One market analyst believes that regardless of the outcome of the US election, the price of gold will rise. In recent days, however, the price of bitcoin has risen significantly.
To Report As the price of bitcoin hits above $ 11,000, the price of gold will rise, regardless of the outcome of the November US election, according to Quinn Telegraph, a market analyst.
Frank Holmes, CEO of US Global Investors, said in an interview with Kitco News Agency:
I bet the gold market will be up until the end of the year.
The season of love has arrived. This season is between the two seasons in which Indians get married. Season [جشن] Diwali is in India and then we have Christmas. Price [طلا] They set a record in Chinese New Year.
It is a good time for consumers to buy gold, and it is strongly correlated with per capita GDP.
Gold, like Bitcoin, did well in August. But a little later, with the strength of the dollar index, it fell. The outcome of the November US presidential election is said to have a major impact on the price of gold. However, Holmes believes that this precious metal overcomes these effects. He said about this:
Some bet the Blues (Democrats) win and some bet on the Reds (Republicans). But I bet on gold.
Holmes added that his goal for the price of gold is to reach the range of $ 4,000!
Gold scholar Peter Schiff said in a statement that he was not optimistic about the future of the dollar, adding that Biden’s victory in the election was the “worst” scenario possible.
Bitcoin has been showing an inverse correlation with gold for some time. The king of digital currencies in recent days has been able to recover from the losses it has experienced in recent months. During this time, bitcoin traded at the edge of the price channel, and the lack of a strong uptrend had brought the digital currency closer to gold.
On Thursday, at the same time as the news of the purchase of Bitcoin by Square Company was announced, the price of Bitcoin was able to rise to the resistance of 10,940. This range was strong earlier in the month and prevented the digital currency from jumping. Prior to Square, MicroStrategy had also announced that it had converted part of its assets into Bitcoin.
For market analysts, this big jump is a sign of better things to come. Peter Brandt, a veteran market trader, wrote on Twitter:
The fact that global companies are importing bitcoins into their balance sheets is a huge improvement.
He also said in a chart release that bitcoin would soon experience a major leap; The leap we saw yesterday pushed the price of this digital currency above $ 11,000.
Leading market analyst Michael van de Poppe warned in a statement that the bitcoin jump could be short-lived unless we break the $ 11,000 resistance and maintain it.