Global Economic Outlook: Gold Crashes
Last week turned out to be a mixed bag of economic developments culminating in the release of "strong" US Housing and Inflation figures late on Friday. The notional "improvement" in the US economy has raised expectations that the Fed may raise interest rates during the course of the year. This morning, precious metals markets dropped in unison with Gold plumeting over $40 at the open. Greece's banks open their doors today and Chinese officials rejoice in their regulatory ability to control the stock market. This post is powered by the Bitcoin Trading Network xbt.social - CCN29 and get....
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Market turmoil has intensified in February, and many analysts are predicting that the Fed may make a U-turn on their rates hike decision. In the flight to safety, Gold has extended its rally while Bitcoin looks to be going to ground. This week’s edition of Global Economic Outlook looks at the gold, bitcoin and US dollar charts. Gold has been in a long-term bear market since 2011 when it struck a top just below $2,000/oz. An advance from its December 2015 low, was cynically regarded as just another upward correction prior to additional decline, but surprisingly gold just kept going. Bitcoin....
The head of the International Monetary Fund (IMF), Kristalina Georgieva, has warned that the global economic outlook “has darkened significantly,” emphasizing that, regarding a global recession, “we cannot rule it out.”
IMF Says Global Economic Outlook ‘Has Darkened Significantly’
Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), discussed the global economic outlook and the prospect of a global recession in an interview with Reuters Wednesday.
Commenting on the global economy, the IMF....
Across multiple economic downturns and bear markets, gold has proven to be a haven for investors worldwide, with many traders and investors opting to invest in it to protect their capital against value depreciation, which occurs from inflation, causing an increase in general prices. Because gold prices are related to the US dollar value due to gold being dollar-denominated, a stronger USD keeps the price of gold down and more controlled. A weaker USD drives the gold price higher due to increasing demand. Ultimately this means that more gold can be purchased when the dollar is more....
The crypto market is in turmoil as Bitcoin, Ethereum, and other larger cryptocurrencies return to levels last seen in 2020. The number one crypto by market cap lost critical support and descended to the lower area of its current levels. Related Reading | Bitcoin Long-Term Holders Realize March 2020-Like Losses As BTC Crashes At the time of writing, Bitcoin trades at $23,300 with a 16% and 22% losses in the last 24-hours and 7-days, respectively. As the macro-economic outlook seems bleak, with an increase in inflation and U.S. Federal Reserve (FED) set at stopping it, conditions seem....
Bitcoin is nearing a psychological tipping point, gold parity. Its price has been accelerating in the past few days, increasing by $100 in just over 24 hours. Meanwhile, gold has fallen by $200 this quarter, currently standing at $1,134.45. Gold’s Price This Quarter. There appears to be a strong inverse correlation between gold and bitcoin from September to now, with bitcoin gaining $300 while gold has lost $200. The reasons for this inverse correlation are not fully clear. Bitcoin’s Price on Bitstamp. Gold usually performs well in times of uncertainty, as is often the case with bitcoin,....