Bitcoin and Ethereum are 'cannibalising' gold
By GCRU Gold News on Saturday, July 8 2017, 00:22 - Permalink
Investors have cash to burn right now, and based on the astronomical performance of cryptocurrencies like bitcoin and Ethereum, that’s where a lot of it is getting funneled.
This is coming at the expense of gold, says Tom Lee, the managing partner and head of research at Fundstrat Global Advisors. In fact, he thinks that the growing preference for the cryptocurrencies over gold is actually helping contribute to the torrid gains in the fledgling products.