As the price of gold cannot maintain the rise above US$1,900, more and more gold shorts are getting out of the predicament. Singapore’s OCBC Bank is the latest institution to make negative forecasts of gold prices. Their analysts said that gold prices peaked because they expected real bond yields to rise as inflation concerns began to weaken. And analysts said that due to the weakness of the US labor market and the decline in inflation expectations, it means that the current actual yield may continue to trade within the range. In addition, their interest rate strategists predict that the US real yield may find a bottom of -1.0% in the short term and slowly rise to -0.6% by the end of 2021. This shows that gold may have peaked at the current level of $1,900.
Digital asset management company CoinShares released data on Monday showing that as of June 11, due to the sell-off of institutional investors, cryptocurrency investment products and funds recorded capital outflows for the second consecutive week. The world’s second largest cryptocurrency by market value, Ethereum, The outflow of funds in a single week set a record. According to data, the outflow of cryptocurrency funds reached 21 million U.S. dollars last week. Since mid-May, the total outflow of funds has reached 267 million U.S. dollars, accounting for 0.6% of the total assets under management. Among them, the outflow of funds from Ethereum reached 12.7 million U.S. dollars last week, setting a record for the largest single-week outflow. In addition, the data also showed that the outflow of Bitcoin, the world’s largest cryptocurrency by market capitalization, fell to 10 million U.S. dollars last week, which was lower than the record outflow of 141 million U.S. dollars in the previous week. Because Tesla CEO Musk said on Monday that Tesla may resume Bitcoin trading, Bitcoin once again exceeded $40,000.
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