December 8, 2022

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Old fashioned gold turns positive as crypto rout spills over into a broader risk-off trade

1 min read

Gold flat on the day

Gold flat on the day

It’s is getting ugly out there.

The crypto tide has gone out and it’s led to some broader risk-off flows (or is a symptom of them). Whatever it is, the whole market is recoiling at the moment. Even USD/JPY has come under some quick selling pressure, falling 30 pips back to unchanged on the day.

Meanwhile gold is proving to be a old-fashioned store of value. It’s rallied to $1874 from $1854 in the latest leg of the crypto rout.

I don’t think there’s anywhere to hide at the moment — except perhaps bonds and the yen — but when the washout is over and gold is still standing, it will slowly win back those investors.

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