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Bubba Horwitz: What’s gold’s next move?

Kitco News, Released on 9/8/17

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.

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