Is this the turning point for Gold and Bitcoin ?

It is interesting to see the gold price jumped to almost US$4300 in the past few days.

There are now chatters that gold may have bottomed, The next question is if BTC will follow. Note BTC has been able to hold above US$60K since beginning of the year. So far, BTC after tanking from $120K to the current level, it held the US$60K level despite a war, rising interest rates, a hack on the coldcard. Note plenty of punters have been calling gold and BTC to break even lower but they held.

Also if we take the ¥ intervention to the extreme, we can see that these two major currencies are stuffed and bound together for a very long time. USA is intervening in the ¥ not because it cares about Japan but driven by self interest. Japan is the largest holder of US treasuries. If one day, Japan wakes up and realizes it needs to defend the currency, it may need to sell its US treasuries, which will drive up yield for US government debts.

Rule of thumb is I would bet on market forces to eventually prevail if governments are forced to intervene in their currencies.

Again, if this persists, the weak USD will be tailwind for gold and bitcoin (maybe ?).