Gold Is Dead, Long Live Cryptos
Tim Knight | Dec 11, 2017 02:10PM ET
You could have put money into anything – anything at all – over the past six years and done better than gold. Real estate, stocks, kitty litter. Gold has been a total piece of garbage and I’ve got a sneaking suspicion that gold bugs have had it up to “here” with the precious metal and are moving into cryptos.h3 GLD/h3
Those who love gold must feel horribly betrayed, particularly as they look at bitcoin. The same money put into cryptos instead of gold would have yielded millions – if not billions (given enough starting capital) in profits, whereas gold has just withered away like a maple leaf on an autumnal sidewalk. It’s no different for the miners, of course.
h3 GDX/h3The reason I think of these two (gold and bitcoin) together is because the zeitgeist is sort of the same:
(a) anti-government
(b) anti-central bank
(c) safe haven
(d) contrarian. Gold has betrayed its zealous following, whereas bitcoin has made its adherents incredibly rich.
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