Gold vs. everything else: Gold price is competing with bitcoin, dollar and now silver
(Kitco News) Could anything go right for gold this week? Prices are trading below $1,800, and bitcoin is no longer the only asset stealing attention away from gold.
Here are the top three stories from this week.
- Bearish forecasts are starting to pile up, with Morgan Stanley now saying that gold will end the year below $1,800, projecting poor price momentum for the rest of 2021.
- Warren Buffett dumped Barrick Gold entirely in Q4 2020. After all the noise in August when it was revealed that Buffett's Berkshire Hathaway bought just under 21 million shares of Barrick, Buffet got rid of the stock completely, according to the latest 13F filing.
- The world's biggest asset manager BlackRock sold off more than $470 million worth of gold and bought more silver.
Now it seems that gold has to compete not only with bitcoin, which DoubleLine CEO Jeffrey Gundlach referred to as the better "stimulus asset," but also with silver.
And analysts are confident that the silver squeeze in the physical space is far from over as demand is projected to hit 8-year highs this year.