Daily Market Update

Buy Bitcoin or Gold? Bitcoin Buyers Investing In Gold In 2019

– Buy bitcoin or gold? Bitcoin buyers are investing in gold in 2019
– Poll of 4,000 bitcoin buyers shows their No 1 investment in 2019 is gold
– “Gold lost to bitcoin and now it’s going the other way…” says ETF strategist
– “Gold is a store of value and there’s no disputing that…”


Gold in USD (10 Years) – GoldCore.com

via CNBC.com

Bitcoin’s hot streak is well and truly dead.

The cryptocurrency has not been able to crack above $4,000 in three weeks just 12 months after trading at more than $12,000.

Signs show that bitcoin investors are moving toward a more traditional commodity, says Jan Van Eck, CEO of Van Eck Associates.

“I do think that Bitcoin pulled a little bit of demand away from gold last year, in 2017,” Van Eck told CNBC’s “ETF Edge ” on Wednesday. “Interestingly, we just polled 4,000 bitcoin investors and their number one investment for 2019 is actually gold. So gold lost to bitcoin and now it’s going the other way.”

In the 12 months to bitcoin’s peak above $20,000 in December 2017, the cryptocurrency increased in value 25 times over. Over that same stretch, gold rallied 4 percent. More than a year since bitcoin’s peak, it’s down 82 percent, while gold is up 2.5 percent.

It may be difficult for the tide to turn back to bitcoin and away from gold from here, says Tim Seymour, founder and chief investment officer of Seymour Asset Management.

“Not only have we lost all liquidity on the underlying [commodity] but truly outside of the existential blockchain argument, it’s been very difficult to argue store of value which is really what we started hearing about,” Seymour said on “ETF Edge” on Wednesday.

“Gold is a store of value and there’s no disputing that.”

Full article and interview on CNBC.com

 

 

News and Commentary

Gold hits 7-month high as Huawei case sparks risk-off sentiment (Reuters.com)

US announces sanctions against Venezuela’s state oil company seizing $7 billion in assets (RT.com)

Powell faces early reckoning on Fed’s $4-trillion question (Reuters.com)

As growth slows, China cuts local government debt costs to spur investment (Reuters.com)

Huawei lawyer says CFO Meng a ‘hostage’ after U.S. presses charges (Reuters.com)

Decision on Venezuelan gold is for Bank of England, not government: UK junior minister (Reuters.com)


Source: Bloomberg

U.S. Treasury Set to Borrow $1 Trillion for a Second Year to Finance the Deficit (TheStar.com.my)

Ireland’s Fiscal Incontinence Is Deeply Worrying (DavidMCWilliams.ie)

John Williams – Flight From Dollar Will Spike Gold and Silver (Youtube.com)

If You Could Design A Perfect World For Gold… (DollarCollapse.com)

U.K. Leaves Fate of Venezuela’s Gold Up to the Bank of England (Bloomberg.com)

Listen on iTunes, Blubrry & SoundCloud  & watch on YouTube above

Gold Prices (LBMA PM)

28 Jan: USD 1,301.00, GBP 987.98 & EUR 1,139.81 per ounce
25 Jan: USD 1,282.95, GBP 981.33 & EUR 1,132.08 per ounce
24 Jan: USD 1,279.75, GBP 981.70 & EUR 1,128.36 per ounce
23 Jan: USD 1,284.90, GBP 990.14 & EUR 1,131.74 per ounce
22 Jan: USD 1,284.75, GBP 994.14 & EUR 1,130.58 per ounce
21 Jan: USD 1,278.70, GBP 995.08 & EUR 1,124.11 per ounce
18 Jan: USD 1,285.05, GBP 993.34 & EUR 1,126.86 per ounce

Silver Prices (LBMA)

28 Jan: USD 15.68, GBP 11.93 & EUR 13.75 per ounce
25 Jan: USD 15.37, GBP 11.74 & EUR 13.55 per ounce
24 Jan: USD 15.30, GBP 11.75 & EUR 13.48 per ounce
23 Jan: USD 15.38, GBP 11.80 & EUR 13.54 per ounce
22 Jan: USD 15.26, GBP 11.84 & EUR 13.44 per ounce
21 Jan: USD 15.26, GBP 11.86 & EUR 13.42 per ounce
18 Jan: USD 15.47, GBP 11.96 & EUR 13.56 per ounce

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Mark O'Byrne
Executive Director

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