Wall Street Journal headlines today “Digital Currencies Tumble”. The piece details a drop for digital currencies by 70% since January 2018. Of the top 100 cryptocurrencies by market value, 98 were down over 24 hours according to research site CoinMarketCap. Sharp declines and rises are nothing new to digital currencies but they were hyped up to a frenzied state in 2017. So what does this mean for precious metals?
We are seeing increased interest in flowing digital monies into precious metals. The panic selling of precious metals as a result of a trade war in China and Turkey has lessened in fact Gold futures volume actually doubled in Turkey recently.
Internally our staff feels as we are sure others do, that Platinum is a HUGE buy. At last look this morning Platinum was lingering in the $760 range, in January 2018 it was $930. It is confirmed Platinum has hit a 14 year low.