by 20%.
To put silver’s move in perspective, it’s given back nearly its entire massive January gain in the space of a few hours. While crypto bulls might be used to such action, only those precious metals traders who were around during the days of the Hunt…
