Gold prices drop due to low U.S. inflation data, investors turn to Bitcoin; Peter Schiff upset.

From Investing.com
August 15, 2024 4:30:22 pm:

Gold prices dropped sharply in response to lower-than-expected U.S. inflation data, causing investors to shift focus to riskier assets like cryptocurrencies, including Bitcoin, which rose significantly. Prominent gold supporter Peter Schiff expressed disappointment, citing a misreading of inflation data leading to the selling off of gold. Schiff believes that gold remains a stable store of value compared to Bitcoin. Schiff views cryptocurrency as the anti-gold, not “gold 2.0.” The recent market movement highlights investor interest in assets that may benefit from potential interest rate cuts and a stronger economic outlook.

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