Gold Versus Bitcoin - The Debate Of The 21st Century
Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!
(Kitco News) - This week was a wild one.
He came out for bitcoin’s seemingly comeback, although as I’m writing this the crypto is down $1,000. But it was blockchain week here in NYC, and everyone who is anyone in the crypto space was here.
Here are the main highlights from my talk with Max: He is sticking to his $100k Bitcoin call and he thinks that gold should really be at $2,900; we spoke about the #dropgold campaign, which is urging investors to drop gold and choose digital currencies - but Keiser said he has room in his heart for both; The TV personality revealed he owns bitcoin, gold and a tonne of silver. Watch part 1 and 2 of the wildly entertaining interview.
In other news, while the concept of mining in space may seem something out of a science fiction novel, some researchers are already taking steps to protect the solar system from being overexploited -be sure to read Neils Christensen’s excellent report on this.
This week Neils also had a major Kitco exclusive interview with former Fed executive, Timothy Fogarty, on central banks’ growing appetite for gold - you won’t want to miss his take on it.
Finally be sure to catch our coverage from Jekyll Island - a place that has deep roots for our modern day monetary system. A plan written on Jekyll Island in 1910 laid a foundation for what would eventually be the Federal Reserve System.
And finally, while Trump tariffs and retaliation by the Chinese took gold higher at the start of the week, the metal is now down almost 1% for the week, and trading near a two-week low at $1,276 an ounce.
This shift in sentiment doesn’t bode well for gold’s short-term price action, according to Kitco.com’s Jim Wyckoff. “Technically, gold is facing a bearish weekly, close today, which would invite more chart-based selling early next week.”