Can Bitcoin Price Follow Gold? Fed Chair Investigation Behind Gold's Rise, Peter Schiff Claims

Core Insights - The investigation by the Justice Department has led to a surge in gold prices, reaching record levels, as indicated by Federal Reserve Chair Jerome Powell's disclosure of grand jury subpoenas issued to the central bank [1][5][6] - Peter Schiff, a long-time advocate for gold, attributes the increase in gold prices to safe-haven demand driven by the DOJ investigation, while also raising concerns about the potential impact on Bitcoin [1][6] Group 1: Gold Market - Gold prices hit an all-time high of over $4,600 per ounce following the announcement of the DOJ investigation [5] - Schiff believes that the investigation is a significant factor contributing to the current rally in gold prices [6] Group 2: Bitcoin Market - Analysts caution that Bitcoin's technical signals indicate potential short-term volatility, creating uncertainty regarding its near-term price trajectory [2] - The investigation's implications for Bitcoin's price remain a topic of discussion among market observers [1][6] Group 3: Federal Reserve and Political Pressure - Jerome Powell stated that the subpoenas are part of a broader effort to influence the Federal Reserve's decisions on interest rates, framing the situation as a test of central bank independence [3][4] - Powell emphasized that the matter is not about congressional oversight but rather about maintaining the integrity of monetary policy against political pressure [4]