Gold Would Be Higher But Buyers Are Jumping Ship to Bitcoin

As gold loses steam after rallying to 12-month highs, one market expert says he is seeing bitcoin take a chunk out of the yellow metal. "I think it's a big part of the problem in terms of stalling gold's rally. 

In my eyes gold is always a currency play not a safe-haven play, now that you have other currencies getting real traction they are taking part of the buyers away from gold," said Todd 'Bubba' Horwitz, founder of bubbaatrading.com In mid-July, Bitcoin was trading around $1,985 per coin before continuing its rise higher. 

As hostilities increased between North Korea and the U.S., it broke the $3,000 mark before slicing through the $4,000 level with ease. But fret not gold trackers, Horwitz added that another yellow metal rally is coming.

- Source, The Street