Gold

Spot

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Spot gold prices reach an all-time high, sparking criticism from Bitcoin detractors.</li>
 <li>Despite the criticism, Bitcoin has seen significant gains, outperforming gold by a factor of five.</li>
</ul>
<p>Spot gold prices have reached a record high, prompting a renewed wave of criticism from Bitcoin detractors.</p>
<p>The price of gold hit a record-breaking $2,304 per ounce on April 3, marking an 11.5% increase since the start of the year, according to the American Hartford Gold Group.</p>
<h2 id="gold-s-performance-and-bitcoin-s-criticism">Gold’s Performance and Bitcoin’s Criticism</h2>
<p>Gold began to gain traction in mid-February, rising from roughly $2,000 per ounce to over $2,200 by the end of March. This increase was driven by growing global tensions, potential interest rate cuts, and de-dollarization, according to Nanette Abuhoff Jacobson, investment strategist at Hartford Funds.</p>
<p>Despite Bitcoin often being referred to as “digital gold”, the surge in real gold prices has led to renewed ridicule from gold enthusiasts and Bitcoin detractors.</p>
<p>Peter Schiff, a gold bull and Bitcoin critic, claimed on April 3 that Bitcoin was down 7% for the second quarter of 2024, while silver and gold were up 8.7% and 3.4% respectively. However, it’s worth noting that Bitcoin has seen a 55% increase this year, outpacing gold’s gains by a factor of five.</p>
<h2 id="gold-s-environmental-impact">Gold’s Environmental Impact</h2>
<p>In another post, Schiff suggested that it might be the “last chance to sell your <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> and buy some gold and silver at favorable prices.” This comment was met with a swift response from the crypto community.</p>
<p>Charlie Morris, an analyst and researcher at Bytetree, also criticized Bitcoin, pointing out that gold had reached its all-time high “without electricity consumption” – a reference to Bitcoin’s energy-intensive mining process.</p>
<p>In response, Daniel Batten, a Bitcoin ESG researcher, highlighted that gold extraction primarily relies on fossil fuels and has a higher environmental impact than Bitcoin mining. He added that unlike gold mining, Bitcoin mining does not contaminate the local land and water supply with mercury or arsenic.</p>
<p>Meanwhile, the 14 leading gold-tracking exchange-traded funds (ETFs) lost $2.4 billion from the start of the year to mid-February. In contrast, spot Bitcoin funds saw an inflow of $3.89 billion over the same period.</p>
<p>Kieran Warwick, the founder of Illuvium, was recently interviewed by a magazine where he answered six questions about his company.</p>

Gold Reaches Peak: Bitcoin Lags Behind in Unprecedented Highs

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