Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Gold-Backed Tokens Set to Benefit as Wall Street Goes Even More Bullish After Record Rally

Major financial institutions have been raising their gold price forecasts as the precious metal’s price benefits from growing trade war fears and central banks` accumulations. This week, strategists at both Citi and UBS issued increased gold price forecasts, anticipating the precious metal’s bull run will continue as markets are pressured by geopolitical tensions and economic uncertainties. Gold-backed cryptocurrencies have been benefiting from this trend, with tokens like PAXG and XAUT seeing performance in line with that of the precious metal. These tokens, backed by physical gold stored in vaults, have been outperforming the wider cryptocurrency market amid the uncertainty. Citi has adjusted its short-term gold price target to $3,000 per ounce and increased its average forecast for the year to $2,900, up from $2,800, Investing.com reports. Behind its hike were not only the factors cited above but also global growth concerns expected to drive demand for the precious metal. Meanwhile, UBS hiked its 12-month gold price target to $3,000 per ounce, up from $2,850. The precious metal has already breached the latter, currently trading at $2,860 after rising about 9% year-to-date. UBS strategists led by Mark Haefele said in a note that gold’s “enduring appeal as a store of value and hedge against uncertainty has again proven itself.” Meanwhile, Citi’s note points to “trade wars and geopolitical tensions reinforcing the reserve diversification/de-dollarization trend and supporting emerging market (EM) official sector gold demand.”Read more: Gold-Backed Cryptocurrencies Surge as Precious Metal Hits Record Amid Trade War Worry CoinOtag

---

Odds of Kanye West Launching Token Plummet After He Says ‘Coins Prey on Fans’

The perceived odds of Ye, the rapper formerly known as Kanye West, launching a token have plummeted after he posted on social media that he is “not doing a coin” in a post where he added that “coins prey on the fans with hype.” That post saw the perceived odds of Kanye launching a token this month, which at one point reached 40% on the popular prediction market Polymarket, plunge to around 10% as traders reacted to it. Various memecoins, called "Ye," have popped up since the rapper started the conversation about crypto on social media, in anticipation that the rapper is going to launch a token. However, after the denial, these have seen their value plunge. One of the tokens has lost more than 65% of its value since the rapper’s post, while a second one is down 89% , according to Dexscreener data. Ye’s post, in which he said he only does things he is “passionate and knowledgeable about” while being “too rich to do anything else,” came after a previous one in which the rapper said he turned down a $2 million offer to launch his own token. After his posts, the rapper appeared to want to get in touch with Coinbase’s CEO, Brian Armstrong, in a cryptic post .Read more: JPMorgan Closed Kanye’s Account. Yes, There’s a Crypto Angle CoinOtag