The cyclone that hit the financial market has made legendary Peter Brandt aver that precious metals like Gold and Silver are not worthy of being referred to as a means of storing value. The veteran trader who recently called for the possibility of a more horrific BTC crash also grouped Bitcoin with the precious metals.
Tongue-lashing the assets which are widely known for storing wealth, Brandt said in his opinion, the precious metals and Bitcoin are more of a catastrophic insurance policy which is not worthy of vesting money into.
“A premium is paid, hoping the policy is never needed. But if it is needed, the owner is protected against a worst case scenario”, Brandt stated.
In a previous statement, Brandt addressed that for so long, the two precious metals have been referred to as a good means of storing value and assets which has exceptional long-term hedges against inflation.
Peter Brandt refuted such claims. He said Silver does not have such characteristics, “and Gold is finally back to inflation-adjusted levels from 40 years ago.”
Many claim that Gold and Silver are excellent long-term hedges against inflation and are stores-of-value. Definitely NOT true for Silver, and Gold is finally back to inflation-adjusted levels from 40 years ago. pic.twitter.com/6mX9WvtJ3a
— Peter Brandt (@PeterLBrandt) March 23, 2020
Trader Brandt rebutted that Silver possesses such characteristic because of the market trend of the second most valuable metal. He captioned a graph indicating the fractal of Gold and Silver.
Peter Brandt Believes Bitcoin Could Reach $2,000
One of the officials of Adamant Capital, a licensed investment company focusing on financial intermediation got a rejoinder from trader Brandt after revealing his conviction that Bitcoin would get a turnaround in soon.
Tuur Demeester of Adamant Capital said he’s less worried about the recently witnessed downfall of Bitcoin from $10K to around $4K.
He said Bitcoin remains profitable in the market in spite of the liquidity crisis. He furthered that once people begin to value their wealth, they would turn towards Bitcoin.
Responding, Brandt question Turr if he would change his mind if Bitcoin witnesses another huge fall. Revealing his expectation with a graph, Brandt captioned that Bitcoin could fall to as low as around $2,000.
Will you change your mind (short-term at least) if chart completes a bear flag? pic.twitter.com/tqBTiPXWZw
— Peter Brandt (@PeterLBrandt) March 22, 2020