Gold has hit a record high as investors seek insurance against stubborn inflation, but bitcoin has been dealt a blow this week as rate cut hopes have dimmed.
Already a subscriber?Bitcoin enthusiasts often argue that one of the digital currency’s many virtues is its ability to act as a safe haven asset, fulfilling the role that gold has traditionally played.
What’s been remarkable about gold’s latest rally is that it has taken place during a period when investors have sharply revised their expectations for extensive rate cuts. The most prominent is China, where the country’s central bank, the People’s Bank of China, has been steadily increasing its exposure to gold. This has encouraged buying from Chinese consumers, who are purchasing record levels of gold.
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