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Gold Reaches All-Time High as Bitcoin Breaks Above $11k
The precious metal has gained roughly 28% this year. Bitcoin is up 13% in 24 hours.
By Zack Voell
Updated Sep 14, 2021, 9:36 a.m. Published Jul 27, 2020, 10:42 p.m.
The price of gold reached a new all-time intraday high of $1,942 Monday, extending a rally that started in 2019.
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- A record high for the yellow metal comes during an approximately 28% rally since January.
- Gold’s previous record high of $1,924 was reached on Sept. 6, 2011.
- Bitcoin, often viewed as digital gold, soared to $11,400 as the stalwart cryptocurrency keeps pace with gold.
- Bitcoin gained more than 13% over the past 24 hours, according to OnChainFX.
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Bitcoin continues to slip against gold, testing the 'safe haven' trade
Gold is rallying on rate cut expectations and geopolitical risk, while bitcoin has struggled to hold key psychological levels and remains sensitive to the same forces that tend to hit equities and other risk assets.
What to know:
- Gold is experiencing significant gains, driven by rate cut expectations and geopolitical risks, while bitcoin struggles to maintain key levels.
- Bitcoin's performance is hindered by market positioning and macroeconomic factors, contrasting with gold's role as a reserve asset.
- Gold-backed ETFs have seen consistent growth, with major banks forecasting further price increases in the coming years.
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