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This past 12 hours we've seen a cryptomarket dump ranging anywhere from 5% to 60% in losses. While this dump is occurring, millions are being locked out of their cryptocurrency accounts. Blockfi, Robinhood, Coinbase, Gemini...many of the biggest names in crypto are preventing people from logging into their accounts. Which brings me to one of my oldest philosophies. If you don't hold it, you don't own it.
Precious metals are assets and stores of value you can hold in your hand and know how much you have, and where it is at all times. One of my fundamental gripes with Crypto is that it always appeared to be a diversion from metals and a way to hide inflation for the Fed. Then we always have these enormous wealth transfers in crypto during these abrupt "corrections" which occur swiftly and usually overnight in the western hemisphere.
My point is this. For me, precious metals come first, and crypto far behind in second. Take your profits frequently and buy metals with crypto.
News recently has come up that China and Russia have been accumulating massive amounts of metal as China works to ban cryptocurrency. This is a smart economic move. Many western nations especially the U.S. are being left hung out to dry while trade imbalances obliterate the US economy and then Americans wealth is nonexistent or tied up in Crypto. Please.. be careful.
