Gold Brightens As Bitcoin Exchange Goes “Dark”

Gold Brightens As Bitcoin Exchange Goes “Dark”

 

The shutdown of Mt. Gox comes after months in which the currency’s price soared and it attracted increased attention from investors and speculators. We cautioned clients that it should not be seen as a store of value and that its potential value was as a means of exchange.

Virtual currencies remain an innovative and increasingly important means of payment. However, claims that bitcoins are safe haven currencies that would compete with gold bullion look increasingly misguided.

The developments are bullish for gold prices as various bitcoin exchanges had captured capital flows from investors and speculators who are skeptical of the current financial and monetary system and many of whom would have previously have bought gold and silver.  Some of this capital is more likely to flow into gold in the coming months.

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