Why gold, not bitcoin, is the ultimate play
Gold is still the ultimate asset to own during an economic downturn, not bitcoin, and this can be proven by government actions, said Chris Mancini, analyst of Gabelli Gold Funds.
“Gold is the ultimate play…and countries are setting up exchanges, and the Chinese government and the Russian government are buying gold, they’re not buying bitcoin. That’s the ultimate play, that’s the ultimate currency. That’s what governments are going to tie their currencies to, if and when something bad is going to happen from an inflationary perspective,” Mancini told Kitco News on the sidelines of the 121 Mining Investment Conference in New York. “It’s going to be gold, it’s not going to be bitcoin.”
On gold’s rally this year, Mancini attributes the run-up to monetary policies.
“The spike was on news that the Fed is starting to ease now and that we’re going to easier monetary policy and I think that’s what’s driving the gold price higher,” he said.