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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Top 3 Reasons Gold (XAUUSD) Is Ready to Set a New All-Time High

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
gold bitcoin all time high money

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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.

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.

— Robert Kiyosaki (@theRealKiyosaki) May 16, 2020

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

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.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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