Gold, bitcoin have big moves on weak dollar

Why are alternative investments soaring Thursday?

Gold jumped $40 or 2.98% to 1,389. Bitcoin soared to $9,468 up 3.7% or $333.00.

The US dollar traded weakly Thursday after Fed chair Jerome Powell paused and pointed to the possibility of a rate cut at the end of July meeting on Wednesday.

If history is a good barometer, then look for both gold and bitcoin to pull back a bit during Friday’s trading to thwart the idea that the dollar is too weak.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.