Top Stories This Week: Burry of "Big Short" Fame Touts Gold; Lithium Faces Turmoil

Editor's Picks: Burry of "Big Short" Fame Touts Gold; Lithium Faces Turmoilyoutu.be

After ending last week above US$1,760 per ounce, gold went even higher this week.

The yellow metal peaked at about US$1,783 on Wednesday (November 16), but had fallen back down to the US$1,750 level by the time of this writing on Friday (November 18). Hawkish comments from US Federal Reserve officials, including James Bullard and Esther George, appear to have put a cap on gold's progress. Bullard said the central bank needs to keep raising rates to fight inflation, while George said bringing down inflation may require a contraction in the economy.

At the same time, gold has attracted attention from a perhaps unlikely source. "The Big Short" investor Michael Burry said on Twitter that he's long thought the time for gold would be when "crypto scandals merge into contagion."

Burry didn't elaborate in the now-deleted tweet, but market watchers see it as a reference to the collapse of crypto trading platform FTX and other related issues. In contrast to the crypto volatility seen this year, gold has held its value — it's currently down only about 3 percent year-to-date compared to Bitcoin's roughly 65 percent drop.

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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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