Gold’s revenge

Friday 2 December 2022

Can we finally put pay to the hodler notion that BTC is digital gold? Here is a relative chart since BTC topped:

Moreover, anything claiming to be gold has to move contrary to the US dollar. That is gold’s role as an alternative reserve currency. Here’s the relative price performance since DXY topped:

A range of things are happening here:

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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.