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welcome to your gold silver bitcoin market update for the week ending 29th of january let's dive on in i'm miles harris and this channel provides global macro insights and champions the importance of sound money in a world gone crazy what a week it's been really has been quite something to observe and i think we're heading into another wild week again next week so let's start by having a look at the gold and silver prices so we can see that silver has performed enormously well this week meanwhile gold has stalled around about that 1850 mark and so just looking at the major macro indicators here we can see the fiscal deficit has really been run up over the course of the last month and we've discussed this in a number of videos where we can really expect to see this deficit continue to grow meanwhile we've seen a slight rebound across the month of the dxy index there rising from 90.22 up to 90.52 and so while we can see the gold has broken out of that downtrend we can see that it's also retested that level a number of times and each time of course increases the actual likelihood that it could actually go a little lower but meanwhile just look at what has taken place with silver here it's been absolutely staggering battle this week and if we just close in here we can just see how the market has tried to be smashed back down but then the buyers have come back in and the redditors have really understood the potential for a short squeeze within silver and it's just going to be quite some battle this and so just looking at the gold silver ratio well we can now see that we're potentially at a real breakout zone 68 has tended to be real resistance for silver to actually get through so if we break through that level i can imagine that silver could really move quite dramatically and surely gold would then have to follow and if we now just look at first majestic where we can clearly see that it has broken through that downtrend that it's been in since uh around 2013 ended 2012 there and this has been absolutely huge move as the redditors have really got hold of the idea that there's a big short position on first majestic and it's somewhere around 22 percent of the actual float of stock is short so while that doesn't uh compare well with gamestop which was around about 120 of the float um nonetheless we can see that there has been a squeeze taking place and that's seen the stock almost hit the 20 mark this week and if we now just focus on the longer term prospects for silver well we can see that this dow silver ratio where the low of 20 was achieved back in 1980 if silva gets moving here we really could see something quite dramatic unfold and so as he points out in this next tweet the headlines like this attract larger money longs looking to gain easy profits on momentum higher so is there this potential for the reddit investors to really drive up silver well it certainly looks as though it's possible if they are going for physical metal but according to the ft and you'll love this just look at this paragraph at the bottom where it says there is a misnomer here that banks are constantly running short positions but from a price perspective they are neutral they have a long and a short that cancels each other out it's a fool's errand it's financial anarchy somebody's going to get hurt i think they're desperate for silver not to move like this and look what's happened on the slv etf here where bob coleman points out that it's just added uh 37 million shares to the trust today 1150 metric tons of buying in one day it's absolutely huge equivalent to 25 of all the registered inventory backing the silver comex future contracts so for silver investors this is all incredibly bullish and really does reflect the possibility for something truly dramatic to take hold here but just a little word of caution because what we have seen this week is of course the elites come down very heavy-handedly on those robin hood traders and now some of them are filing class action lawsuits against robin hood because they were stopped from actually trading their shares or they were even sold on their behalf meanwhile there's all sorts of restrictions in place which for instance where some trading platforms are not allowing you to actually purchase more than one stock and first majestic is on one of those lists but data here from citadel securities the hedge fund that ben bernanke was working with and acts as a market maker for robin hood suggests actually perhaps there's many others driving this trend because we can see that the retail flow of uh buys versus sales was net negative on tuesday wednesday and thursday this week but what this could also be suggesting is that perhaps other hedge funds are beginning to front run wall street beds perhaps and this could actually provide additional fuel to the silver fire if real momentum is really developed on the silver price it could end up being becoming some sort of self-fulfilling prophecy but it's worth pointing out that we are taking on enormously powerful institutions here and just remember that's just what james anderson suggested could actually take place but please bear in mind we are in for a very wild ride here and so meanwhile treasury yields well across the month here we can see that they've risen slightly meanwhile wti oil is up dramatically across the month from december if we just look at what's taking place when it comes to risk on and risk off well we've seen a big increase in the vix index this week and we can see that the spx is down 3.67 percent on the week and this is really highlighting the prospect for markets go risk off so you know will we get a trigger event where we see further declines will there be a need for uh the central bank and the plunge protection team to come in and intervene quite possibly but what's really really interesting about this is that while stocks have gone down significantly here we haven't seen that rebound in the so-called safe haven treasury bills now i did mention this last week that will treasury bills continue to act as that safe haven and this is something that lou groman points out here the dow jones industrial average down 600 points in two of the last three trading days and the safe haven tlt etf is down it's a big potential signpost he believes and just look at the vix index here where we can see it's reaching highest levels that it's been at since uh back at the beginning of november there meanwhile onto bitcoin well across the last month it's uh it's up 23.5 and of course hit that all-time high of 42 000 did suggest we were going to see a big breakout after elon musk was uh sent out a tweet or put it in his headline about bitcoin uh but you know that has uh subsequently uh seen a retest of that downtrend there but it's also interesting to note here that there's a sizable short position on bitcoin of around 1.6 billion dollars by hedge funds and that's interesting to note so that could be another area where the reddit predators decide to target oh and so what's it done to our portfolio that we set up the other day now we can see the aggressive portfolio is down 5.37 but don't forget we've had those hefty premiums to pay on the uh silver particularly the silver where that was purchased at 29.48 uh per coin and then we had gold at 1 983 so we can see we're we're down around five percent we got some good gains on our mid-tier miner there and i also suggested that uh we wanted to wait for a pull back before we board into uh c double lxf and we did get that pull back the stock actually pulled back to 260 but i'm going to keep that on at three dollars you know this long term so let's see where it goes and we can see we're down 2.33 there meanwhile for the conservative portfolio well we can see we're down uh 6.39 but the volatility has been far far less on this so i think we were down about 12 13 at one point on the aggressive portfolio now if you're interested in getting a copy of these do make sure you sign up for my free monthly newsletter i'm going to get that sent out this week to the subscribers that have kindly signed up for that and so while we've seen the davos elites meeting online this week uh we've also seen the counter movement a people's lead movement the greater reset taking place and they've got a lot of videos that they've put up on their odyssey channel which you can also find on elbries it's also known under the greater reset so that's well worth checking out for a more positive interpretation the future for mankind and so it looks like we're in for a very very choppy week ahead will silva continue to make big moves well not if the banks intervene it's highly likely that they are going to fight back and really give it some firepower they do not want silver and they do not want gold racing upwards what's more they need to curb this movement so will they look to actually disband this group from reddit well it seems entirely plausible because once again this is just highlighting all the inequalities of the economic system the fallacy of fiat currency and how the system is just so rigged against uh lower and middle income households this is the great equalizer on a week where i've been reading spartacus to my son this was wonderful to watch and i really expect the fireworks to continue next week but we've got to be careful out there this is no market for uh widows and orphans so thanks so much for joining me do consider subscribing and i look forward to seeing you next time