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Albert Sung is the author of Correlation Economics, monitoring breaking economic news on a day to day basis. He started investing in 2008 because of the economic crisis and holds a masters degree in chemical engineering. Previously, he worked several years as a process engineer at Ashland, a... More
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Correlation Economics
  • Bitcoin Reserve Currency 2 comments
    Nov 7, 2013 12:11 PM | about stocks: GLD

    There is this talk on Zerohedge whether Bitcoin can become a reserve currency. Remember, I said earlier that Bitcoin needed to be $2880/Bitcoin to be on par with the silver market. We're now at $300/Bitcoin, so there is still a long way to go.

    (click to enlarge)

    Bitcoin Market Cap

    (click to enlarge)

    Gold Price

    But nevertheless, a nice run upwards compared to the ill-forgotten gold ... I'm wondering why gold didn't go up. Or is there no correlation at all? In fact, while Bitcoin soared, gold went down.

    Stocks: GLD
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  • phdinsuntanning
    , contributor
    Comments (1200) | Send Message
    God dollar got strengthened so all commodities trading in USD... you know the story
    7 Nov 2013, 12:20 PM Reply Like
  • Katchum
    , contributor
    Comments (531) | Send Message
    Author’s reply » I see it differently, euro interest rate down = more ECB money printing. Fleeing out of euro cash. That money will go into something, not just in the USD.
    7 Nov 2013, 12:53 PM Reply Like
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