Massive Gold Bet Made with Eyes on $5,000 as Analyst Sees Bitcoin Tripling Gold Assets

A large bullish bet of $46.6 million has been placed on Gold Futures (DEC6) to reach as high as $5,000.

The trade is contingent on several conditions, including limited further Fed tightening, stabilizing long-term yields, and continued gold ETF inflows.

Bloomberg Senior ETF Analyst Eric Balchunas predicts that Bitcoin ETFs will ultimately triple the assets of Gold, stating 'I think as the younger investors get more money and grow up with Bitcoin as their store of value, I do believe that Bitcoin ETFs will triple gold in assets.'