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. 

Ticker Security Last Change Change %
BITO PROSHARES TRUST BITCOIN STRATEGY ETF 36.29 +0.21 +0.58%
GCC WISDOMTREE TRUST ENHANCED COMMODITY STRATEGY 20.02 +0.22 +1.11%
BITQ EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E 27.47 -0.78 -2.76%

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 - EUR ACC 165.24 -0.92 -0.55%

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%.