UBS Expects Gold to Hit $2,000; What Does It Mean for Bitcoin?
UBS Global predicts that gold would climb to $2,000, at least by September, just as the metal’s correlation with Bitcoin reaches a new high. Wayne Gordan, executive director of Commodities and Forex at UBS, projected negative US real yields as the core reason behind the increasing bids for gold. The other key point, Mr. Gordon stated, is the ongoing plunge in the US dollar. Bitcoin traders should brace for a decent upside momentum led by the gold market. It is because of the increasing realized correlation between the two assets.