Andrey Litvinov

Precious metals are reliable money, and bitcoin will not be able to fulfill this role. The market for this cryptocurrency is small and not recognized by the vast majority of investors. However, its price has been steadily increasing since the beginning of 2017. Recently, the demand for precious metal has decreased due to the rapid growth of bitcoin quotes.

China is the largest gold producing and consuming country in the world. Every year, it sells more than 100 tons of yellow metal products worth tens of billions of dollars. The coronavirus pandemic had a negative impact on the gold market in the Middle Kingdom.

In the first three months of this year, an ounce of yellow precious metal fell by almost $300. Gold quotes decreased by 13%, from 1943 to $1691. This is the most depressing quarterly indicator since 2016.