Gold losing safe haven status is 'silly' - Jim Wyckoff
Gold's recent run up to a 4 ½ month high on Wednesday was due partly due to markets taking a hard look cryptocurrencies, said Kitco’s senior market analyst, Jim Wyckoff on Thursday afternoon.
On Thursday June gold futures tracked down by $7.80 to $1,893.40 after breaking through $1,900 level mid-week. Bitcoin is down around 40% after hitting a high above $65,000 in mid-April.
Wyckoff said gold has been around thousands of years while bitcoin is just over a decade old, and it was a "... silly thought in the first place that gold would be replaced as a safe haven asset."