There is an important life lesson you should learn. If you did not learn it by the time you turned 13 let me tell you.
People do not know what they are talking about. You make money by betting against people who are sure of themselves. I warned here that palladium was going parabolic. It was time to sell. The cheerleaders never listen. They think investing is like finding a wife. You meet a nice gal, get married and grow old together. It is not like that. Investing is like dating the hot psycho girl. You are in it just for the ride. You need to get out before the restraining order.
At every market top, people give a million and one reasons to buy. In the commodities market, the idea of a “shortage” is popular. There are now endless articles on main stream sites claiming there is a shortage of palladium. The idea of a shortage should always be followed by three words: At what price? Every commodity is in shortage. If it was superabundant, it would have no price. The fact that a price manifest itself on the market, indicates it is in limited supply.
Calling the top in bitcoin was the easiest call I ever made. I called it to the very day. See here. Not only did it go parabolic, but I got at least a dozen phone calls from people asking me if they should buy it. I told them to read the book “Extraordinary Popular Delusions and the Madness of Crowds”. I told them it went parabolic and everyone was talking about it. This indicated the top was in. Those searching for ‘bitcoin’ using google, pegged out at 100 the day of the top. That was all you needed to know.
Palladium should get a nice bounce from this level. If it does not take out the previous high, look out below.
