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Gold News: Gold Funds Are Buying Bitcoin Now?

Posted On November 27, 2017 9:29 am

Gold News: Gold Funds Are Buying Bitcoin Now?

You knew it was going to happen, now it’s official gold news.  Old Mutual Gold & Silver Fund, dedicated to its namesakes, decided to start buying Bitcoin back in April.

Now they’re up to $11 million in Bitcoin holdings, or about 5% of the fund. Since many people see Bitcoin as a store of value – similar to gold’s traditional role – this isn’t completely unexpected. The big question is how many other similar funds will make a similar decision and stretch into the crypto-currency realm? You can read about Old Mutual’s moves here. Many see Bitcoin as a trade like a penny stock – buy it now and hope the price keeps shooting up.  

What do you think? Should gold funds should be buying cryptocurrency? Sound off in the comments below.

 Related: These 3 Charts Show How Well Gold is Doing Lately 

Originally posted at Mike Hammer – The Gold Enthusiast

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