How high would gold price be if not for bitcoin?

With bitcoin still holding investors attention this year, is gold falling behind? Many analysts say that gold’s price action is being hurt by all the money going into cryptos. But how high would gold really be if not for bitcoin? Here’s a look at our top three stories from this week:

3. Bloomberg Intelligence released its own analysis, stating that gold would be much closer to $2,300 right now if it were not for bitcoin. https://www.kitco.com/news/2021-04-29/Gold-price-at-2-300-if-not-for-bitcoin-Bloomberg-Intelligence.html

In order to get to this number Bloomberg Intelligence looked at copper, the 10-year Treasury yields and gold. “Gold would be closer to $2,300 an ounce instead of about $1,780, to match the 10-year relationship between the copper/gold ratio and bonds,” the report said.

2. Russia has accelerated its de-dollarization policy, choosing to settle exports in euro over the U.S. dollar. For the first time ever the share of Russian exports sold in U.S. dollars has fallen below 50% in the fourth quarter of last year. https://www.kitco.com/news/2021-04-27/Russia-accelerates-its-de-dollarization-policy-chooses-to-settle-exports-in-euro-over-dollar.html

And the euro is the one benefiting from this shift, with the share of euro transactions rising, especially when it comes to Russian’s trade with China.

1. As gold continues its attempt to breach the $1,800 level, a former JP Morgan managing director told Kitco News that the precious metal could see a big move up soon. https://www.kitco.com/news/2021-04-26/-We-are-sitting-on-economic-cliff-Gold-price-will-be-well-north-of-2-000-this-year-ex-JP-Morgan-MD.html

Gold will be around $2,200 this year because inflation is already here and the world is sitting on an economic cliff. This makes assets like gold, silver, and bitcoin very popular with investors, according to the former JP Morgan managing director Jon Deane.
__________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.

Subscribe to our channel to stay up to date on the latest insights moving the metals markets.

For more breaking news, visit http://www.kitco.com/

Follow us on social media:
Facebook – https://www.facebook.com/KitcoNews/?ref=br_rs
Twitter – https://twitter.com/kitconewsnow
StockTwits – https://stocktwits.com/kitconews

Live gold price and charts: http://www.kitco.com/gold-price-today-usa/
Live silver price and charts: http://www.kitco.com/silver-price-today-usa/

Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: https://connect.kitco.com/subscription/newsletter.html

Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: https://gold-forum.kitco.com/

Disclaimer: Videos are not trading advice and the views expressed may not reflect those of Kitco Metals Inc.

How high would gold price be if not for bitcoin?

Related Post:

About The Author

Kane Dane