Intraday Market Thoughts

Bitcoin +36% in May, Gold at $1245

by Ashraf Laidi
May 30, 2014 18:17

Bitcoin regains its 100-day moving average closing above $600, +36% in May and 80% from its April lows. The inverse relation between gold and Bitcoin during phases of rapid selling in the yellow metal continues. Many hard currency loyalists who sought refuge into the safety of gold out of protest against central banks' erosion of currency value are now fleeing to Bitcoin.  This time last year, gold was licking wounds from the biggest decline in over a quarter of century. Full chart & analysis.

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Bitcoin +36% in May, Gold at $1245 - Bitcoin Gold Yields May 28 (Chart 1)


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