Gold and digital gold are rallying side by side.<\/p>\n
Prices of gold hit another record high Tuesday, touching $1,974 earlier in the day and adding to an 8% rally this month. Cryptocurrency bitcoin, meanwhile, held above $10,900 and is up nearly 20% so far in July.<\/p>\n
Ari Wald, head of technical analysis at Oppenheimer, said gold still looks good after its run-up.<\/p>\n
\"We've been recommending gold as a way to play the expansion of the [Federal Reserve's] balance sheet. It's actually the high momentum commodity, it ranks highest above all commodities out there in terms of momentum,\" Wald said Monday on CNBC's \"Trading Nation.\"<\/p>\n
However, he adds, \"We do recommend sticking with it but I think it's worthwhile to highlight bitcoin instead which isn't as extended.\"<\/p>\n
Wald notes that its recent breakout is setting up more gains ahead.<\/p>\n
\"Bitcoin is reversing its downtrend dating back to its 2017 peak. If you are a long-term holder, this is the type of action you'd like to see,\" he said.<\/p>\n
Bitcoin remains well below its December 2017 peak of nearly $20,000.<\/p>\n
Michael Binger, president of Gradient Investments, is still in the gold over bitcoin camp.<\/p>\n
\"Between the two I would really lean on the gold side here. When you think about it, it is really a Goldilocks environment for gold investors right now. I mean, you have a weak U.S. dollar, you have negative real interest rates. All of this is based on the prospect of rising inflation,\" Binger said during the same segment.<\/p>\n
Binger agrees with Wald that bitcoin is a momentum play, but adds that it is not a \"valid currency yet.\"<\/p>\n
Both are up on the year. Bitcoin has rallied 53% in 2020 and gold has added 28%.<\/p>\n
Disclaimer<\/p>\n
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This is the 'type of action' bitcoin bulls like to see, Oppenheimer says - CNBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Gold and digital gold are rallying side by side. Prices of gold hit another record high Tuesday, touching $1,974 earlier in the day and adding to an 8% rally this month Continue reading