Investors flee gold for cryptocurrencies as inflation worries rise
By Joe Rennison and Eva Szalay
Financial Times, London
Thursday, October 21, 2021
Investors are dumping gold for cryptocurrencies as inflation picks up, fleeing a metal historically touted as a store of value to buy digital assets little more than a decade old.
More than $10 billion has been pulled from the biggest gold exchange-traded fund this year and funds' physical gold hoards have also been selling down, according to Bloomberg data. The price of gold has declined 6.1 percent this year to $1,782 a troy ounce on Wednesday.
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