Advice from the Snakepit: Dump Gold for Cryptocurrencies

by Chris Powell

Dear Friend of GATA and Gold:

The Bloomberg report below says market analysts for JPMorganChase & Co. believe that investment gold will suffer for years from competition with bitcoin and other cryptocurrencies.

Maybe so, but since Wall Street is a snakepit and JPMorganChase & Co. is the king of the snakes, the report brings to mind the old anecdote about the Austrian empire’s foreign minister, Prince Klemens von Metternich, who in 1814 was immersed in another snakepit, the Congress of Vienna, which aimed to redraw the borders of Europe. Told that the French ambassador had died, Metternich is said to have responded: “I wonder what his motive was.”

What is JPMorgan’s motive in touting cryptos and disparaging gold? Is it to enlighten investors or scare them out of monetary metals and into a currency that governments might defeat more easily?

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