PANews reported on November 17 that according to China Fund News, Liu Tingyu, fund manager of Yongying CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF, analyzed that after the results of the US election were announced and the expectations of the "Trump deal" from September to October were fulfilled, some long funds took profits, which triggered this adjustment in gold prices. Both virtual currencies and gold have a certain degree of substitutability for sovereign currencies. The recent strong rise in Bitcoin has attracted some funds to flow from gold to Bitcoin.
Analysis: The recent strong rise in Bitcoin has attracted some funds from gold to Bitcoin
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