Gold Futures and Bitcoin Price Are Skyrocketing
Gold futures and Bitcoin are on similar paths, albeit both for different reasons. People often see correlations between gold futures and Bitcoin, as they are both quite valuable with potential for a value increase. Now that the Bitcoin price is rising, the value of gold seems to follow a similar trend. Or to be more precise, the gold miner stocks are increasing in price, which could indicate a future gold price increase. Gold Futures Surge By Over 11%. This week has been kind of interesting for traders keeping a close eye on the gold futures charts. With the best day in over seven years on....
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Bitcoin has come to be the known as digital gold – a new age currency whose value cannot be eaten away by the inflationary policies of the government. The two have shown divergent trends in May, with Bitcoin's value skyrocketing and gold declining. Causes for gold's decline. Gold is viewed as a safe haven for investment during periods of turmoil and tends to go up during times of crises. Gold also acts as a hedge against inflation and tends to rise when governments follow expansionary monetary policies. Increasing interest rates tend to result in a fall in gold prices, because money flows....
The Bitcoin as digital gold narrative is suddenly taking on such significance, hedge funds, corporations, and institutional investors have begun reallocating a portion of their gold holdings into the cryptocurrency, according to Bloomberg Intelligence. A top senior commodities analyst for the financial forecasting giant believes that trend along with climbing Futures interest while gold declines, means that the cryptocurrency is beginning to gain the edge, price appreciation wise. Here’s why this trend will only continue […]
Last year, the Winklevoss twins predicted that Bitcoin is set to become Gold 2.0, right now it's starting to look as if they might well be right. Every day, according to estimates, around £220bn of gold changes hands in London. The gold price has been set since 1919 by the London Gold Fix. but, of late, the gold fix mechanism has been somewhat losing its luster. There have been growing concerns that the London Gold Market Fixing Limited, which is owned by Barclays, HSBC, Société Générale and Scotiabank, may have been manipulating, or at the very least allowing the gold price to be....
Not only has Bitcoin outperformed every other major currency, stock index and commodity on the market to put it within reach of its record all-time high set in 2013, but it is also aiming to break the price per ounce of gold set at $1134. The prices to beat for the digital currency to reach its Nov. 30, 2013, all-time high tag of $1132.29 are in the $900-range, which the market shows it has already stepped into. Platinum and gold prices. Market figures also show that Bitcoin has overtaken the end of day commodity futures price quotes of $893 for platinum on Dec. 23. Now, with the rising....
One of the UK’s oldest bullion producers and the entity that strikes British coins, the Royal Mint has just announced a gold-backed blockchain effort. In partnership with one of the world’s largest options and futures firm CME Group, the two companies aim to release its blockchain project in 2017. 1,000 Year Old Royal Mint to Create Blockchain-Based Gold....