Gold Sales Spike During Crypto Market Crash, Highlighting Inverse Correlation
By GCRU Gold News on Saturday, January 20 2018, 00:28 - Permalink
This week has been very volatile for Bitcoin and several industry insiders cited by Bloomberg believe that investors are looking for more stable assets in the meantime. Bitcoin, along with most other cryptocurrencies, experienced a crash of over 40% this Tuesday, Jan. 16 that lasted until Jan. 18, potentially causing a spike in gold investment.
Marburger told Bloomberg that gold coin sales increased fivefold on Jan. 16, the same time cryptocurrencies were crashing.
“Tuesday was a hell of a crazy day,” Marburger said, adding that “emails and phones did not stand still with customers asking how they could turn their crypto into gold.”