BITCOIN SINKS, Gold Sits, Markets Rise

Bitcoin Gold
Welcome to our new streamlined format for Bitcoin vs Gold (and beyond) 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.

5/15/17 Closing Prices:

Bitcoin: $1,728.41 (-$49.46)
Gold:
 $1,230 (+$2.00)
Dow Jones Industrials: 20,981.94 (+85.33)
S&P 500: 2,402.32 (+11.42)
Nasdaq Composite: 6,149.67 (+28.44)

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

Trading Summary Notes for Friday, 5/15/17:

  • Bitcoin continuing pullback after last weeks all time highs
  • Expecting further weakness before “finding a bottom”.
  • BITCOIN NO NEAR TERM PRICE TARGET YET
  • Gold drifting between $1220 and $1250
  • Gold over-owned. No reason to own gold here
  • Gold near term downside price target $1175-$1185
  • Current position SHORT GOLD.

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.