Gold Has Inched Up Over $1300; Bitcoin Reaction?

giorgio11

In the last few weeks gold has inched up over $1300, currently quoted (just after 8 a.m. ET) Bid at Kitco $1311.30.

(Reuters: 'Gold hits three-month peak after strong December rally') LINK
https://in.reuters.com/article/global-precious/gold-hits-three-month-peak-after-strong-december-rally-idINKBN1ER06E

Do you think this is largely due to reaction against the bitcoin plunge? And perhaps the Iranian crisis shaping up (a large oil producer)? Reuters attributes gold's rise to a weaker dollar. Bitcoin is quoted at $13,766, a stunning drop from the near $19,000 peak.

Aside: I'm trying to decide whether to buy GLD or to again stock up a few generic gold coins close to spot (I sold all my gold coins last fall).

Kind regards,

George

hchcoin

hchcoin

I'm hoping silver has its day again.

dpoole

Actually, Bitcoin dropped down before gold made it's move, and in fact is showing some uncharacteristic stability, bouncing around 14K since then. The driver (or at least the correlate) of the gold surge does seem to be oil, which has shot up to over $60 bbl for the first time in ages.

ricko

If oil goes up much further, the shale oil operations will go into full production again.... Cheers, RickO

BobSav

I got into Bitcoin before 95% of people knew what bitcoin was...I had enough miners running to heat a small village....
I got out when it looked like the US government was going to regulate bitcoin out of existence. Then all of a sudden no more talk of regulation and the race was on. Bitcoin right now is just a MAJOR way to launder money for the REALLY big players. As soon as world government' s wake up and figure that out it's going to come crashing down.
Bob