I saw Bitcoin on August 25 hit 81165 dollars at one point, up about 4.5% in 24 hours, with $BTC .
That same day, spot gold rose to 4677.19 dollars per ounce, setting a new high in more than three months.
Gold is up about 13% this month, the best monthly performance since 1999.
What drove both to rise together was a weakening US dollar and falling US Treasury yields.
Last week, the US Treasury announced that it would expand the scale of long-term bond repurchases by at least double, with each operation totaling at least 4 billion dollars.
This move pushed down bond yields, lowering the opportunity cost of holding assets that don’t generate interest.
Money then flowed into gold and Bitcoin.
Gold-backed ETFs saw net inflows of 3 billion dollars in July, ending two straight months of outflows.
The 90-day correlation between Bitcoin and gold also turned positive, reversing the negative figure seen earlier this year.
Under the same set of macro conditions, they have been moving higher in sync.
What happens next—do you think gold will keep rising? #香港7月对内地黄金净出口56.193吨
That same day, spot gold rose to 4677.19 dollars per ounce, setting a new high in more than three months.
Gold is up about 13% this month, the best monthly performance since 1999.
What drove both to rise together was a weakening US dollar and falling US Treasury yields.
Last week, the US Treasury announced that it would expand the scale of long-term bond repurchases by at least double, with each operation totaling at least 4 billion dollars.
This move pushed down bond yields, lowering the opportunity cost of holding assets that don’t generate interest.
Money then flowed into gold and Bitcoin.
Gold-backed ETFs saw net inflows of 3 billion dollars in July, ending two straight months of outflows.
The 90-day correlation between Bitcoin and gold also turned positive, reversing the negative figure seen earlier this year.
Under the same set of macro conditions, they have been moving higher in sync.
What happens next—do you think gold will keep rising? #香港7月对内地黄金净出口56.193吨