Bitcoin Investors Are Switching to Gold, BTC Price Drops

An increase in the likelihood of a default by the United States government has created a rush of investors from Bitcoin into precious metals such as gold and silver . The prices of precious metals have been climbing steadily during the last several days.

The Financial Instability in the US Causes People to Flee From Bitcoin

On Tuesday, May 16, 2012, the price of gold reached 2012 dollars per troy ounce . According to Bloomberg, in the midst of the ongoing financial instability in the United States and throughout the globe, institutional investors see gold as the most secure form of investment .
According to the findings of the survey over 50% of the world’s largest investors want to increase their gold holdings during the next calendar year .

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