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gold bitcoin all time high money
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Top 3 Reasons Gold (XAUUSD) Is Ready to Set a New All-Time High

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
Advertisement

While Bitcoin investors, traders, and enthusiasts are watching and waiting for the cryptocurrency to set a new all-time high, gold, the physical asset that it shares the most similarities with may beat it to the punch.

Here are the top three reasons why gold (XAUUSD) is poised to set a new all-time high, and how many of the same reasons that make the precious metal exceptionally bullish could eventually bode well for Bitcoin as well.

New All-Time Highs Incoming: Three Reasons to Be Bullish On Gold

This week, gold reached a new 7-year high on the XAUUSD trading pair before a pullback above $1,750 set the precious metal back slightly.

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Price predictions range from $2,000 a troy ounce to over $3,000 an ounce within a year. The one thing that all of these predictions have in common: gold is expected to grow in value significantly over the course of the next several years.

ECONOMY dying. FED incompetent. Next BAILOUT trillions in pensions. HOPE fading. Bought more gold silver Bitcoin. GOLD @$1700. Predict $3000 in 1 year. Silver @ $17. Predict $40 in 5 years. Bitcoin @$9800. Predict $75000 in 3 years. PRAY for the BEST-PREPARE for the WORST.

— therealkiyosaki (@theRealKiyosaki) May 16, 2020

But why after an eight-year hiatus from stardom is the precious metal suddenly shining once again?

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Here are three main reasons XAUUSD has enough bullish momentum to take it to a new all-time high.

Strapped Supply Meets Physical Scarcity

Few industries were spared from the impact of the lockdown conditions created by the outbreak. The mining industry and the gold supply chain was essentially shut down in its tracks as a result.

Gold refineries were producing less unrefined alloy, and fewer airlines and cargo ships traveling internationally meant the supply chain was essentially decimated in the early days of the crisis.

Related Reading | Precious Metals Tapping New Highs Bodes Well For Bitcoin 

The lack of available supply and limited supply of the physical commodity led to increasing prices, fast. And while spot gold prices were rising, prices for physical bullion or bars has reached a high premium on top supplier websites.

Seeing prices rise beyond what XAUUSD price charts depict sparked FOMO in the gold market.

gold xauusd

Thousands of Years of Trust

Investors are flocking to gold because the hard, limited supply makes it an ideal place to park capital during an economic crisis. The precious metal has been used throughout history for this very reason.

Dating back even further, it was among the first currencies, and before the Bretton Woods agreement, even dollars were backed by the precious metal.

Gold is used in everything from ornate jewelry to a conductor in PC motherboards. It’s familiarity as a decorative adornment, a color, and coin make it among the most trusted assets money can buy. Potentially even more trusted than money itself.

The only asset that theoretically offers more trust, is Bitcoin, due to a lack of a third-party controlling the decentralized, digitally scarce asset.

gold bitcoin all time high money

Hyperinflation is Coming

Perhaps the best reason for gold‘s bullishness, and the biggest factor in the precious metal reaching a new all-time high in the weeks and possibly days ahead, is due to the coming hyperinflation.

The Federal Reserve’s balance sheet is inching closer to reaching $7 trillion, only $2 trillion behind the asset’s entire market cap. And the Fed plans to print money out of thin air if required.

While the Fed’s money is the US dollar equivalent to IOUs it likely can never pay back, investors are flocking to gold, the hardest form of money to ever exist.

Related Reading | Gold Indicator Flips Green, Signaling Potential Decade of Uptrend 

The same hyperinflation will also put Bitcoin to the test, to see if it can live up to the digital gold moniker and shine the same way XAUUSD will amid the coming economic downturn.

While there are more reasons to be bullish on XAUUSD, these three are among the most critical factors that indicate that gold will reach a new all-time high and prices of over $2,000 to $3,000 a troy ounce.

Tags: bitcoinbtcbtcusdBTCUSDTgoldxauxauusdxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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