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Gold Fever. Escalating geopolitical tensions sent onchain degens flocking to gold this weekend. Why didn’t investors turn to BTC as a store of value, and why do they continue to ape precious metals?
As crypto market participants feverishly went risk-off and sought to position themselves to capitalize on the conflict, Paxos’s onchain representation of gold (PAXG) received a bid, ripping by over 40% to reach prices upwards of $3.3k per troy ounce on some exchanges.
With markets closed while projectiles flew on Saturday, issuers were unable to purchase the gold needed to create new shares, resulting in the monstrous price dislocations.
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