JPMorgan analysts see gold and Bitcoin as beneficiaries of uncertainty in regular financial markets, citing rising geopolitical tensions, and the upcoming U.S. election.
JPMorgan say gold and BTC will benefit from this “debasement trade”.
On gold, JPM says the price move has already “gone well beyond the moves implied by dollar and real bond yield shift,” suggesting that geopolitical concerns are now a more dominant factor. BTC should benefit too.