Gold topped at the end of January. Interestingly the Copper/Gold ratio put in its low on January 28, the ISM flipped into expansion with the January numbers released on February 2, and then Bitcoin put in its 60k low just a few days after that on February 6th.

Jurrien Timmer
@TimmerFidelity
Below we can see that when Bitcoin peaked last October, the ETP flows left Bitcoin and jumped on the gold bandwagon. Now that gold has lost its mojo while Bitcoin is finding its footing, the flows have reversed. To me this is a good way to think about why gold has started acting

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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