Gold and bitcoin hit highs

5개월 전

Screenshot_1697.png

The price of gold surpassed the barrier of USD 1,800 an ounce on Tuesday, a maximum that has not been seen since September 2011. The notorious boom in the price of gold is attributed to a prolonged prospect of more aid and stimulus from governments and banks. plants, to shore up the economies affected by the Covid-19, and this means that btc follows the same path

Screenshot_1698.png

Screenshot_1699.png

The Fed's balance sheet has grown from 4$ trillion in March to approximately 7$ trillion, while multiple programs to inject liquidity into markets have been on hiatus for fear of the economic impact of the pandemic.

On July 4, Bloomberg reported a noticeable rise in demand for gold by European and American investors, which exceeded the traditional demand of China and India for gold, which pushed prices up. These two countries have traditionally been the leaders in acquiring gold bars, coins, and jewelry to meet their respective domestic demands.

Screenshot_1700.png

However, while the pandemic slowed gold imports from China and India, gold-backed ETFs began to grow remarkably, thanks to the interest of Western investors. ETF-associated gold reserves grew this year to 600 tonnes, according to Bloomberg figures, which beat purchases from China and India for the first time since 2009.

Since the collapse of the markets on March 12, gold together with other precious metals has undergone a recovery, although so far this year only gold shows a positive return on investment of 16.45%. Silver (-0.45%) and platinum (-15.75%), meanwhile, show negative returns. In the same period, bitcoin shows a rebound of 27%, which reinforces the value reserve attribute, traditionally associated with gold.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
STEEMKR.COM IS SPONSORED BY
ADVERTISEMENT
Sort Order:  trending

Dear @apoloo1

Topics related to technology and economy are my favourite ones.

The price of gold surpassed the barrier of USD 1,800 an ounce on Tuesday, a maximum that has not been seen since September 2011.

And that is probably just a price "on the paper". From what I've learned, buying phisical gold in current times is very difficult. It's almost not possible to find one. And if you do - then price will be much higher from official one.

I surely agree, that some of those money printed and pumped into economy will find way to move into different class of assets. Including crypto.

Solid read. Upvoted already ;)
Yours, Piotr

·

thank you

Wow! If the worth of gold appears to have more value in price than it previous worth, it simply implies there's still more hope for Bitcoin to rise than we ever expected.

Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead
💖❤️💕💕❤️❤️❤️💖💕❤️💖💕

·

btc and gold goes hand in hand

Wow.

That's hope for those of us who have investments in cryptosystems. Because raising the BTC generally affects the other tokens in a positive way.

This is very good, in my opinion.

In the past few days, silver too is up from the beginning of the year. And if we look at silver in terms of its lowest low ($11.99) in March, it is now up about 50% from there.

Whatever, gold and silver have been suppressed for so long that they are set to skyrocket.

And bitcoin is also likely to reach new highs within the coming year, if not sooner.

·

You pay attention, when there is a lot of movement to buy gold, you will see that in the btc the same thing happens, right now they are buying gold for a year from now the money will drop to the minimum, if not time to time

Gold is a metal that has been desired for thousands of years and is currently very relevant to technology and that gives it value