BITCOIN Is Golden, Gold Is Broken


Bitcoin Gold
Welcome to our new streamlined format for Bitcoin vs Gold and look for additional changes over the coming weeks, including a new logo and more. 

FintekNews compares the price of Bitcoin, Gold & Major Market Averages on a daily basis. FintekNews uses the Chicago Mercantile Exchange’s (CME) bitcoin indexes (BRR & BRTI) for bitcoin pricing.

5/2/17 Closing Prices:

Bitcoin: $1,464.71 (+$47.17)
Gold:
 $1,257 ($.00)
Dow Jones Industrials: 20,949.89 (+36.43)
S&P 500: 2,391.17 (+2.84)
Nasdaq Composite: 6,095.37 (+3.76)

CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time Index

Trading Summary Notes for Thursday, 5/2/17:

  • Bitcoin moves up sharply to new all time highs
  • Bitcoin is right in the center of my near term target area…..$1425-$1475
  • Bitcoin is in a LONG term solid upward trend (see previous FintekNews articles)
  • Short term bitcoin traders may want to take some profits OR place some sell stops
  • Bitcoin sell stops should be placed at $1350-$1375
  • Gold is trending DOWN. No reason to own it.
  • Gold is no longer the safe haven it once was.
  • Should Gold close below $1250 shorts can be placed. Move to $1175-$1190 expected.
  • BITCOIN IS THE NEW GOLD for a “safe haven” trade

CURRENT POSITION: LONG BITCOIN

Past Market

Read our PRIOR daily commentaries on Bitcoin vs Gold here

See other content on bitcoin & digital currencies here

We wrote an article (8/17/16) going on the record saying bitcoin will outperform gold throughout the future. We continue that call.