Central Banks Dump Gold for the First Time Since 2010, Precious Metal Drops 9% Since August High

Central Banks Dump Gold for the First Time Since 2010, Precious Metal Drops 9% Since August High

A few central banks have started selling tons of gold for the first time since 2010 in order to ease the financial suffering from the Covid-19 pandemic. At $1,875 per ounce, gold prices are down -9.63% since the commodity’s high of $2,075 on August 6.

Even though gold has dropped significantly in value in contrast to bitcoin (BTC) , gold bug Peter Schiff decided to use the opportunity to rag on bitcoin on Twitter. “If you measure the size of asset bubbles based on the level of conviction buyers have in their trade, the Bitcoin bubble is the biggest I’ve seen,” Schiff tweeted on October 28. “Bitcoin hodlers are more confident they’re right and sure they can’t lose than were dotcom or house buyers during those bubbles.”

However, unlike bitcoin which has been on a tear lately, gold prices per ounce have floundered. The precious metal did reach a high […]

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