Gold Rises as Bitcoin Stays Flat Amid Cooling Inflation Fears
Bitcoin traded flat this week while other assets rose. Gold posted its best week since January, with gold miners up 21.3% for their best week since 2008. The S&P 500 broke out to a new all-time high on a 3.6% weekly gain.
The cooling July CPI did most of the work, easing fears that the Federal Reserve might hike interest rates in September. This has gold bugs getting excited again, but some experts are warning against it.
Milton Berg still thinks we're in a long-term bear market in gold, while Michael Kao argues that central banks aren't structurally rotating out of Treasuries into gold as many think. Instead, he says the rising gold price is mostly due to other factors.
Meanwhile, China's gold-buying frenzy isn't a vote of no confidence in America, according to Michael Nicoletos. It's actually a desperate hedge against the potential implosion of China's own economic system, as Martin Armstrong suggests.