Bitcoin vs Gold – February 23, 2017 Update

FintekNews Daily Comparative Analysis

Bitcoin IS the New Gold
In celebration of the Chicago Mercantile Exchange’s (CME) launch of two new bitcoin indexes (BRR & BRTI), FintekNews is comparing the price of bitcoin and gold on a daily basis.

Trading Notes for Tuesday, 2/23/17:

  • Back to normal; Bitcoin UP, Gold DOWN
  • Bitcoin less than $100 away from all time high Mt Cox single market ($1242) before collapse
  • Bitcoin ready to take them all out………..target $1400-$1450
  • Gold going along for the ride………..right at $1250 psychological/technical resistance
  • Remember, gold is a ‘hedge’ against bitcoin downside……..surprised me today with big move
  • Six month return on position (LONG Bitcoin/SHORT Gold) now 108.4%, bitcoin alone 101%
  • Bitcoin buyers can look for price explosion

Bitcoin vs. Gold Daily Pricing Chart

* Prices are from CME’s BRR index as of 4:15 EST; gold as of 4:15 EST near term future
**  Inception began Aug. 17, 2016 (see FintekNews article)

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

We wrote an article (8/17/16) going on the record saying bitcoin will outperform gold throughout the future. The chart above compares the pricing on that date to the two most recent trading days, as reference.  We at FintekNews have written (and are on record) of saying that bitcoin will outperform gold in the future.

Please see following FintekNews articles for reference on pricing in graph:

BITCOIN-GOLD UPDATE (Published 10/26/16)
BITCOIN-GOLD: $2K $3K? Published 8/17/16)

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By Bill Taylor-CEO, FintekNews & CIO, TLC Capital Group