With the world in the midst of escalating geopolitical tensions and other strong influences, it is no surprise that commodities are feeling this effect as well, with the price of gold recently soaring to its all-time high (ATH), Bitcoin (BTC) growing 160% this year, while other commodities are dropping, suggesting a ‘great reset.’
Indeed, according to the senior Bloomberg commodities expert Mike McGlone, commodities are tilting toward a great reset in which gold is rising, and most of its competitors are falling, with the “risk of that trajectory accelerating in 2024,” as he explained in an X post shared on December 27.
Bloomberg Intelligence asset price data for 2023. Source: Mike McGlone
Conditions for rebound
Furthermore, as he added, there are certain factors that need to fall into place for a possible rebound of the commodities that have been trending downwards in 2023, unlike the price of gold and that of the flagship decentralized finance (DeFi) asset, Bitcoin:
“It may
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