What's more, Sanchez said the central bank could "offset" the impact of tapering by signaling that short-term interest rates will remain exceptionally low for longer by reducing its target for unemployment. Gold has been punished this year as investors pulled money out of safe havens to chase higher returns in the stock market.
Stocks have soared to record highs in the latest phase of a nearly five year-old bull market. Nichols said the selling was exaggerated as prices fell through key technical levels that triggered "program trading" in gold futures and gold-backed exchange-traded funds such as the popular SPDR Gold Shares GLD fund. Gold demand in India, historically a large consumer of gold jewelry at this time of year, has been "disappointing" as the government imposes import restrictions, Nichols added.
Gold 2. As gold prices slide, investors have been piling into the market for Bitcoin. The virtual currency has been called "Gold 2. Axel Merk, founder of Merk Investments, a firm that specializes in currencies and precious metals, said Bitcoin has potential as a "medium of exchange" but not as a long-term holding.
But James Rickards, senior managing director at Tangent Capital Partners, said there's no correlation between the drop in gold prices and the rise in Bitcoin. Related: Bitcoin's tipping point. Rickards said the gold market is large and liquid, while the Bitcoin market is still small, difficult to access and very volatile. Bitcoin also appeals to a different class of investor, he added. Peter Schiff, market strategist at Euro Pacific Capital, said Bitcoin lacks the "intrinsic value of gold.
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