Economist Selçuk Geçer commented on a new gold and Bitcoin. Economist Geçer used the expressions “I warn you, it will break badly” for the gold and crypto money markets. As Kriptokoin.com, we are giving the details…
Selçuk Geçer warned against gold and cryptocurrencies
Economist Selçuk Geçer, in a tweet from his Twitter account, “Now 50 basis points interest increase from FED not expected… I warn you that gold will break badly”, he warned gold investors. On the other hand, he also shared his comments on BTC and said, “I’m tired of saying I said it… Bitcoin is flying.”
Meanwhile, gains were seen on Wednesday as sanctions against Russia against Ukraine raised supply concerns. Other than gold, metals such as palladium also experienced a rise. Palladium, which is used by automakers in catalytic converters to reduce emissions, rose to $2,722.79 on Tuesday, its highest level since July. Western countries have stepped up sanctions against Russia, which accounts for 40 percent of global palladium production, including the shutdown of some Russian banks from the SWIFT global financial network.
Dollar index hits its highest level since 2020
The US dollar index, which caused a slight pullback in gold, rose to its highest level since May 2020 for overseas buyers of the metal. made it more expensive. 10-year US Treasury yields also strengthened, pushing some investors away from interest-free bullion. QCR’s Fertig said that while gold is under pressure from the dollar and yields, this is only a minor correction, adding that there is “a lot of political dynamite that can bolster gold” with the possibility of the West becoming more involved in the Ukraine crisis.
Today, safe-haven gold rose as much as 2.2 percent and approached the 17-month high set last week. The holdings of the world’s largest gold-backed exchange-traded fund SPDR Gold Trust rose to 1,042.38 tons on Tuesday – the highest since July 2021. Spot silver fell 1.6 percent to $24.97 an ounce.
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