Gold Price Hits New Six-Year High But Fake Bars May Benefit Bitcoin
Apparently gold falls into the category of one of the few assets which investors find as safe havens when political and economic tensions begin to escalate. Having an intrinsic value happens to make it compared to gold more often than not, however, this seems to be changing with the introduction of fake bars which clearly differentiates the two assets, this is due to the fact that it cannot be copied or forged and is completely immutable. According to Reuters, gold bars have been seen to fraudulently get stamped with the logos of major refineries are entering the market.
Gold touches 2019 all-time high
There seems to be no slowing down behind the sentiments driving the Increase in the price of the precious metal. Recently Goldbug Peter Schiff has been seen to be making headlines on the news, shilling his baby and expressing his admiration for his virtue of hedging against Central Banks.
Going by the chart on goldprice.org as shown below, the commodity has been able to break a strong resistant price level of $1545/Oz which is the highest it has seen since March 2013 and has gained 20% this year.
According to an interview with RT Schiff, he said that people are beginning to develop a growing concern about the central bank and federal reserve and that all of these is a reaction to the looming recession, this is why he thinks that this price upsurge is not set to stop anytime soon. He said:
“They’re worried about what the central banks, and in particular the Federal Reserve, is going to do about the next recession. That’s why the price of gold is going up — because the Fed is going to be going back to zero; they’re going to be going back to quantitative easing and all of this is good for gold.”
What is good for gold is good for Bitcoin
Considering that these two assets undeniably saber the similarly of serving as a safe haven for investors seeking to secure themselves from the government or any centralized body. Schiff also added that the trade war has escalated the problem but the US economy seems to be going into a recession regardless.
Even the stock market is not exempted from major price manipulation from a centralized figure as the only way to limit the damage of a stock market crash would be to print more money and inject into the system and drop the rates, which are still good for both Bitcoin and Gold.