How Gold Outshone Bitcoin In October

When investing in alternative assets gold remains the king.

The yellow metal performed far better than the world's best-known cryptocurrency, Bitcoin, during October's market volatility.

When investors buy alternative assets, they typically look for two things.

Safe-haven?

First, they want to know how the asset will perform as a safe-haven asset during times of market volatility.

It should be clear that over the last month we have seen plenty of market volatility. Stocks have made some wild intra-day swings, starting the day substantially up and then ending lower than the previous close.

In addition, the S&P 500 index, which gets tracked by the SPDR S&P 500 exchange-traded fund, lost more than 8%, so far in October.

While stocks fell, gold prices gained. Prices for the yellow metal started the month at $1,189 a troy ounce and were recently trading at $1,220, according to data from Bloomberg.

Meanwhile, Bitcoin, which has been much heralded as a new alternative asset, lost value. The price of one Bitcoin started the month fetching $6,573 and was recently trading for $6,271. That's a drop of more than 4% so far in October.

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MARKET SUMMARY

INDICES

Name Last Change
DOW 24575.60 0.70%
S&P 500 2638.70 0.22%
NASDAQ 7025.77 0.08%
TSX 15208.33 0.17%
TSX-V 592.70 0.00%

Resource Commodities

Name Last Change
Gold 1279.93 0.29%
Silver 15.31 0.39%
Copper 2.69 0.000
Platinum 793.41 0.26%
Oil 52.62 0.74%
Natural Gas 2.98 2.01%
Uranium 28.90 0.00%
Zinc 1.18 0.00%

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