Between gold, silver and bitcoin

“Since last November — so, for about eight months or so — when the Fed started to move towards dovish, people flocked to gold and to bitcoin and they ran them both up,” Jim Iuorio, a veteran futures and options trader, said Tuesday on CNBC’s “Futures Now.” “They forgot silver, but … silver sometimes lags gold and then catches up all at once. We’ve seen that in the last couple weeks.”

Gold is up almost 11% this year, with most of that run occurring in the last three months; silver is up over 9% in the last three months and is on track for its third straight week of gains; and the Wild West that is bitcoin is up over 150% this year and has seen huge swings in both directions in the last several weeks.

“Bitcoin, all of a sudden, has shown some drastic volatility over the last two weeks, including a $3,000 drop in about a minute two weeks ago,” said Iuorio, who is managing director of TJM Institutional Services.

“I think if silver shows a little more strength, I like silver, too. I mean, just for the fun of it, I’ll say Scott’s wrong and gold’s way better, but I don’t hate his trade,” he said.

Gold and silver traded sideways on Friday as investors looked ahead to the Federal Reserve’s pivotal meeting next week. Bitcoin shed over 1%.

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Mohsen Daemi
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