More people search ‘buy Bitcoin’ than ‘buy gold’
Gold trading shrunk by nearly one third in October compared with the previous 12-month average, according to online marketplace, BullionVault.
The precious metal priced in euros fell 1.4% in October on a daily-average basis, with a drop of 1.8% in sterling terms and a drop of 2.7% against the US dollar.
While falling gold prices have meant buyer numbers are on the up so far in 2017, this figure is 9.7% down in October compared with September. The number of sellers fell even harder at 26.6%.
BullionVault said the price dip came as US stock markets set all-time highs, Brexit is failing to dampen the FTSE and Catalan independence hasn’t dented Europe’s bull market.
But the surge in cryptocurrency Bitcoin has impacted gold. Adrian Ash, director of research at BullionVault, said: “Some investors are being distracted by the noise around Bitcoin and other cryptocurrencies. Altogether that’s made interest from new gold investors the weakest since the metal’s half-decade price lows of end-2015, just the UK referendum and Trump’s election shock helped gold enjoy its strongest annual rise in six years.”
Analysis of Google searches revealed that the number of internet searches for the phrase “buy Bitcoin” has now overtaken “buy gold” after overtaking “buy silver” at the New Year:
See YourMoney.com’s Bitcoin and cryptocurrencies: are they a worthwhile investment?, and our guide on how to access the precious metal for more information.