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Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow

‘Speculative’

RB Advisors discussed the ways cryptocurrencies are not analogous to gold for investors,

“Cryptocurrencies act like speculative investments driven primarily by financial liquidity conditions, whereas gold appears to be a ballast against uncertainty. In fact, gold might be a hedge against a cryptocurrency bear market … the correlation to gold is 0 per cent, which suggests there is virtually no relationship whatsoever between ‘digital gold’ and actual gold … risk-taking increases as financial conditions ease, lending expands, and overall economic liquidity grows … Uncertainty, rather than liquidity, seems to drive gold returns. ... The relationship between the National

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