May 3, 2021
Gold is making a comeback. Despite speculation that Bitcoin and other cryptocurrencies were rendering the metal less valuable by the day, the long-term prognosis for gold is looking brighter, finds a new report from Barron’s.
Recent crypto turbulence, including last week’s flash Bitcoin crash and the failure of “Doge day” to push the meme-inspired Dogecoin over $1, have J.P. Morgan’s derivatives strategists forecasting a shift in Bitcoin futures. After the cryptocurrency failed to break out above $60,000, traders began to reduce their positions.
Meanwhile, gold has been re-gaining strength. The yellow metal has seen a slow but steady recovery, closing in at an $1800/oz price. Though still down from its $1951/oz high, a client note published last Wednesday by Bespoke Investment Group said that gold had broken above its 50-day moving average, a sign of short-term trending strength.
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