Gold started this week with a massive flash crash after the upbeat jobs data that was released on Friday.
The growing employment momentum signals that the U.S. Federal Reserve may soon start withdrawing its monetary support.
Earlier today, spot bullion tanked to a four-month low of $1,681. However, it managed to stage a quick recovery, paring more than half of its four percent drop.
Given the long-standing rivalry between gold and Bitcoin, many members of the cryptocurrency community had a field day. Kevin Zhang, vice president of crypto mining company Foundry Services, jokingly asked whether the yellow metal was under a 51 percent attack.
Did someone 51% attack gold?
— Kevin Zhang (@SinoCrypto) August 8, 2021
Meanwhile, many pointed out that the returns of gold investors went negative over the last ten years.
Yuri Molchan
Denys Serhiichuk
Vladislav Sopov