El Salvador Finally Buys Gold

After its Bitcoin-buying spree, El Salvador has made its largest gold purchase in over three decades, diversifying its holdings into real money. Across the world, Bitcoin evangelists are joining central banks and funneling capital into history’s one and only hard money asset.

If they were smart, El Salvador would trade all their so-called “digital gold” for the real thing. Priced in actual hard money instead of depreciating fiat dollars, Bitcoin hasn’t even surpassed the November 2021 peak that it reached almost four years ago.

As Peter Schiff recently pointed out on X:

“Priced in gold, since hitting a high of about 37.2 ounces on Aug. 12, Bitcoin is down 18%, just 2% above official bear market territory…How do you square this dismal performance with all the hype?”