Silver; Mother of all bullish “Cup & Handle” patterns? -redux with some tasty coffee
This is a pretty great shot of just how amazing silver is at the moment. It is funny because the entire cryptocurrency market is simply digitizing on a new blockchain platform all of the digits in the system. The banks are all now fully Basel 3 compliant and due to that, they are now holding reserves of precious metals in order to create blockchain for it, who knows if a digital US Treasury issued Crypto could be in the works and gold or silver backed.
The Basel III compliance signals a move to return to a resource backed trade system, like the bilateral and metals backed trade from before the gold standard was removed in the 60s by Nixons administration.
This is just what it looks like to me folks!
There are now a ton of crypo currencies and coins which are gold backed on a blockchain. Heck now there is an oil blockchain issued by the Government of Venezuela in the Petro and they already have announced plans for a Petro Oro, gold backed and government issued crypto. Crazy times right?!
The Petro Oro would bridge the oil payments with gold, and all on the blockchain. I also take into consideration that on March 26, China and its firm will launch the Oil in Yuan contract.
This was what I had with my morning coffee this morning, some silver insight! The correction of the dollar which seems to be manifesting could create the crypto rise with metals being repriced to their real values. We shall have to wait and see how this all flushes out my friends.
There is always more to explore, I will continue to explore my friends and share my musings on the subject. I hope you want to know where it leads, and I will follow up. So be sure to follow me or upvote or comment! I wonder what my fellow steemians think. Let's keep the debate flowing!
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http://www.kimblechartingsolutions.com/
https://www.zerohedge.com/news/2018-02-25/silver-mother-all-bullish-cup-handle-patterns
https://www.telesurtv.net/english/news/Venezuela-to-Launch-2nd-Cryptocurrency-the-Petro-Gold-Backed-by-Countrys-Gold-Reserves-20180222-0009.html
https://www.treasury.gov/press-center/press-releases/Pages/sm0232.aspx
https://seekingalpha.com/article/4148232-yes-petro-yuan-threat-u-s-dollar