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

Sharing is Caring!

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.”

READ  Bitcoin Head and Shoulders Top? Watch This Support Level!
READ  The Shaking In California Is Getting WORSE As Hundreds And Hundreds Of Earthquakes Cause Alarm On The West Coast




Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.