Gold started this week with a massive flash crash after the upbeat jobs data that was released on Friday.
The growing employment momentum signals that the U.S. Federal Reserve may soon start withdrawing its monetary support.
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Earlier today, spot bullion tanked to a four-month low of $1,681. However, it managed to stage a quick recovery, paring more than half of its four percent drop.
Given the long-standing rivalry between gold and Bitcoin, many members of the cryptocurrency community had a field day. Kevin Zhang, vice president of crypto mining company Foundry Services, jokingly asked whether the yellow metal was under a 51 percent attack.
Did someone 51% attack gold?
— Kevin Zhang (@SinoCrypto) August 8, 2021
Meanwhile, many pointed out that the returns of gold investors went negative over the last ten years.
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