Bitcoin Should Push Higher, Gold's Next Move Is Less Clear
Tim Knight | Oct 26, 2020 12:37AM ET
I hate to say it, but I really like how Bitcoin has been shaping up. It’s a huge bullish base, and should it push well off $13,000 – – while it hardly makes rational sense – – it will be off to the races, in my opinion.
I have a much stronger fondness for good old gold, and I’ve been wondering if the sleepy precious metals were going to “catch up” to crypto strength lately. It’s really not clear. They sorta-kinda tend to move together, but looking at them plotted on top of one another, it’s hard to say what’s next.
I used our new Correlation Study to try to divine something, but no dice. As you can see, correlation warbles from positive to negative with little rhyme or reason.
I can only return, once again, to the long-term chart of gold versus the M2. This just seems like a “lock” to me for a very positive future. As good as $BTC looks, I still would prefer something I can hold in my hot little hands.
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