Bitcoin warning, can gold use this to its advantage?

(Kitco News) Gold had a very decent week – at one point it was trading inches from the $ 1,800 level when prices hit a seven-week high on the weaker US dollar.

Now analysts are saying a significant bitcoin sell-off could actually help gold rise well above the $ 1,800 level next week. Here’s a look at our three main stories:

3. China paved the way for an enormous amount of gold imports into the country – 150 tons worth $ 8.5 billion.

The gold is sent from South Africa, Switzerland and Australia. This should help the gold price be well supported after a disappointing first quarter.

2. Bitcoin’s dramatic sell-off this week – the popular cryptocurrency was down more than 9% on Friday. The sell-off intensified after news of Biden’s proposed capital gains tax hike for wealthy Americans.

Wall Street analysts, including JPMorgan, warn that Bitcoin’s technical charts are looking negative and that the cryptocurrency could face an even bigger sell-off.

1. Can you tell me we have inflation without telling me we have inflation? One word – wood.

Analysts are increasingly skeptical about CPI data as a reliable measure of inflation, with some preferring to rely on other methods of monitoring real price pressures.

For many, inflation is already there. To help investors closely monitor this price growth, analysts urged Kitco to follow commodities like iron ore, copper and even grain.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided. Neither Kitco Metals Inc. nor the author can guarantee this accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article assume no liability for any loss and / or damage that might arise from the use of this publication.

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