Gold Sales Spike During Crypto Market Crash, Highlighting Inverse Correlation

Daniel Marburger, the director of Europe based online gold dealer "Coininvest", claimed in an interview that the company sold about 1$ mln (about 30 kilograms) worth of gold, in just one day. This week has been very volatile for Bitcoin and several industry insiders cited by Bloomberg believe that investors are looking for more stable assets in the meantime. From 16th of January to 18th Bitcoin, along with other cryptocurrencies have experienced a crash of over 40%, potentially causing a spike in gold investment. Marburger told Bloomberg that gold sales have increased on the same day that the crash occured. A similar situation was described by the Ireland-based GoldCore LTD, where customers have been withdrawing cryptocurrencies and buying physical gold in the past few months.