The price of gold continued its tear this evening, opening the futures market at $2,071, before moving to make a fresh all time high. The precious metal has now set a new high of $2,146, while it is currently trading at $2,120.
Despite the new high being set by the yellow metal, mainstream media is instead focused on Bitcoin, which hit a high of $40,085 today while gold was setting its new record. The flagship cryptocurrency has more than doubled from its low, which was set two months ago on October 11, when it hit just $26,533 while many called for its continued downfall.
Industry executives meanwhile are returning to call for the crypto to surpass the $100,000 level as investors continue to anticipate the first approval of a bitcoin ETF, as well as a halving event that is slated to occur in May 2024.
While gold has climbed over 2% in the current session, silver bulls have not been as active, with the silver metal climbing to a high of $25.91, and has yet to eclipse the recent $30 high set in February 2021.
Information for this briefing was found via Financial Times, Investing.com, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
One Response
Gold’s surge to $2,146, alongside Bitcoin’s rise to $40,085, underscores a significant shift in investor sentiment. This trend highlights a growing preference for tangible and digital assets over traditional fiat currencies.