Viewpoint: The recent strong rise of Bitcoin has attracted some funds to flow from gold to Bitcoin

Odaily News Liu Tingyu, fund manager of Yongying CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF, analyzed that there are four main reasons for the recent continuous decline in gold prices: First, after the results of the US election were announced and the "Trump deal" expectations from September to October were fulfilled, some long funds took profits, which triggered the adjustment of gold prices this time; second, the Republicans won a majority of seats in both the Senate and the House of Representatives, and subsequent policy promotion may be smoother, the US dollar index strengthened, and the gold price weakened; third, expectations for the end of the Russian-Ukrainian conflict increased, and the safe-haven properties of gold weakened; fourth, virtual currencies and gold both have certain substitutability for sovereign currencies, and the recent strong rise in Bitcoin has attracted some funds to flow from gold to Bitcoin. (China Fund News)