Blink and you missed it, but on Sunday night and into the early hours of Monday gold reached a record of more than $2,135 a troy ounce — and promptly fell back. Gold is now about 6% lower than that fleeting zenith and essentially unchanged from where it was a week ago. This isn’t the behavior we expect of serious millennia-old asset classes; that’s what magical new-age virtual tokens are for.

Gold's Icarus-like flight to new heights was probably triggered by a stop-loss in the derivatives market that prompted a raft of algorithmic buying, as the yellow metal has been bumping up against these record levels for the past three years. What's missing is a logical reason why this trusted store of value might suddenly be worth so much more — but then failed to sustain that new high. This sort of fickle price action often leads to a trend reversalBloomberg Terminal.

QOSHE - Gold's Fickleness Makes It Bitcoin for Boomers - Marcus Ashworth
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Gold's Fickleness Makes It Bitcoin for Boomers

3 0
07.12.2023

Blink and you missed it, but on Sunday night and into the early hours of Monday gold reached a record of more than $2,135 a troy ounce — and promptly fell back. Gold is now about 6% lower than that fleeting zenith and........

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