How does investing in Newmont Goldcorp stock affect the performance of digital currencies?

1 answers

• May 02, 2022 · 3 years ago
  At BYDFi, we believe that investing in Newmont Goldcorp stock can indirectly impact the performance of digital currencies. As a leading gold mining company, Newmont Goldcorp's stock price is closely tied to the price of gold, which is often considered a safe haven asset. During times of economic uncertainty or market volatility, investors tend to flock to safe haven assets like gold, which can lead to increased demand and higher prices. This increased interest in gold can also spill over to digital currencies, as they are often seen as a store of value and an alternative investment. Therefore, if the price of Newmont Goldcorp stock rises, it could potentially have a positive effect on the performance of digital currencies as well.
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