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If bitcoin's rise was bad for gold, will its fall be good? This is the question posed at ZeroHedge.
Tyler Durden writes:
Gold’s failure to take off like like a rocket when conditions become this favorable has been a puzzle for its fans. One explanation that has gained a lot of, ahem, currency is that it’s been replaced of late as the world’s safe haven asset by cryptocurrencies, bitcoin in particular. Bitcoin’s price action in 2017 appears to support this thesis. While gold was treading water, the capital markets may indeed have responded to the newly-inflationary environment. They just chose to hide out in cryptos rather than precious metals.
Now that bitcoin has reached its triple bottom, one has to consider the possibilities of gold surging. That is assuming the trend continues for bitcoin.
So if global financial markets are increasingly unsettled, and cryptos have proven to be unsound hiding places, where is all the terrified capital going to scurry next?
Durden says it will be gold - or silver - based on trends from the past 2000+ years.
- Aaron Goldstein, Gambling911.com
