Gold Sales Spike During Crypto Market Crash, Highlighting Inverse Correlation

Daniel Marburger, Director of Europe-based online gold dealer CoinInvest, claimed the company sold about 30 kilograms of gold, worth over $1 mln, in just one day, Jan. 16, in an interview with Bloomberg Wednesday, Jan. 17.

This week has been very volatile for Bitcoin and several industry insiders cited by Bloomberg believe that investors are looking for more stable assets in the meantime. Bitcoin, along with most other cryptocurrencies, experienced a crash of over 40% this Tuesday, Jan. 16 that lasted until Jan. 18, potentially causing a spike in gold investment.

Marburger told Bloomberg that gold coin sales increased fivefold on Jan. 16, the same time cryptocurrencies were crashing.

“[Tuesday] was a hell of a crazy day,” Marburger said, adding that “emails and phones did not stand still with customers asking how they could turn their crypto into gold.”

A similar situation was described by the Ireland-based GoldCore LTD, where customers have been cashing out from cryptocurrencies and buying physical gold for the past three months…

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