Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi James and team, Can you please give me your thoughts on Bitcoin ? I bought Bitcoin at US $14,700 currently at US $16,180 . This is the first time I have bought Bitcoin and was wonder where you see it reaching in the short term and long term. I bought RMS at $1.845 after it’s fall from $2.34 ,would like your thoughts on the short term and long term outlook . Cheers Craig
Morning Craig,
Bitcoin is not an asset MM has ever invested in, but we do occasionally reference it as an indicator of free cash / speculative dollars in circulation. Like equities Bitcoin has performed very strongly since March and we believe this rally looks likely to extend further into 2021 however after the strong advance since September a period of consolidation feels likely short-term.
In term of Gold stock RMS, it has struggled of late like much of the sector but around 5-8% lower we believe the risk / reward is becoming far more attractive for RMS. This has been one stock and sector that has struggled following the positive update from Pfizer as optimism towards an global economic recovery sooner rather than later gathers momentum.
MM likes RMS around $1.80 with stops under $1.45.
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