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Investors flee gold for cryptocurrencies as inflation worries rise
By Joe Rennison and Eva Szalay
Financial Times, London
Thursday, October 21, 2021
Investors are dumping gold for cryptocurrencies as inflation picks up, fleeing a metal historically touted as a store of value to buy digital assets little more than a decade old.
More than $10 billion has been pulled from the biggest gold exchange-traded fund this year and funds' physical gold hoards have also been selling down, according to Bloomberg data. The price of gold has declined 6.1 percent this year to $1,782 a troy ounce on Wednesday.
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Bitcoin has meanwhile doubled in price to a record high of more than $67,000 this week. Some investors have begun to view it and other cryptocurrencies as an inflation hedge, even if none existed during the world's last serious bout of inflation.
Veteran gold traders acknowledged times are changing. "There is zero interest in our strategy right now," said John Hathaway, senior portfolio manager at Sprott Asset Management, a precious metals investment group. He added: "The bitcoin crowd see the same things I see in terms of money printing risks of inflation." ...
... For the remainder of the report:
https://www.ft.com/content/4c5b5e0c-8975-4c56-804e-33339c510e45
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