Accelerating trends in decarbonization, electrification and digitalization set metals like copper apart from crude oil, which is being replaced by technology, but gold is getting pulled down that rabbit hole.
“Gold has reached an inflection point of replacement in investment portfolios by Bitcoin, as we see it.
The metal appears increasingly naked if not paired with Bitcoin, and advancing digitalization is likely to limit price-appreciation potential for gold, trading below $1,800 an ounce,” McGlone said.
More specifically, McGlone has been looking at the gold-bitcoin 75/25 index.