Gold and Silver Smashing New Records, Will Bitcoin Follow

Discount Brokerage Platform Robinhood has made a spike in the trading activities of gold-tethered traded funds (ETFs). The data from the analytics site, Robintrack, recorded a surge in the number of Robinhood users trading SPDR Gold shares Exchange Traded Funds from 6,000 in 2019 to 26,000 this year. Silver, on the other hand, rose to record highs after moving toward $20.00 per ounce price point.

Gold Trading Performance Surges by 0.40%

Gold approached $1,950 an ounce price support after rising by 0.40 percent and trading an ounce at $1817.50. The weakening of the US dollar as a result of Covid-19 seems to have been Gold’s lifting force. Silver’s price action has taken an overnight surge of 3.0 percent to reach its current price.

Price actions of either metals gave Peter Schiff enough reason to mock bitcoin for its failure to rally strongly against Silver. The epic trader and analyst posted on Twitter that Silver was the “new bitcoin”

It looks like @tudorjoneshedge ended up betting on the slowest horse in the race. In fact, #Bitcoin will not even finish the race. If Paul really wants to bet on a faster horse than #gold he should move his Bitcoin chips over to #silver, or try some gold and silver mining stocks.

— Peter Schiff (@PeterSchiff) July 21, 2020

Schiff claimed silver was rallying high percentages over the count of 10, while bitcoin was hardly up by 2%. At the time of Schiff’s twitter post, Silver hit a 6-year high after rising by 7% to $21.15 per ounce. The leading crypto, on the other hand, stalled around $9,300 after breaking away from the $9,200 resistance on Tuesday. 

Silver is the New Bitcoin For Millennial

It’s not clear whether Silver could take the lead in making investments and become the next bitcoin; but what’s clear is that millions of millennials are hovering around platforms like Robinhood to trade in all things-assets. However, the only limitation that silver faces are that it is less liquid. On average, the supply of silver is lower compared to both Gold and Bitcoin. That’s why most of the silver directional moves post staggering records and are more aggressive. Yet, it seems millennials are more than ready to invest in anything that promises returns.

Nevertheless, Schiff said that the silver was a new kind of bitcoin with direct utility. The trader advised bitcoin enthusiasts to turn to silver and to hesitate to back up the wrong asset.