Gold reached a historic high of $2,117 per troy ounce on December 3, 2023, but its price has since dropped by 5.33% in the past week. Despite this peak, its year-to-date increase against the U.S. dollar remains relatively modest at 9.9%. On the other hand, bitcoin, the leading cryptocurrency in terms of market capitalization, has experienced a significant surge of 166% since the beginning of 2023.
Gold Hits Record High, but Bitcoin Steals the Show with Impressive Surge in 2023
Renowned gold advocate and economist Peter Schiff, along with other gold enthusiasts, expressed satisfaction with gold's recent climb to $2,117 per ounce. Schiff, however, downplayed bitcoin's rise, considering it insignificant. Nevertheless, objective analysis and factual data reveal that Schiff's preferred investment in gold falls significantly short of the impressive gains achieved by the digital asset bitcoin.
Gold's current trading price has declined by 5.33% from its record high of $2,117 per ounce, but it has still risen by 2.7% against the U.S. dollar in the past month. Currently, bitcoin is priced at $43,976 per coin, experiencing a 1.68% decrease from its recent peak of $44,729. However, bitcoin's all-time high of $69,044 per coin on November 10, 2021, tells a different story, with its current value standing just over 36% below that apex price.
In the last six months, as well as year-to-date and over the past year, bitcoin has consistently outperformed gold in all aspects. Over the last six months, gold has seen a 2.2% increase, while bitcoin has soared over 69% in the same period. Since the beginning of 2023, gold has risen by 9.9% against the U.S. dollar, but bitcoin has leaped by 166%. Comparing the twelve-month statistics, gold has increased by 12.04%, while bitcoin has surged by 155%.
When examining the five-year gains, bitcoin significantly surpasses gold. In the last five years, the value of gold has increased just over 60% against the U.S. dollar, while bitcoin has skyrocketed by 1,145%. The data clearly indicates that bitcoin's gains were approximately 19 times greater than those of gold during this period. Currently, the overall market capitalization of gold stands at $13.5 trillion, compared to bitcoin's $860 billion, suggesting that gold's market value is about 15.7 times larger than that of bitcoin.
Although gold's recent peak of $2,117 per ounce is noteworthy, its performance pales in comparison to bitcoin's robust growth. Despite gold's steady gains, bitcoin's dramatic 166% surge this year and 1,145% increase over five years highlight its significant edge as an investment asset. While gold remains dominant in terms of market capitalization, bitcoin's trajectory suggests a shifting landscape in asset value appreciation.
What are your thoughts on bitcoin's market performance compared to gold's performance in 2023? Share your opinions and insights in the comments section below.
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How To
The best way to buy gold (or silver) online
You must first understand the workings of gold before you can purchase it. The precious metal gold is similar to platinum. It is rare and used as money due to its durability and resistance against corrosion. It’s difficult to use, so most people prefer purchasing jewelry made from it rather than actual bars.
Today, there are two types available in gold coins: one is legal tender and the other is bullion. Legal tender coins can be used for circulation within a country. These coins usually come in denominations such $1, $5 and $10.
Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.
They can’t be exchanged in currency exchange systems. A person can buy 100 grams of gold for $100. For every dollar spent, the buyer gets 1 gram of Gold.
Next, you need to find out where to buy gold. There are many options for buying gold directly from dealers. First, you can visit your local coin store. Another option is to go through a reputable site like eBay. You can also purchase gold through private online sellers.
Private sellers are individuals who offer gold for sale, either at wholesale prices or retail prices. Private sellers typically charge 10% to 15% commission on each transaction. This means that you will get less back from a private seller than if you sell it through a coin shop or on eBay. This option is often a great choice for investing gold as it allows you more control over its price.
An alternative option to buying gold is to buy physical gold. While physical gold is easier than paper certificates to store, you still need to make sure it is safe. You need to make sure that your physical gold is safe by storing it in an impenetrable container like a vault or safety depositbox.
A bank or pawnshop can help you buy gold. A bank can offer you a loan for the amount that you need to buy gold. Pawnshops are small establishments allowing customers to borrow money against items they bring. Banks tend to charge higher interest rates, while pawnshops are typically lower.
Another way to purchase gold is to ask another person to do it. Selling gold is simple too. Set up a simple account with GoldMoney.com and you will start receiving payments instantly.
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By: Jamie Redman
Title: Bitcoin Surpasses Gold: Digital Asset Skyrockets 166% in 2023, Outshining Gold’s Modest 9% Gain
Sourced From: news.bitcoin.com/bitcoin-outshines-gold-digital-asset-surges-166-in-2023-dwarfing-golds-modest-9-gain/
Published Date: Sat, 09 Dec 2023 22:30:42 +0000
