People often see correlations between gold futures and Bitcoin, as they are both quite valuable with potential for a value increase. Now that the Bitcoin price is rising, the value of gold seems to follow a similar trend. Or to be more precise, the gold miner stocks are increasing in price, which could indicate a future gold price increase.
Gold Futures Surge By Over 11%
This week has been kind of interesting for traders keeping a close eye on the gold futures charts. With the best day in over seven years on Friday, the future hasn’t look brighter in a very long time. A big upswing was noted in the GDX fund, which saw a price increase of 11.24% in one day. This was the highest increase since the end of November 2008.
But there was more good news, as all of the 25 ETfs’ US equity components saw a price increase, and over half of them saw a double-digit increase. GDX was also the most actively traded stock across all US exchanges on Friday, with a volume of over 170 million shares. An excellent day for traders of gold futures, to say the least.
Financial experts attribute