Gold is Breaking Down Because It’s Not a Currency, Bitcoin is

KITCO NEWS – After talk of $1,300 gold last week, the metal is facing a 1% drop this Tuesday — its steepest percentage drop in six weeks. December gold was last quoted down $14.20 and trading around $1,273.80 an ounce. ‘As the U.S stability is called into question, it benefits other fiats and not gold as much as it could — this is because while [gold] is money, it is not a currency,’ explains Vince Lanci, founder of trading firm Echobay Partners and an editor for The precious metal was hurting after better than expected U.S. retail and manufacturing sales came in Tuesday morning. Cryptocurrency Bitcoin was still hovering around the $4,000 benchmark, marking a 300% increase since the start of the year. ‘Bitcoin and gold would make the perfect combo; bitcoin, unlike gold, is a currency and not money,’ Lanci said.

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