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bitcoin lumber commodities bar-61849_1920
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Bitcoin Crushes Commodity And Metal ROI, But A Gold Comeback Is Due

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
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Bitcoin price has smashed all expectations, but even more so it has crushed almost all other commodities into dust in terms of raw ROI. Confusingly, however, gold is at the very bottom of the barrel.

Here’s how Bitcoin has decimated the once precious metal and hard money standard, but also a look at a comeback that could be brewing in gold.

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Lumber, Oil, Gas: Top Commodities Catch Fire, But The Can’t Catch Crypto

Who says money doesn’t grow on trees? Trees themselves are big money right now, as lumber prices have outperformed both WTI and Brent crude, gas, corn, copper, soy, sugar, coffee, and countless other commodities.

Related Reading | Gold Rebounds More Than 15% Against Bitcoin In Crypto “Hash Crash” 

Although Bitcoin is regulated by the Commodity Futures Trading Commission, it is considered more virtual currency than commodities, even though it has a similar rarity and supply and demand dynamic. Therefore, the coin isn’t added to the list, otherwise it would be miles beyond anything else listed.

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Commodity prices over last year…
Lumber: +265%
WTI Crude: +210%
Gasoline: +182%
Brent Crude +163%
Heating Oil: +107%
Corn: +84%
Copper: +83%
Soybeans: +72%
Silver: +65%
Sugar: +59%
Cotton: +54%
Platinum: +52%
Natural Gas: +43%
Palladium: +32%
Wheat: +19%
Coffee: +13%
Gold: +3%

— Charlie Bilello (@charliebilello) April 20, 2021

Lumber prices have skyrocketed due to the booming housing market combined with a disrupted supply chain due to Covid. Contractors have ceased building new homes even though houses are selling well – solely because of material costs related to lumber, copper, and steel.

All commodities ebb and flow based on supply and demand, which makes the fact that gold is at the very bottom of the list rather notable.

Bitcoin Gives Beating To Gold Performance, But Revenge Could Be Near

Gold has only 3% to show for itself during a time when demand is king, and supply is limited. Anything with a scarce supply, from commodities to art and luxury goods – even whiskey – have increased in value significantly as the dollar drops. But why not the gold standard itself?

Related Reading | Bitcoin NFT “The Death Of Fiat” Commemorates Historic Crypto Bull Run 

The answer is clearly Bitcoin, and it has bled a large sum of capital from gold markets. The “demonization of metals” has come at the hands of the digital gold narrative, and its worked well for crypto.

bitcoin gold xaubtc

Gold readies comeback against the cryptocurrency | Source: TVC-XAUBTC on TradingView.com

However, a trend change between the two inflation hedges could be coming. Gold could soon have some revenge against Bitcoin, while the cryptocurrency experiences a phase of volatility.

After a steep downtrend, gold is reversing against the top cryptocurrency. Reversals happen when sentiment is the strongest. Bear markets end when investors hate the asset – bull markets when investors are blinded by money.

Gold at 3% during a time when demand and supply matters, just doesn’t make sense, and should soon reverse source. And when it does, it could take some revenge against Bitcoin in the process.

Featured image from Pixabay, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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