Gold came ridiculously close to breaking $4,000 per ounce on Tuesday, with futures actually touching that level while spot prices peaked at $3,976. This marks another record for the precious metal as nervous investors keep piling into safe-haven assets.
The rally has been insane this year – gold’s up over 50% since January thanks to all the geopolitical mess, trade war drama, inflation worries, and people losing faith in regular currencies. What’s wild is that gold has actually beaten Bitcoin during this same stretch, with BTC only managing 33.5% gains.
But crypto bulls aren’t worried at all. Multiple analysts are pointing out that Bitcoin tends to follow gold’s moves with roughly an eight-week delay. Ted Pillow’s mentioned last week that this pattern has been holding up pretty consistently, which means Bitcoin’s big surge might just be getting started.
Henrik Andersson from Apollo Capital said gold hitting records shows people want scarce assets, but he thinks Bitcoin will end up being the better bet from here. Another analyst called it a “mutual confirmation” since both are reacting to the same mess – US deficit spending spiraling out of control, the dollar losing credibility, and geopolitical tensions everywhere.
Bitcoin just moves faster and bigger because it trades around the clock, has tighter supply, and represents the future more than gold does. The former PayPal boss David Marcus even said if Bitcoin got valued like gold, each coin would be worth $1.3 million.
Conclusion
Gold hit $3,976, near $4,000, with 50% yearly gains as analysts expect Bitcoin to follow its pattern with a typical eight-week lag during Q4.
Also Read: Bitcoin Sees Inflow
