Gold Price Rises Quickly as Bitcoin Keeps Struggling
When it comes to financial markets, there is always some trend taking shape. As stock market prices struggle a bit, the gold price is on track to surpass $1,700 again.
When the price of gold rises, interesting things tend to happen.
Gold Price Continues to Rise
For traders and speculators, this is often a prominent sign.
Gold prices tend to rise when there is genuine financial trouble brewing.
The coronavirus outbreak will likely be a catalyst of this renewed interest in gold bullion.
As a result, the gold price hit its highest value in the past seven years.
A surge to over $1,640 was a matter of time, yet reaching a peak of $1.688.57 is well beyond expectations.
Interestingly enough, the Bitcoin price isn’t following suit.
Usually, the price of gold and the value of Bitcoin show similar patterns at the same time.
This time around, Bitcoin is trending slightly lower, as retaking $10,000 has proven to be a monumental task.
With stock markets retracing slightly, it is only normal to see investors flock to alternatives.
Gold and even silver have always been a good solution during times like these.
Why Bitcoin is being left behind, remains somewhat unclear.
The market makers are seemingly content to keep suppressing the price.
Image(s): Shutterstock.com
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JP Buntinx, Khareem Sudlow
