摘要： While gold prices have recorded an all-time high this year, surpassing $2,000 per ounce, prices have dipped again lately. However, UBS Global Wealth Management suggested that investors should be putting their money in gold now. As gold and Bitcoin (BTC) have had a high correlation in the past, both seen as a hedge against risks, what would this mean for the world’s largest cryptocurrency?
According to UBS Global Wealth Management, gold represents a “very good hedge” against events that may cause the markets to be volatile, such as the upcoming US election. Kelvin Tay, UBS regional chief investment officer said:
“We like gold, because we think that gold is likely to actually hit about $2,000 per ounce by the end of the year. And gold has certain hedges to it. In (the) event of uncertainty over the U.S. election and the Covid-19 pandemic, gold is a very, very good hedge. And its recent weakness represents a great entry point for investors.”
Tay added that gold is an attractive asset due to the low interest rate environment, especially after the Fed indicated that the interests will stay low.
As for the traditional markets, US stock futures slid lower today, ahead of the first presidential debate, after Monday’s rally. David Waddell, the CEO of Waddell & Associates commented:
“I think we’re in a sideways period. It’s just we’re going to do it like we’re on a trampoline.”
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