When things get really scary, investors don’t buy bitcoin, they buy gold, says Karen Maley in the Australian Financial Review. Last year was disappointing for gold, as inflation fears boost cryptocurrencies, dubbed “digital gold” by some, at the expense of the physical kind. Yet “the threat of an imminent European war” has pushed gold up 5% this month to $1,900/oz, an eight-month high. Meanwhile, bitcoin has fallen 20% so far this year. Gold has got an additional boost from “stronger physical demand”. Consumption in China, the world’s largest gold consumer, rose by more than a third last year amid a strong economic recovery from Covid-19.
Precious-metal mutual and exchange traded funds enjoyed five consecutive weeks of net inflows through 16 February, says Hardika Singh in The Wall Street Journal. A sign of strong investor interest, that is the longest streak since August 2020, when gold hit an all-time high of $2,067/oz.
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