SGTReport – Bitcoin Runs Laps Around Metals, Nearly 40% Gains Since 1 February – 17 February 2013

 The digital gold standard known as Bitcoin has shown impressive strength in the mist of the recent drop in all precious metals. Gold lost 40 dollars in a 24 hour period to close for the weekend at $1610.30. This loss reflects a 2.4% drop. Silver had a more significant drop falling from $31.00 to close at $29.80 dollars an ounce. This reflects a 3.4% drop in the common man’s gold. These drops have occurred despite, as Harvey Organ reports, the gold demand for the quarter was 6% higher year-on-year at $66.2bn marking the highest ever Q4 total and driving annual demand in 2012 to a record value of US$236.4bn.

So if in the final Quarter of 2012, gold demand was 6% higher than it was in the final quarter of 2011 how are we experiencing these rather significant attacks on precious metals? There is much speculation of course that investors are cautious as they await the outcome of the up and coming G20 Finance ministers and central bank governors meeting being held in Moscow.

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