The gold price was on the decline this week, but cryptocurrencies like bitcoin are suffering much more, with some experts predicting a "crypto winter."
We're wrapping up what's been yet another bumpy week for gold.
The yellow metal started at around US$1,870 per ounce, but by the time of this writing on Friday (May 13) morning, it had declined to just below the US$1,810 level.
Diverse factors have been at play in the market this week, including major strength in the US dollar, which reached its highest point in 20 years early in the period. The latest Consumer Price Index data was also released — it shows an increase of 0.3 percent month-on-month and an 8.3 percent rise year-on-year.
I heard this week from Frank Holmes of US Global Investors (NASDAQ:GROW), who is unconcerned about gold's downtrend. His advice for investors during this time is to buy the dip and "hold on for dear life" — or HODL, as those in the cryptocurrency community often say.
Speaking of cryptocurrencies, bitcoin's recent performance may help put gold's drop into perspective. After hitting an all-time peak of nearly US$69,000 in 2021, bitcoin is getting crushed — it's down approximately 57 percent from that point, and by Friday morning was priced near US$29,500.
Other digital coins are suffering losses too, and this market activity has prompted some experts to suggest we're headed for a "crypto winter." Given the volatility inherent to this space it's difficult to tell what may be next — but at least for now it seems gold has won a point in the bitcoin vs. gold debate.
With Frank's comments about gold in mind, we asked our Twitter followers this week if they're buying the precious metal at its current level. By the time the poll closed, most respondents had voted yes.
As we wrap up, I want to turn your attention to the Vancouver Resource Investment Conference (VRIC), which will be held next week from May 17 to 18 at the Vancouver Convention Center. VRIC is run by Cambridge House, and I had the chance to speak with CEO Jay Martin ahead of the event to get the inside scoop.
He highlighted former Canadian Prime Minister Stephen Harper and former Mexican President Felipe Calderon as speakers who shouldn't be missed; he's also looking forward to hearing from author and journalist Nomi Prins, and former US Federal Reserve insider Danielle DiMartino Booth.
The INN team will be attending the event, so say hello if you see us. We're excited to be going to a live event after more than two years, and we look forward to bringing you interviews with many favorites in the resource space.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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