Gold prices rose during today’s trading session, despite a stronger dollar and rising Treasury yields, as investors awaited the minutes of the last Federal Reserve meeting for clues on the timing of interest rate cuts.
The dollar index rose about 0.1% and yields on the benchmark 10-year Treasury note rose near 4%, making the dollar-denominated yellow metal less attractive to foreign buyers.
Gold and the dollar now:
Gold futures are up 0.42% to $2032 an ounce.
Spot gold is up 0.17% to $2021 an ounce.
The dollar index is up 0.1% to 104.3 points.
Other metals:
Platinum fell 0.6% to $893.16 an ounce in spot trading.
Palladium fell 0.8% to $946.41.
Silver also fell 0.4% to $22.93 an ounce.
Bitcoin on the Verge of a New Record High: Historical Evidence Confirms
Almost a year ago, the cryptocurrency market was in a recession, and the idea that Bitcoin could retest its record high of around $69,000 was ridiculous. But after 12 months, some studies and forecasts now suggest that this possibility is becoming more and more likely.
Bitcoin’s price has tripled since the beginning of 2023 amid optimism about US exchange-traded funds that invest directly in Bitcoin, as well as the impending decline in the growth of the digital currency supply known as the “halving” event.
Bitcoin’s recent rise includes four consecutive weeks of gains through February 18. Over the past five years, the popular cryptocurrency has averaged a 49% gain over the three months following four weeks of gains, which would take Bitcoin to around $78,000.
Bitcoin rose about 1% in the past 24 hours to $52,150 on Monday, near its highest level in over two years.
Pound Sterling Under Pressure Ahead of Bank of England Hearing
The pound sterling fell in the European market on Tuesday against a basket of world currencies, continuing its losses for the second consecutive day against the US dollar, due to the increasing likelihood that the Bank of England will cut interest rates sooner than the Federal Reserve.
In order to reassess these probabilities, investors are awaiting a hearing in the British Parliament later today for Bank of England officials on the monetary policy report issued after the meeting on February 1st.
Comments from British policymakers are expected to provide clearer clues about the future of interest rates in the UK.
Robert Kiyosaki:” Prepare for the Biggest Crash in History.. Gold to 1200 and Bitcoin to 100,000”
Robert Kiyosaki, author of the famous book “Rich Dad Poor Dad”, predicted that Bitcoin and silver will rise, while gold will fall below $1200. He urges investors to prepare for “the biggest crash in history” that he predicted in his book years ago. Kiyosaki stressed that the Federal Reserve is “destroying” the US economy and advised, “Instead of trusting the Fed, I prefer to trust gold, silver and Bitcoin.”
The author of Rich Dad returned to the social media platform “X” in the past few days to express his renewed concerns about the US economy while making predictions about gold, silver and Bitcoin.
Rich Dad Poor Dad is a book published in 1997 and co-authored by Kiyosaki and Sharon Lechter. The book was on the bestseller list for over six years. Over 32 million copies of the book have been sold in over 51 languages in over 109 countries.
Kiyosaki wrote, “Who will buy US bonds?”, adding, “Banks are buying gold, not US debt. How will America run without money? How will the world run without money? What will you do without money?” And the famous writer continued. Meanwhile, Kiyosaki commented on how some financial advisors are offering Bitcoin funds to clients. Kiyosaki wrote, “Finally, a few financial planners are recommending investing in gold, silver and Bitcoin,” adding, “Why didn’t financial planners recommend investing in hard assets sooner?” He answered his question in detail: “Gold has outperformed the S&P for decades. The S&P is about to crash by 70%. Don’t be a loser. Choose your financial advisors carefully. Prepare for the biggest crash in history. a crash I predicted in my book “Rich Dad’s Prophecy” years ago.”
Kiyosaki criticizes the Fed and says he trusts gold, silver, and Bitcoin more. He also has criticized the Federal Reserve and said he trusts gold, silver, and Bitcoin more. In a recent blog post, Kiyosaki said he is “tired and sick of hearing pundits ask, ‘What will the Fed do?'” He said the Fed is the problem and that it is a “criminal organization.”The Fed has destroyed the economy, made the poor and middle class poorer, and bailed out their rich banker friends,” Kiyosaki wrote.
Despite predicting that the price of gold will crash, the famous author said: “I would rather trust gold, silver, and Bitcoin than the Fed.” Last month, Kiyosaki warned investors about the inflation of US government debt and urged them to buy Bitcoin. He recently explained why he owns Bitcoin, emphasizing that the cryptocurrency protects “against the theft of our wealth via our fiat currencies.” After the approval of Bitcoin ETFs, the famous author revealed that he has increased his Bitcoin holdings. He believes that Bitcoin will reach $100,000 in 2024.
For further insights, check OneRoyal’s Facebook, Instagram, and Twitter pages and expand your understanding of financial markets with global perspectives. Staying informed is crucial in the ever-evolving world of finance.
Disclaimer: This article is not investment advice or an investment recommendation and should not be considered as such. The information above is not an invitation to trade and it does not guarantee or predict future performance. The investor is solely responsible for the risk of their decisions. The analysis and commentary presented do not include any consideration of your personal investment objectives, financial circumstances, or needs.
