Investors Dumping Gold For Bitcoin?

Investors are dumping gold in favor of Bitcoin, according to analysts in a recent interview on CNBC. One of them, Phillip Streible of RJO Futures stated boldly that “Bitcoin has stolen a large market share of gold.”

To explain how they are tracking this shift, Larry McDonald of The Bear Traps Report, stated that generally when bond rates go down, gold goes up. However, in recent weeks, the yields on bonds have decreased, and gold has simultaneously dropped by two percent - an event that is quite rare.