Over the past week, Silver prices have surged to record the best week for the precious metal in three years and veteran Wall Street trader, Jim Iurio, believes Bitcoin could be behind the move.
Iuorio, who is the Managing Director of TJM Institutional Services, revealed his theory live on CNBC this morning.
“I think one of the reasons Silver has rallied like it is, is because Bitcoin has been taken off the list of safe-havens with its recent volatility so something had to replace it,” said Mr Iurio.
After dipping below US$9,500 earlier this week the Bitcoin price has rebounded this weekend, rinsing above US$11,000 this morning.
Mr Iurio is tipping the Silver price will fade while one of his peers, who appeared alongside him on CNBC, says he’s backing Bitcoin to outperform silver.
Brian Sutland: Bitcoin better than Silver
Brian Sutland, the founder of Equity Armor Investments weighed in on the theory that Bitcoin is behind the silver boom.
“I think that’s a great point, that’s where you’re seeing the silver price bounce here and typically if we’re going to enter a period of lower growth and lower demand, silver will tend to under perform like we saw over a year ago when China trade tariffs took place, we saw Silver under perform,” said Mr Sutland.
Mr Sultant says he believes more money is about to flow into Bitcoin, leading to strong long-term growth.
“I still like gold better as a longer-term (investment) or even Bitcoin after this big pullback here.
“I think the move out of fiat currencies is still real, interest rates are going to stay below two percent in the United States, they’re going to stay negative in Europe, they’re going to stay flat in Japan, where else are you going to put your money?”
“That’s where you look at the metals, you look at cryptocurrency as a place to do that.”