Gold and bitcoin went from chumps to champs very quickly this week
Bitcoin and gold prices surged this week following a U.S. Treasury announcement regarding bond buybacks and President Trump's public support for crypto legislation. Investors shifted toward these alternative assets as bond market volatility increased.
Why it matters
The rapid movement in these assets highlights how government fiscal policy and political rhetoric can trigger immediate shifts in speculative and safe-haven markets.
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Bitcoin and gold shot higher this week, with both getting a boost from some frantic action surrounding the bond market, and the cryptocurrency also benefiting from activity in Washington.
Bitcoin had dropped from a January high of around $95,000 to below $60,000 at the end of June. Investors shied away from speculative assets earlier in the year and crypto supporters were concerned about the lack of movement on proposed regulation of the industry. On Friday, bitcoin rose above $77,000.
Gold hit a high above $5,300 in January but dropped to around $4,000 in June as rising rates made interest-bearing investments more attractive. Gold rose to $4,661 on Friday.
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