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Bitcoin Is Not Stealing Gold’s Thunder - Frank Holmes

Bitcoin has taken a hit last month while gold is rallying. Frank Holmes, CEO of U.S. Global Investors, told Kitco News that the crypto world is affecting all fund flows in the markets, not just gold, and that cryptocurrencies will ultimately make markets more efficient. “I think the real currency is going to be Ethereum, and they settle every 10 seconds. And it’s a lot less expensive,” Holmes said, “There’s been 2,700 patents filed; major financial institutions to try to streamline their back-offices with this.”

Holmes said that the recent rally in gold is not related to outflows in Bitcoins, but sees a threat to conventional safe haven assets in new currencies. “The real issue is these new currencies that have attracted $3.5 billion. Young people would rather open an account at Coinbase in five minutes rather than two days at a brokerage firm and trade these cryptocurrencies,” he said.

Speaking on equities, Holmes said that a stock market correction would be triggered by something external, outside of the U.S., or a scandal with the president.

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MARKET SUMMARY

INDICES

Name Last Change
DOW 24462.90 0.83%
S&P 500 2670.14 0.86%
NASDAQ 7146.13 1.29%
TSX 15484.32 0.19%
TSX-V 804.96 0.00%

Resource Commodities

Name Last Change
Gold 1335.59 0.75%
Silver 17.13 0.76%
Copper 3.13
Platinum 926.88 0.000
Oil 68.38 0.13%
Natural Gas 2.74 2.88%
Uranium 24.25 N/A
Zinc 1.47 0.00%

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