Weekend Charting and Chat, page-9

I think the owners of Copper and Gold are much smarter than that.

Being more serious:

Market capitalisation of Bitcoin $3,000,000,000
Value of Gold in the World: about $8,000,000,000,000.
Price for Great Britain if put on the market: about $8,000,000,000,000.
Capitalisation of International Bond market: about $82,000,000,000,000
The size of the foreign exchange market is more than $5,000,000,000,000 per day.

So it is possible that some holders of gold are moving into crypto-currencies. But there are plenty of other avenues for investment for holders of gold. Gold is basically a store of value, a safe-haven asset. If they're looking for alternatives to Gold, why look to cryptocurrencies. Bitcoin for example has gone from about $20,000 to less than $7500 since early 2018. It is now worth less than 40% of what it was seven months ago.

Gold at the same time has fallen ~11%. Why would any rational investor get out of a falling asset into another asset that is falling much faster?

RB