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Home Cryptocurrency news

No Haven Safe: Silver, Gold and Other Precious Metals Nosedive Alongside Bitcoin

Tony Spilotro by Tony Spilotro
12 months ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
gold silver palladium platinum bitcoin precious metal crypto safe haven
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Amidst an economic crisis, precious metals like gold and silver often act as a safe haven for capital, while other assets fall in value.

However, growing concerns over the coronavirus and a possible recession in the near future have created such hysteria and panic, that not even silver, gold, platinum, palladium and other precious metals are proving to be a safe haven for investors during a time of crisis.

Safe Haven Assets Aren’t Safe From Spreading Fear and Panic

Certain attributes shared between Bitcoin and precious metals caused a safe haven narrative to take off around Bitcoin in early 2019, as the asset began to rise in value alongside gold – the undisputed king of safe-haven assets.

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But as the coronavirus turned from new discovery to a global pandemic, Bitcoin has been collapsing, putting an end to the safe haven narrative.

Related Reading | Silver, Gold and Bitcoin: Even Safe Haven Assets Cannot Withstand The Coronavirus

And while a potential recession on the horizon and investors fleeing the stock market in droves typically translates to an increase in value in gold, silver, platinum, and palladium, the recent fears have caused these assets to nosedive in value as well.

It seems no safe-haven asset is safe from the widespread impact of the coronavirus.

Precious metals are the new Bitcoin pic.twitter.com/KUOilIGP3H

— RJ (@RJ_Killmex) March 16, 2020

Gold, Silver, Platinum, and Palladium Crushed By Coronavirus Panic Selloff

Gold recently hit a high of $1,700 – the highest value since the last recession – but later the stock market collapse set the gold rally back nearly a year to $1,450 at the low.

Silver peaked at nearly $19 in 2020, but the selloff has erased all gains in the asset since the last recession hit in 2008.

Platinum also tanked, falling to prices not seen since 2004, dropping from over $1,000 to $575 at the low.

Palladium, which recently set an all-time high at $2,900, saw its parabolic advance get broken, and an immediate crash to $1,500. The fall nearly wiped out half of the asset’s value in just a few short days.

Comparing these charts to Bitcoin, and taking into consideration the fact that these precious metals have been trading for centuries next to the digital asset’s short ten years, suggests that the first-ever cryptocurrency isn’t doing all that bad after all.

Related Reading | Stock Market, Bitcoin, and Gold: Everything Is Collapsing Together

It also suggests that while the coronavirus remains at such a critical level, no market is safe for capital during the current economic climate and emotional state the public is in.

Until the outbreak is kept at bay and the economy shows signs of recovery, these safe-haven assets could very well suffer for the foreseeable future as the world hunkers down for what could be the worst recession the world has ever seen.

Featured image from Shutterstock
Tags: bitcoincryptogoldpalladiumPlatinumPrecious Metalssilver
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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 and feel free to drop me a line if you would like to work together.

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