Gold (and…ahem…Bitcoin) in safe haven boom!

David Llewellyn-Smith

Tuesday, 6 August 2019

Australian dollar gold is at new record highs today:

Amusingly, “digital gold”, otherwise know as Bitcoin, is also on the charge:

And its relationship with gold is holding:

This is kind of impressive, in its own way, given the Trump Administration has declared war on it, suggesting it is the precise opposite of a safe haven.

Or maybe it’s just completely bonkers!

I still see more ahead for gold. And, it appears, BTC, though I wouldn’t count on it.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.