Kenton Toews – Crypto Focus – FTX Bankruptcy, The Future Of Crypto, and The Never Ending Bitcoin vs Gold Investor Debate
Kenton Toews, Founder of Youxia Crypto joins us to share his thoughts on the recent slew of bad news out of the crypto world focused around the FTX bankruptcy. Kenton has a very unique outlook on crypto come initially from the gold market, as a broker at Sprott Asset Management, and now in the process of starting up a crypto fund.
We start with the FTX bankruptcy and how it further shows that de-centralization should be the focus for the sector. This ties into areas where Kenton sees opportunity in the crypto world. We then move to a much broader discussion on the types of investors in crypto and how the similarities and differences between gold investors. This is a wide ranging discussion.
Good on ya DT. Yes, buying and holding is still likely the best strategy for investors at this point in the cycle, as there is plenty more room for these stocks to run in the medium to longer-term, even if there is more short-term pull-backs.
One day doesn’t make a market, but still… glad to have hedged my long portfolio on late Friday with picking up a JDST position; because it was up about 10% on the day, as the metals and miners pulled back. It was such a quick return in just 1 day’s trading, that I took some of it back off the table today to book those profits, and left some on to further hedge things.
Also, many of the positions I sold on Friday to harvest gains were down 4%-8% on the day, so glad to have pulled the trigger on booking their gains the end of last week, instead of waiting until today. Granted a lot can go on for the other 29 days of the wash period, but so far, glad to have side-stepped today’s rout in those larger positions that were liquidated for the short-term.
Crypto a bunch of worthless digits in the real world. Still tells me long term we have a long way to fall in paper asset prices. I’m glad gold and silver are pulling back to keep the wall of worry intact. I would not hate to see a quick dip to the high 1690s and silver sub $20. That should clear out all the suckers worried about buying their kid the GI Joe with the kung fu grip. Trading Places reference there for all you Gen Xers like myself.
So it happened after silver rose “at least $2” like I said over a week ago when silver was $1 below today’s close and $2 below Friday’s close.
From Nov. 26-27:
Any scary pullback will probably have to start from a much higher level (at least $2 higher?)…
Today was no surprise just as last week’s early drop wasn’t either. I’m focused on the weekly action, not daily. As I said yesterday/Sunday: “A sharp intra-week drop that recovers most of the loss quickly would be fine…”
When talking about AEM yesterday I said: “To be clear, yes it could easily pull back inside its Bollinger Bands…” and now it has but not by much…
Brixton had a great day in spite of the action in the ETFs and finished up 12.24%…
SLV filled Thursday’s gap and finished the day one cent above the close that preceded the gap. As touched on yesterday the daily chart looks much riskier than the weekly chart…
I’m sure there will be plenty of buy orders around the 50 week MA if silver manages to fall the needed 75 cents to get there. Notice how the 50 and 200 week MAs are now rising parallel to each other…
Kootenay also did well. There were two full weeks in November that each had much less volume than today.
Yes Kootenay had a nice bit of volume by midday…. What caught me was the Brixton close. I got busy in the last hr and was pleasantly shocked when I got home and saw the close
IPT opened at its high for the day where roughly 75% of its total volume took place. The subsequent drift lower was weak.
Trend Quality: https://tinyurl.com/k8h8jpm9
Overnight Gold/Silver Swing Top
NatGas Report Tuesday
Some targets if the swing top holds:
GDX : 25.81 — GDXJ : 31.59
SIL : 25.83 — SILJ : 9.62
My silver didn’t do well as a group but Emerita, Surge Battery, Brixton and Magna Mining exploration carried the day. Guess what stocks might go down tomorrow.
Like duh…….. bitcon vs gold……..
Some up and some down and some not reported. BS snowstorm picks up on CNBS. They never saw an issue that Central Banking caused. All a mystery to them . Parallel universe crumbling. We will see if they act better after coffee.
Dollar down … Gold/silver up. I am going strong + $163. I think I need $163.37 to start thinking breakout. I can wait.
Breakout disappeared and instead way down the road to erasing yesterdays gains. Just another Day.
Back into Sokoman for the ?? time. I bet if we added together the number of times we have been in and out of Sokoman, might be some kind of record….
Yeah, I finally just gave up on Sokoman when they repeatedly dodged my requests to bring them on the show or simply get an update as an investor, After 3 different IR people in 2 years (not a good sign) and and repeated missed commitments on communication back to me, I left them behind. There are plenty of other junior mining companies that care to return a phone call or email and want to discuss their company. Good luck in the trade though, as their project was always interesting to me in Newfoundland.
Dec1 Presser mentions Cesium. It caught my attention.
Alternating Day Status Report:
If the trend continues, and the economy collapses and I must live off of mining stock earnings, will I ever pay taxes again in the US? (Direct Quote from the Best Selling Book: “If You Have No Income You Will Starve Before the IRS Can Collect Taxes”.)
I am not going to sell my Brixton, it is showing strength in a day when gold is skidding down, besides we have too many Flippers on this board! Somebody has to “Buy and Hold”! LOL! DT😊