If you want to know where gold is going, follow bitcoin, say analysts

Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) – If gold investors want to know where the precious metal is headed, some market analysts are saying that they should be taking a look at bitcoin .

According to some analysts, the investment debate between bitcoin or gold is quickly disappearing as both assets are now reacting to the same motivations: the global currency debasement race.

Bitcoin has been surging higher since mid-October, seeing five weeks of consecutive gains. Currently trading at $15,432 a token, bitcoin is trading at its highest level in two years.

Analysts say that like gold, cryptocurrencies are benefiting from the massive fiscal and monetary stimulus that has been pumped into financial markets, to support the global economy devastated by the COVID-19 pandemic."I wouldn’t […]

About the author: StockMan

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