Bursting of bitcoin bubble gives timely boost to gold

London

THE bursting of the bitcoin cryptocurrency bubble has boosted gold in the past few weeks.

Since mid-December, the price has jumped by 6 per cent from US$1,235 an ounce to US$1,312, during a period of volatile sliding bitcoin and other cryptocurrency prices.

Since those highly speculative products tend to gyrate by 5-10 per cent within minutes, 6 per cent may be regarded as small beer.

But now that speculators perceive that cryptocurrencies are dangerous …