New Indicator for Gold?
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Gold to S&P 500 is the best intermarket indicator for Gold. How about Gold vs. Bitcoin?
Bitcoin is a beta-tech or beta-risk on vehicle. It has followed tech since its inception.
If a melt-up plays out, Bitcoin will continue to outperform Gold and could go parabolic. Given the history of how both have traded, it is difficult to anticipate a huge move in Gold until after Bitcoin peaks.
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Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection, as well as TheDailyGold Global, an add-on service for subscribers which covers global capital markets. He is also the author of the 2015 book, The Coming Renewal of Gold’s Secular Bull Market which is available for free. TheDailyGold.com was recently named one of the top 50 Investment Blogs by DailyReckoning and WalletHub.
