Mike McGlone, senior macro strategist at Bloomberg Intelligence, tweeted on May 9 that gold and gold Bitcoin (BTC) shared his views on his performance.
McGlone suggested that the divergence that gold has outstripped Bitcoin may be reigniting with consequences for risky assets and deflation.
Is Bitcoin/Gold the Canary in the Coal Mine? the disparity of #gold outpacing #Bitcoin may be regaining fuel, with implications for risk assets and deflation. Up almost 10% on a year-over-year basis to May 12, the precious metal is a top-performing major asset pic.twitter.com/4tIQuypC0b
— Mike McGlone (@mikemcglone11) May 14, 2023
According to McGlone, gold was the top-performing major asset, up almost 10% year-on-year through May 8, while Bitcoin is down nearly 20% and the S&P 500 is almost flat. McGlone also showed a chart showing the link between the Bitcoin-gold ratio and the stock index.
McGlone said that the highs and lows between the S&P 500 and its 100-week moving average coincide with a similar pattern in the Bitcoin/gold ratio.
He added that after a nearly 15% drop in October, the stock index has bounced back to the nearly 100-week average, while Bitcoin/gold is close to 2017 highs.
Mike McGlone is senior macro strategist at Bloomberg Intelligence, a research division of Bloomberg LP. It specializes in commodities and crypto markets and provides analysis and insights on Bloomberg terminals and media platforms.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!