Bitcoin, gold prices jump on inflation hedge
Consumer prices rose 6.2% Y/O/Y in October, the most in 31 years
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.
|BITO||PROSHARES TRUST BITCOIN STRATEGY ETF||17.16||-0.42||-2.39%|
|GCC||WISDOMTREE TRUST ENHANCED COMMODITY STRATEGY||17.37||+0.06||+0.35%|
|BITQ||EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E||5.35||-0.19||-3.43%|
In turn, various crypto exchange-traded funds also rose.
INFLATION WILL LIKELY GET WORSE BEFORE IT STARTS IMPROVING, GOLDMAN WARNS
|GLD||SPDR GOLD SHARES TRUST - EUR ACC||183.72||-2.01||-1.08%|
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%.