Transcription
Hey everyone, and thanks for jumping back into the heavy metalverse. Today, we're going to talk about palladium and how the bull market for palladium continues. If you guys like the content, make sure you subscribe to the channel, give the video a thumbs up, and also check out the sale on Into The Cryptoverse Premium at intothecryptoverse.com. That sale will end at the end of the year.
Now, while we do focus mostly on crypto and stocks in general, um, we know that there's always a bull market somewhere. And when the bull market is not where you want it to be, it doesn't mean that you just have to sit around and twiddle your thumbs and feel sorry about it until the bull market comes back to the asset class that you like. What's better is to just recognize when something, when an asset class is in a bull market, to try to capture those gains rather than just wait for it to come back to the asset class you want the bull market to be in.
And so, a few months ago, we made a video where we talked about palladium. It was around a thousand, 1,000 to 1100, and we said, "Look, guys, this is likely the start of a bull market, right? This is the backtest, this is the macro higher low, and that it should bounce from there and ultimately go a lot higher." I don't know if we drew that path out, um, in the video, but we ultimately did talk a lot about it and how it should ultimately, um, yeah, like, we we talked about how it should find support here and then break out. And so, you can see that it did that, right? If we overlay the bull market support band onto the chart, you can see that that's where it found support. And then, as we, as we looked at this, we said, "All right, this is a very familiar pattern, right? What, what usually happens is that it runs the highs and then backtests, puts in a macro higher low, and then runs." However, we noticed that there was this high right here at 1,600. And so, we suggested that after this move, right, after this move back down, we get this move up, that it would likely get rejected on the first try of 1,600. And you can see that it did, right? It came back down to about 1350 or so. And now it's back up.
So, this was the original video. Okay? And then we did a, this was three months ago. Then we did a follow-up video two months ago where we said exactly this, right? Like that it would come up here to around 1,600, pull back to mid-300s or so, and then run. And sure enough, I mean, you know, you can see that it, it, it found resistance right there and then now it went back down and then now it has broken out again.
So, I just want people, and I've said this many, many times, right? I want people to be aware that when the bull market is not where you want it, it doesn't mean it's not happening. There is always a bull market somewhere. It's just a matter of figuring out where it is. Okay? You don't have to throw money away in altcoins for years and years and years in the hopes of, you know, finding the right, the right one that'll make you rich. What's better is to just find assets that actually have value long-term and not these sort of these get-rich-quick things, and then be a, be an investor like that. And that is really the way to building wealth. I think a lot of people went into the current crypto cycle sort of assuming that they would just buy all these altcoins and it would outperform Bitcoin, and instead, they just continued to bleed. And so, this has been a good cycle for teaching people, like, good investing principles. I'm sure we'll forget by next cycle, don't worry. But it is something to think about.
So, with palladium, right, I don't, I mean, it's hard to know exactly where this current run is going to take it. Um, I will say, I mean, long-term, like really long-term, I fully expect palladium, you know, to get back up to these levels. But I mean, it could, that certainly could take some time. Like, I'm not suggesting that's going to happen right now. It might take till the end of the decade. It might take even longer than that. But when we look at this chart, a chart like this, it, it is a familiar pattern, right? Where you have sort of these highs and then you break out. You guys know where you've seen that pattern before, right? I'm sure you know, if you think about it. Yeah, you guessed it. Bitcoin dominance, right? If you look at, at Bitcoin dominance, everyone's favorite chart. I'm sure you guys remember that pattern. We just got to go to sort of like the, the weekly view for you to kind of see the same thing. But you have a similar idea where you have a level that's hard to break out of, but then once you finally break out of it, that's when the bull market for it really gets into sort of the middle part of the bull market, right? This is the early stage of the Bitcoin dominance bull market. And then this is kind of like the meat of the bull market where it really starts to move and then more and more people start to accept it. The same thing with palladium, right? I mean, like, it, it couldn't break through these levels, and then now that it has, we've really gotten into the bull market. We've seen it other places as well, right? Not just Bitcoin dominance. We also saw it, uh, with the Hensing Index in China, right? It's like, similar idea. You have a level that's hard to break through, and then when you break through it, you get that pullback, that macro higher low, and then you get into the bull market, right? It's the same idea. And so, you see it across the board.
So, I still think palladium's bull market will continue. Um, it has been beaten down a lot recently, and I, I, I think that it still looks constructive to me, right? It still looks constructive to me. Had a nice little pullback here, trying to go a little bit higher. The only thing that I, I want people to be aware of is that sometimes when you sort of get these sort of a sweep of a high, like if it, if, if we don't close up here and it comes back down, there's always a chance it could have to check in with a bull market support band. And I think that's kind of what happened, um, with, what was it? It happened. I think it happened with another chart we were looking at where you sort of had like a high and then sort of like a sweep of the high, and then it came down, and then it ran again. Um, I don't know if it was the HSI. Uh, yeah, you can see here there was sort of like a move up and then it came back down a little bit and then a sweep of it, and then it came down even further. I don't know if it actually went all the way. It looks like it went, yeah, basically just below the bull mark.
But ultimately, the thing with metals, and I, I've been saying this for like the last, I don't know, three years or so. The thing with metals is that they're just in a macro bull market. And, you know, it's easy to want to like try to sell the top to then kind of brag about it. And like, certainly there's going to be highs that are put in, and then you're going to get consolidation phases. We might be in one, right? We might be in one right now for gold, right? Like, if, if gold is doing like what it did over here, it could just be repeating it where it then kind of comes back down and just consolidates until this bull market support band catches up once again. It's done it several times. So, I do want people to be aware of that, that we could very well be in sort of a consolidation phase right now, but overall, you know, the, the bull market in, in the metals continues. And it's easy to want to be a hero and call the top. But ultimately, I think just kind of riding the bull markets for as long as you can makes a lot more sense.
One of the things to consider too is like, when, when assets do kind of undergo transitions from a bull market to a bare market, a lot of times you'll have plenty of time, right? Like, you'll see like how Bitcoin is at the same price it was, you know, essentially a year ago, right? And so, in order to be a lot more bold about sort of declaring a bull market in metals over, you would really need to see some evidence for it, right? Right. And like, and, and all we're getting by gold and by palladium and by silver and uranium, but at recently, it's been more of a pullback, but all you're getting, if you wait a few months, you know, at some point, maybe more than a few, some for some of them, they then give you new highs, right? So, as long as you keep getting new highs, it's hard to want to fade it. If you go through a long period where those new highs start stopping happening and you see more of like a consolidation phase, it might start to look like a distribution phase. That is something completely different, but we're not, we're not like at that point right now. So, I would still say palladium, uh, still looks like it's in a bull market to me. We have higher highs, we have higher lows. Yes, there's always a bull market somewhere, right? There's always a bull market somewhere. And it doesn't matter really. It does not matter if you're getting the gains from an altcoin or from a metal. Okay? And so, I, and I've tried, we've tried to talk about this. Unfortunately, when we, whenever I talk about metals, like no one really cares, but that's where the gains are right now. I mean, like, you know, palladium's doing well, gold continues to do well, silver, I mean, you know, I, I had a lot of people give me a hard time about posting about silver, but I mean, look at it, guys. Like, what are we supposed to do here? We're watching silver go from $20 to $60. We're supposed to pretend it's not happening? No, right? There's always a bull market somewhere.
If you guys like the content, make sure you subscribe to the channel. Give the video a thumbs up and again, check out the sale on Into The Cryptoverse Premium at intothecryptoverse.com. That sale will end at the end of the month. Thank you guys for tuning in. Make sure you subscribe, and I'll see you next time. Bye.