Bitcoin’s Wild Rally to $50,000 Turns Investors Away from Gold

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Investors are cooling on gold as its digital rival Bitcoin takes the front seat in the race between the hottest hedging assets against inflation and fiat devaluation. Data fetched by the Commodity Futures Trading Commission shows a decline in hedge fund interests in the precious metal as focus shifts on rising nominal yields and the prospects of a better-than-expected US economic recovery. It showed that the net long positions in Comex gold futures contracted by 1.7 percent to 134,733 in the week ending February 9. Meanwhile, the data also revealed a drop in gold futures short positions by 2,191 contracts to 47,093. The survey period saw an uptick in the gold price as it attempted to push past its resistance level of $1,850 an ounce. Nevertheless, the market lacked enough upside momentum, which prompted the precious metal to correct lower in the afterward sessions. Spot gold corrects lower after attempting…

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