Gold getting bumped from safe haven status by bitcoin is ‘silly’ – Jim Wyckoff

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Kitco News, Released on 5/27/21

Gold’s recent run up to a 4 ½ month high on Wednesday was due partly due to markets taking a hard look cryptocurrencies, said Kitco’s senior market analyst, Jim Wyckoff on Thursday afternoon. On Thursday June gold futures tracked down by $7.80 to $1,893.40 after breaking through $1,900 level mid-week. Bitcoin is down around 40% after hitting a high above $65,000 in mid-April. Wyckoff said cryptocurrency has been around thousands of years while bitcoin is just over a decade old, and it was a “… silly thought in the first place that gold would be replaced as a safe haven asset.”

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