Is bitcoin knocking some of the shine off gold?
Bitcoin's break above $7,300 on Thursday comes as gold futures have made curious moves, mostly trading sideways, despite weakness in the currency that underpins it -- the U.S. dollar -- and a downturn in bond yields. That raises a key question: Is the world's No. 1 digital currency luring away traditional investors in gold, which boasts an unrivaled history as a store of value?
Some commodity experts think there may be some merit to that idea -- at least in the near term.
"Bitcoin is preventing gold prices from a rise," Chintan Karnani, chief market analyst at Insignia Consultants in New Delhi, told MarketWatch. ...
"Short-term investors are investing in bitcoin," Karnani said, based on his conversations with clients and other industry participants. However, he expected profits from bitcoin to be invested in gold for the long term. "Bitcoin is yet to catch up in a big way in India, China, or Asia. Asians are buying gold," Karnani said. ...
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