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After dropping more than $40, gold is making a comeback following another disappointing jobs report out of the U.S.
Here’s a look at Kitco’s top three stories of the week:
3. Bitcoin is a substitute for copper, not gold – Goldman’s top commodity analyst https://www.kitco.com/news/2021-06-02/Bitcoin-is-substitute-for-copper-not-gold-Goldman-s-top-commodity-analyst.html
Cryptocurrencies are risk-on assets, which is why they are more closely aligned to commodities like copper and oil.
2. Russia’s wealth fund to ditch all U.S. dollar assets for gold, euros, and yuan this month https://www.kitco.com/news/2021-06-03/Russia-s-wealth-fund-to-ditch-all-U-S-dollar-assets-for-gold-euros-and-yuan-this-month.html
The decision means selling $40 billion of U.S. dollar assets. The fund holds Russia’s oil revenues with a total value of more than $185 billion.
1. ‘Gold stocks best buy since 1980s’: Gold price to double, but gold stocks could see 10X gains in next 3 years – analyst https://www.kitco.com/news/2021-06-01/-Gold-stocks-best-buy-since-1980s-Gold-price-to-double-but-gold-stocks-could-see-10X-gains-in-next-3-years-analyst.html
The one ratio to monitor is the XAU-gold ratio, Timothy Ord, president and editor of The Ord Oracle, tells Kitco News.
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