The gold market has been a boring place lately as prices cannot break out of the $1,700-$1,800 trading range.
Every day that goes by, everybody who knows and holds gold understands that their greater risk is not allocating a small portion of that gold into bitcoin.
stock market stops going higher, even a 10% correction, that means bond yields will plunge, copper and crude will collapse, and gold would probably be the beneficiary.
And the next time that happens, whether that’s a month away or a hundred years away, gold, bitcoin and U.S.
At least they have the decarbonization and electrification demand going their way,” McGlone said.
In fact, if bitcoin was not stealing attention away from the precious metals, gold would be at $2,300, McGlone said.
“The consensus on the Bloomberg terminal, which gives you exactly what people are looking for, shows that the median forecast for Q4 2021 is $1,784. For 2022, it is $1,789.
“When we look back at this year, we are going to see that this year the paradigm shifted.
“Gold’s nemesis is bitcoin, and it’s really kicking it this year.
“The main reason that we have inflation is that it’s a snapback from what happened last year in light of the most unprecedented and significant amount of monetary and fiscal stimulus in history.
If the world ends up seeing true inflation, it will be a monetary situation.