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Home Cryptocurrency news Bitcoin

Silver & Gold: Precious Metals Tapping New Highs Bodes Well For Bitcoin

Tony Spilotro by Tony Spilotro
8 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
bitcoin gold silver btcusd xauusd xagusd
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This week, silver saw a 5% gain and revisited a 3-month high. Gold set a new eight-year high, reaching over $1,750 per troy ounce. The boost in precious metals also bodes well for Bitcoin, which has been rising in tandem.

With both gold and silver each setting new local highs, will Bitcoin price finally take out $10,000?

Supply Struggle Drives Price of Silver and Gold to New Local Highs

A massive supply crunch on silver and gold has pushed precious metals to new local highs. Silver reached over $17 an ounce, up over 14% since the start of the month.

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Gold started the week trading above $1,750 and is expected to reach prices as high as $3,000 over the next year, according to Rich Dad, Poor Dad author, Robert Kiyosaki. Bank of America points to $2,000 per troy ounce for the precious metal.

Others aren’t as convinced by the demand.

Related Reading | Gold Bug Peter Hug Warns Inflation Will Be Slow, Will This Delay Bitcoin’s Bull Run? 

Precious metals gold and silver rising aren’t too surprising, as these assets have historically acted as a safe haven for capital during times of economic distress.

The scarce supply of these assets combined with stimulus money both inflating the dollar and being rerouted into investments could be responsible for the added momentum.

Can Bitcoin Outshine Precious Metals As a Safe Haven Asset?

Gold and silver rising in the face of economic crisis due to their limited supplies, bodes extremely well for Bitcoin. While gold and silver are indeed scarce, there’s no telling how much supply remains to be mined from the earth or elsewhere.

Bitcoin, however, is hard-capped to only ever allow 21 million BTC to exist. This extremely limited supply gives the asset similar attributes to precious metals. It’s earned the moniker digital gold as a result.

The same stimulus money, recipe for hyperinflation, combined with digital scarcity has created an environment in which Bitcoin can thrive.

Investors are taking note, and the asset has increasingly snagged the attention of institutional investors, and even the likes of legendary hedge fund manager Paul Tudor Jones.

Related Reading | Strong Correlation Between Bitcoin and Stock Market May Finally Be Over

Bitcoin‘s growth and interest are closely following gold and silver, further proving the asset’s potential value as a safe haven asset.

In the below chart, following the Black Thursday crash, each asset has made a strong climb since and shows similar price action and correlation.

bitcoin gold silver btcusd xauusd xagusd

Silver is pacing slightly behind gold and Bitcoin, with gold acting as the clear front runner. Gold is an asset that’s been trusted for centuries and in use for just as long. Cryptocurrencies are a brand new, untested asset class, yet are still showings strong promise alongside these two precious metals.

Is this Bitcoin‘s time to shine brighter than gold and silver?

Tags: bitcoinbtcbtcusdBTCUSDTcryptosilver goldxagusdxauusdxbtusd
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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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