Gold Soars to $3,360—And Bitcoin Smirks From the Side

Key revelations, dear reader:

• Gold’s ascent? A mere tease—held hostage by US sales and domestic gold shortages. Ho-hum.

• Meanwhile, Bitcoin’s dance? Growing bolder as the US dollar wobbles and economic fears swirl like a bad perfume. 💸🚀

The price of gold… ah, gold! Wobbled up 3% from May 29 to June 2—puffing itself up after a long nap of over three weeks, while Bitcoin stubbornly sits above $105,000, like a king refusing to be dethroned.

Weaker dollar? Time to look elsewhere—perhaps to the treasure chest, or maybe just to your losing crypto wallet 😅

At first glance, a dollar in decline might seem sad, even pathetic—but macroeconomics has a sense of humor. The US Dollar Index (DXY) dropped to its lowest in six weeks, making investors allergic to it like a cat to water. Why? Because folks are losing confidence in the Federal Reserve’s magic tricks—and worried about Uncle Sam’s endless debt hangover.

Scott Bessent, Treasury Secretary, confidently declared on CBS, “We are never going to default,”—a statement as comforting as a chocolate teapot. Meanwhile, Jamie Dimon from JPMorgan screams about debt ceilings like it’s the apocalypse.

All this panic? It nudges those holding the staggering $31.2 trillion US debt to reconsider, perhaps seeking greener, or at least more stable, pastures. Fixed income? Predictable? Sure. But volatile like a soap opera—more Yellen than Yoda.

US wants to play with its gold reserves—because what’s more fun than selling off part of your treasure to fix the economy? (Spoiler: not much.)

Heaven forbid the US, with its vast gold hoard, decides to sell a chunk. Maybe 17%, worth around $171.8 billion—enough to cover three weeks of deficits, which is roughly the time it takes for a politician to forget their promises.

But hang on—invest $171.8 billion in Bitcoin? Now that’s a plan. It would dominate even China’s 190,000 BTC—because nothing says “national strategy” like making your enemies jealous.

And, oh, the US doesn’t even produce enough gold! It ranks behind China, Russia, Australia, and Canada—those overachieving gold factories. The US has no rush to chase higher gold prices, especially amidst trade wars and geopolitical melodramas. 🎭

Gold ETFs? Less popular than a speed bump. Bitcoin? Hotter than a summer in Siberia 🔥

Despite gold’s fancy $22.7 trillion fame, investors are suddenly less enamored—net outflows from gold ETFs are in. But Bitcoin? Since May 15, a cool $3 billion has flowed into spot Bitcoin ETFs—probably because it’s more fun to gamble on digital coins than sit on shiny bars.

Gold, the aging monarch, now faces stiff competition from stocks and other shiny things. Meanwhile, Bitcoin—our digital rebel—is growing, fueled by fears of Uncle Sam’s fiscal madness. A perfect storm for those who love chaos and chaos-adjacent assets. 🌪️

Remember, folks—this oh-so-serious analysis should not replace your morning coffee, or be taken as a legal or investment vow. These are just the ramblings of one humble soul, and not the official gospel of CryptoMoon. 😉

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2025-06-04 08:47