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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 25286.50 0.40%
S&P 500 2722.18 0.15%
NASDAQ 7200.88 0.00%
TSX 15131.78 0.16%
TSX-V 626.42 0.00%

Resource Commodities

Name Last Change
Gold 1202.61 0.02%
Silver 14.01 0.00
Copper 2.69 0.000
Platinum 837.50 0.05%
Oil 55.69 7.61%
Natural Gas 4.10 7.63%
Uranium 29.15 0.00%
Zinc 1.15 0.00%

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