According to China Fund News, Liu Tingyu, the manager of the Yongying CSI Shanghai-Hong Kong Gold Industry Stock ETF Fund, analyzed that after the results of the US election were announced and the "Trump trade" expectations were realized from September to October, some long funds took profits and caused this adjustment of gold prices. Virtual currencies and gold have a certain substitutability for sovereign currencies. The recent strong rise of Bitcoin has attracted some funds to flow from gold into Bitcoin.
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Viewpoint: The recent strong rise of Bitcoin has attracted some funds to flow from gold to Bitcoin
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