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Gold Hits Record Highs, Outperforming Bitcoin and the S&P 500
#Gold #Bitcoin #S&P500
Gold Hits Record High, Outpacing Bitcoin
Gold surged to a record $2,564 per ounce, gaining 10% this quarter, while Bitcoin (BTC) fell 7% to around $58,000. Gold's rise is driven by central bank buying and favorable economic conditions, with 37 tonnes purchased in July alone.
Bitcoin Faces Headwinds
Bitcoin struggles amid supply increases, including sales from Mt. Gox creditors, and $1 billion outflows from U.S.-listed ETFs. Meanwhile, gold benefits from lower U.S. bond yields and shifts in monetary policy.
Gold vs. Bitcoin
Analysts caution that Bitcoin may not follow gold's trajectory. Gold thrives in low-rate environments, while Bitcoin performs better in risk-on conditions when the economy is stronger.
