Gold prices slump in early Monday trading while bitcoin surges
Strategist says gold’s weakened performance could be traders participating in ‘crypto frenzy’ since Trump’s election
Gold and silver traded about 2% lower on Monday morning as prices continued to consolidate following the election of former U.S. President Donald Trump to a second term.
Gold prices were about $60 an ounce lower, to $2,620 an ounce, and silver was trading at $30.60, showing a drop of about $0.70 an ounce.
Platinum and palladium prices were up by marginal amounts as both metals traded just shy of the $1,000 an ounce.
Blue Line Futures Chief Market Strategist Phillip Streible said he believes precious metals’ underperformance since the election can be attributed to investors rotating money out of physical commodities and into bitcoin.
Bitcoin was trading up more than 3% Monday morning at more than $82,000.
“There’s crypto fever right now,” Streible said. “I suspect much of the sell off in the silver and gold market is a rotation and people chasing assets like Bitcoin and Etherium.”
Streible said platinum and palladium both had significant loses on Friday, and attributed the small move upward on Monday to a correction in price level.
He said as the possibility of a Republican sweep of the presidency and Congress grows, investors are expecting fewer interest rate cuts, looser regulation and increased inflation.
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