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Author Topic: This Gold Fund Is Joining the Bitcoin Frenzy  (Read 75 times)
alyssa85
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November 23, 2017, 04:58:48 PM
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https://www.bloomberg.com/news/articles/2017-11-22/gold-fund-joins-bitcoin-frenzy-as-bulls-see-prices-at-10-000

Quote
The Old Mutual Gold & Silver Fund, which manages $220 million of mostly precious metal equities, is jumping on the bitcoin wagon.

The fund started buying in April with a mandate to allocate as much as 5 percent to cryptocurrencies, according to its manager, Ned Naylor-Leyland. The idea is to take profits from bitcoin as it advances to reinvest in gold and silver assets, he said in an interview on Nov. 16.

“Bitcoin was explicitly designed to be digital gold,” said Naylor-Leyland. “So if you’re going to have a small proportion of a fund in bitcoin, it should be in a gold fund, because that’s exactly the point. It’s about bringing the ownership of disciplined money into the modern world. Bitcoin is paving the way for the reintroduction of gold as global money.”

I reckon the buying from this fund is one of the reasons the China ban didn't tank the coin for longer than a day. They probably thought, "cheap coins" and bought as much as they could.

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