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Gold sure to Rocket and Bitcoin crash...............
DoubleEagle59
Posts: 8,198 ✭✭✭✭✭
Why?
Because Cramer just recommended getting rid of 1/2 your gold holdings and use it to buy Bitcoin.
I find Cramer to be a dufus.
"Gold is money, and nothing else" (JP Morgan, 1912)
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
5
Comments
While crypto prices are pretty much at the mercy of speculators I find one aspect of them very promising. Cryptos and blockchain technology help to disrupt the corrupt control of our system of banks and currency. This may be their ultimate value. I am truly surprised that the corrupt controllers have allowed them to prosper as long as they have.
Keep an open mind, or get financially repressed -Zoltan Pozsar
I agree. Cramer is a joke. He has caused a lot of harm, especially during the housing crisis. I guess he is getting primed for the next financial crisis. Booyah!
Yup do the opposite of what Cramer recommends and you are on top. Been that way for what seems like a few decades. How does such a parasite still have a job?
The whole worlds off its rocker, buy Gold™.
IMO he is a messenger for all those companies that he pumps up for the viewers to buy, because he cannot own any equities if he mentions them on his ridiculous circus show. Then, it works in the reverse way when he trash talks about equities to dump. Reeks of insider trading and under the table handouts. I would love to see a probe into his financial records for the last 30 years! Oh, and I just remembered that he said Bear Stearns wasn’t going anywhere and you are stupid if you sell their stock.
Because the people that pay to advertise on CNBC know to do just what you do - they get advertising and cheap/reliable investing advice...
Thanks drei3ree!
Note the price relationship between bitcoin and the S&P 500:
Keep an open mind, or get financially repressed -Zoltan Pozsar
@derryb: that graph requires careful interpretation. I'm not sure what it is intended to convey, but I might dare to call it deceptive. Because of the different scales for the S&P and bitcoin, it would be very easy to draw erroneous conclusions. For example, anyone looking at the graph would naturally conclude that bitcoin is less volatile than the S&P, and, notably, that bitcoin weathered the early COVID crisis better than the S&P. If you look carefully, however, it becomes clear that bitcoin got hammered more severely than the S&P.
simple. it conveys, with simple interpretation, that bitcoins rise since 2016 is very similar to the rise of the SP500. Nothing more, nothing less.
Keep an open mind, or get financially repressed -Zoltan Pozsar
“ it conveys, with simple interpretation, that bitcoins rise since 2016 is very similar to the rise of the SP500.”
Except that is not true.
Sheeple follow the herd? Well except with metals. lol
The whole worlds off its rocker, buy Gold™.
The chart does not show you that when S&P rose, bitcoin rose and when S&P dropped, bitcoin dropped? lol
I find it a telling observation.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Cramer is nothing more than a Goldman Sachs carnival barker for stocks. Meh.
I knew it would happen.
@derryb: Actually, the chart is quite deceptive. A cursory glance might lead someone to believe that bitcoin and the S&P are strongly correlated. This confusion arises in part because of the scaling, and in part because both S&P and bitcoin grew substantially in value over the entire five year period beginning in 2016.
In fact, if you start with the underlying data and calculate monthly price movements over the period, you'll find that the price movements of bitcoin are only about 20 % correlated with those of the S&P. (ie, the correlation coefficient of the two price movement data series is about 0.20) In many periods, bitcoin and the S&P move in opposite directions.
Although it is easiest to draw this conclusion by going to the underlying data, it is evident from the graph as well. The price behavior of bitcoin and S&P look particularly uncorrelated in 2018 and 2019. In fact, the correlations are negative in both of these years -- and are quite strongly negative in 2019.
By way of comparison, the 20 % correlation of bitcoin and the S&P compares to a 95 % correlation of NASDAQ with the S&P over the same period.
Great analysis and spot on.
I would have just said more typical regurgitated drivel, but im an arrogant bot.
I do love the games some bloggers like to play. Game on!!
Knowledge is the enemy of fear
I did the opposite of Kramer and mad a TON on Haliburton back in the day. Dalio says Bitcoin may be out lawed like they did in India.
100% Positive BST transactions
The chart could represent a positively-correlated asymmetric relationship with a time lapse factor, even considering the scaling.
I knew it would happen.
I personally don't care for Cramer.
Cramer is still on tv ? I haven’t seen him in years.
Its a very deceptive chart as it doesn't really convey that. Bitcoin correlations are very interesting though.
Clearer data for correlation based on year since 2016:
Calendar Year Correlation to Bitcoin S&P 500
2020 0.22
2019 -0.09
2018 0.04
2017 -0.01
Those are weak or no correlation based on year. Generally need above 0.7 for strong correlation, 0.5 to 0.7 is considered moderate. Shows you need exposure though although the 50% drop for ₿ in March was brutal. Was not happy about it then but didn't sell either as properly diversified.
The derryb bot makes its own charts.
"Since 2016"... that's precious.
Derryb is cramers ASSistant