Seeking Alpha
2020-07-24 13:51:17

As gold moves to all-time high, cryptos take the summer off

Gold minutes ago crossed $1.9K for the first time since 2011, and is within a few dollars of its all-time high. Zero percent or negative rates and QE across the developed world, massive fiscal deficits, and highly-heated rhetoric and actions being exchanged between D.C. and Beijing make a good argument for owning the yellow metal.Bitcoin (BTC-USD), however, might have been the most stable asset class across the globe since May, with the popular crypto locked in a narrow trading range around the $9.5K area. It's currently changing hands at $9,524.Crypto fans will point out a big move in Ether (ETH-USD), which has about doubled this year, roughly tripling the gain in Bitcoin. But that doubling is off some very low levels, both absolutely and relative to Bitcoin.Getting back to Bitcoin, it continues to find use. U.S. prosecutors say Carlos Ghosn's son sent 63 Bitcoin (roughly $500K worth at the time)

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