Between gold, silver and bitcoin, here's the most popular safety play with traders (via CNBCFuturesNow)
That question is likely coming into focus for investors and traders as they seek safety or protection with the"Since last November — so, for about eight months or so — when the Fed started to move towards dovish, people flocked to gold and to bitcoin and they ran them both up," Jim Iuorio, a veteran futures and options trader, said Tuesday on CNBC's"They forgot silver, but ... silver sometimes lags gold and then catches up all at once.
"Bitcoin, all of a sudden, has shown some drastic volatility over the last two weeks, including a $3,000 drop in about a minute two weeks ago," said Iuorio, who is managing director of TJM Institutional Services. On Tuesday, Iuorio — who said that he was long gold and planned on growing his long position — put on a gold trade by buying $1,428 contracts with an upside target of $1,448 and a downside stop at $1,417. U.S. gold futures were trading around $1,419 on Friday.
"It had a key reversal," he said in the same "Futures Now" segment. "I'm not the biggest technician in the world, but I pay attention to key reversals. What does that mean? It means that the contract made a new high and finished lower on the day, and that's horrible. And, since then, gold has been terrible.""I would much rather own silver. ... I would be a buyer of the September contracts [at] $16.45," Nations said.
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