Bitcoin, gold prices jump on inflation hedge
Consumer prices rose 6.2% Y/O/Y in October, the most in 31 years
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Investors are rushing to pad their portfolios with both new and traditional inflation hedges, a sign higher prices won't abate anytime soon.
Following October's 6.2% surge, annually, in consumer prices, reported on Wednesday, crypto and gold prices spiked.
STOCKS SLIDE AS INFLATION SURGES
Bitcoin surged above the $68,000 level, just below its all-time high of $68,525.84, as tracked by CoinDesk.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BITO | PROSHARES BITCOIN STRATEGY ETF - USD DIS | 13.12 | +0.43 | +3.39% |
| GCC | WISDOMTREE TRUST ENHANCED COMMODITY STRATEGY | 22.41 | +0.04 | +0.20% |
| BITQ | BITWISE CRYPTO INDUSTRY INNOVATORS ETF - USD DIS | 23.58 | +0.49 | +2.12% |
In turn, various crypto exchange-traded funds also rose.
INFLATION WILL LIKELY GET WORSE BEFORE IT STARTS IMPROVING, GOLDMAN WARNS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GLD | SPDR GOLD SHARES TRUST - USD ACC | 421.66 | -0.55 | -0.13% |
By the same token, gold, a traditional inflation hedge, rose nearly 2% to $1,862.50. The SPDR Gold ETF traded higher in tandem.
The yellow metal is on pace for its fifth straight session of gains and year to date has fallen over 3%.