Gold

<div class="finbold">
 <p class="paragraph">Though some experts, analysts, and marketers have been rhetorically placing gold and Bitcoin (BTC) in the same category for years, they have seemingly diverged in significant ways in 2024.&nbsp;</p>
 <p class="paragraph">Indeed, while gold has been rising at an incredible pace as economic and geopolitical concerns mount, BTC’s trading is more risk-off, with the most striking example coming at the height of the Israel-Iran war scare when fears seemingly outweighed the optimism stemming from the halving event.</p>
 <p class="paragraph">Despite the world’s premier cryptocurrency seeing its highest month-end <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>s on record in March, <em>Bloomberg’s</em> Senior Commodity Strategist<em> </em>Mike McGlone opined in a recent X post that gold has a substantial upper hand compared to Bitcoin – and, indeed, compared to the S&amp;P 500.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Tokenized real-world <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> nears $8 billion in value as demand grows <span class="self-center text-xs text-slate-500">28 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Why you can't bank on single stock to make you a millionaire&nbsp; <span class="self-center text-xs text-slate-500">50 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Buy signal for the two most oversold cryptocurrencies today <span class="self-center text-xs text-slate-500">60 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Gold trades below $2,300 amid anticipated Fed shakeup <span class="self-center text-xs text-slate-500">3 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">BTC in particular, stands in contrast with gold as, after hitting a new all-time high in March, it saw a massive decline in April which, by May, saw it drop to approximatelly $57,000 – a level some experts identified as a crucial support zone – while the world’s top commodity ended the fourth month at its own record <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>.</p>
 <h2 class="wp-block-heading" id="h-gains-for-gold-and-pain-for-bitcoin">Gains for gold and pain for Bitcoin</h2>
 <p class="paragraph">McGlone’s most recent analysis follows his previous assessments closely as he sees substantial volatility and arguably the anomalous performance of stocks in a high interest rate environment as some of the crucial headwinds for BTC and S&amp;P 500 and important tailwinds for gold and other commodities.</p>
 <p class="paragraph">Additionally, stocks and cryptocurrencies may face trouble ahead in similar ways to commodities when they had to swallow a <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> cure resulting from a COVID-era <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> surge back in 2022 before reentering the more recent rally.</p>
 <p class="paragraph">“A primary headwind for the S&amp;P 500 may be the high-<a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> cure example that’s afflicted most commodities since 2022. It’s likely not a coincidence that #inflation has remained sticky and FederalReserve rate-cut risks have leaned toward hikes, on the back of the rapidly rising stock index closing at the 5,254 high in 1Q.”</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/x9256HuteytSMDH4QnLCSBUBIK0q1wBU_D6XsdEQjV0eLydBqF7eHS5BhX41yGXth-e4aY20bkfg6mzpMwGID_XEvxe5ny51pvZyE8suXekGFWD_lOnlQk2pZwPKnsmVF2Hp8QUG4SHPqXi-XBYCZEc" alt>
  <figcaption class="wp-element-caption">
   Crocodile’s jaw chart, BTC vs. gold vs. S&amp;P 500. Source: Bloomberg Intelligence
  </figcaption>
 </figure>
 <p class="paragraph">The expert also assessed that the increasingly hawkish rhetoric coming out of the FED is likely only to further emphasize the dynamic, which leans well into his previous forecast that gold is set to surge toward $3,000 per ounce this year.</p>
 <p class="paragraph">Finally, McGlone also linked the likely upcoming fortunes of the wider cryptocurrency market to the apparent slowdown that is affecting the stock market and its major indices and explained it might struggle to maintain momentum should the S&amp;P 500 truly end its “almost straight up rally’ – a scenario he judged likely with recent recessionary forecasts – that started after they hit October 2023 lows.</p>
 <p class="paragraph">Still, it is noteworthy that the macro strategist’s forecasts – when it comes to cryptocurrencies at least – haven’t historically been the most accurate given that he forecast trouble ahead for the crypto markets less than a month before they entered into a major rally.</p>
 <p class="paragraph"><em>Buy stocks now with eToro – trusted and advanced investment platform</em></p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/gold-vs-bitcoin-expert-predicts-may-prices-for-top-assets-tbt87151.html">https://thebittimes.com/gold-vs-bitcoin-expert-predicts-may-prices-for-top-assets-tbt87151.html</a></p>

Gold vs. Bitcoin: Expert predicts May prices for top assets

Table of Contents

TheBitTimes

Other articles published on May 1, 2024

Crypto Presale Buzz: Raboo Draws Investors Amid Cardano and Avalanche Struggle

Will Bitcoin Bounce Back After Price Drop?

USDT Issuer Tether Reports Record $4.52B Profit In Q1 2024

Insider Perspective: BEFE Coin’s Takeover of PEPE and SHIBA INU Explored

Coinbase Collaborates with Lightspark to Enhance Bitcoin Transactions through Lightning Network

Why Bitcoin Price Dropped Today? When Will It Recover?

Join our free newsletter for daily crypto updates!