Gold Prices Hit New High As Bitcoin Surges, USD Dominance Over?

December 4, 2023 10:34 am Comments

As the United States spirals further and further into massive debt, investor confidence in the dollar is wavering.

The interest payments on the U.S. national debt are now the single highest line item in the entire national budget. This means the Federal Reserve and the U.S. federal government must print more and more money simply to service the debt.

Massive cuts to government spending would help from adding to the debt, yet $33 trillion in interest-accumulating debt isn’t going to get paid overnight.

In response to this, assets like Gold are forming new all-time highs, with gold hitting ~$2,170 per ounce, and Bitcoin moving to highs not seen in a year or more. Additionally, gold is up significantly over all major trading pairs.

According to Tokenist:

Gold prices surged above the $2,100 mark on Monday, a new record high, propelled by recent comments by Fed chair Jerome Powell that the current level of interest rates is proving to be efficient in reining in inflation.

The bullion surged to as high as $2,148.9 in early trading hours, though it then gave a significant portion of these gains as it retreated to $2,068.

President of El Salvador Nayib Bukele recently announced: “El Salvador’s Bitcoin investments are in the black! After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on Bitcoin’s market price at the time…

With the current Bitcoin market price, if we were to sell our Bitcoin, we would not only recover 100% of our investment but also make a profit of $3,620,277.13 (as of this moment).

Of course, we have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.

Nonetheless, it is important that the naysayers and the authors of those hit pieces take back their statements. The responsible thing to do would be for them to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit, just as they repeatedly reported that we were incurring losses.

If they consider themselves true journalists, they should report this new reality with the same intensity they reported the previous one. We’ll see… Stay tuned!”

Coin Telegraph provided more market data:

The price of gold has broken through a new all-time high, surpassing the significant level of $2,100 during the Asian session on Monday, Dec. 4. Meanwhile, Bitcoin has also surged above $41,000 for the first time in 19 months.

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