Gold hit nine-week highs Wednesday as Bitcoin (CRYPTO: BTC) slipped on CPI data, yet their 90-day correlation has returned to levels not seen since Bitcoin's original digital gold era.
What Schiff Said and Why It Matters Peter Schiff posted on X that gold and Bitcoin are very different asset classes, pointing to Wednesday's CPI print as proof.
Gold rose 1.5% on the data while Bitcoin fell 0.4%, which Schiff said shows they react differently to the same economic news.
Moreover, Gold climbed to $4,435 per ounce Tuesday, its highest level since June 5, as retail investors piled into gold ETFs.
The SPDR Gold Shares ETF (NYSE:GLD) saw $50 million in single-day retail inflows on August 5, the highest since mid-March, with total inflows of $637 million that day against $244 million into U.S. spot Bitcoin ETFs, according to The Kobeissi Letter on X.
