Experienced trader Peter Brandt believes that one precious metal will go much higher in value.
The legendary trader tells His 835,400 followers on
“Palladium is going much higher, either from here or after a dip back towards $1,650-$1,700.”
Palladium is trading at around $1,768 per ounce at the time of writing, down more than 6% on the day.
Then the trader say that platinum may be on the verge of a correction after a massive breakout.
“PMs (precious metals) have gotten into the blow-off tops. It’s impossible to pick the top during a blow-off and never try to short the top. Blow-offs can go a long way price-wise, but time-wise we’re close to the intermediate top. Timestamp this if you’re one of the immature greenies doing that kind of thing…
I’m not saying this is the top or the top forever. Only novice idiots would understand me like that – and you don’t belong to that camp. I think precious metals are going much, much higher, but far too many expensive bulls thinking they have it all figured out.”
Platinum is trading at $2,265 per ounce at the time of writing, down more than 1% on the day.
Finally, the trader warns that Bitcoin (BTC) may experience a deep correction based on previous cycles, while predicting that the next cycle top will occur in almost four years.
“There has never been anything like Bitcoin, and perhaps there will never be anything like it again. In 15 years, BTC has experienced five parabolic advances on a logarithmic scale, followed by declines of at least 80% (current cycle not yet completed)…
I have already predicted that the next bull market will occur in September 2029.”
Bitcoin is trading at $87,554 at the time of writing, down marginally on the day.
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Generated image: Midjourney