Last week, gold prices found support at the 50-day moving average on the weekly chart and then moved back up toward $1,900 per ounce. They closed the week at $1,892.00 per ounce. After consumer prices shot up 4.2% in April, investors settled the dispute about whether bitcoin could compete with gold as a store of value against inflation. Business Insider reports, “Demand for gold jumped more than 97% in May while prices moved sharply higher, a leading metal-trading marketplace said, as investors looked for shelter against rising inflation. “Meanwhile, bitcoin and other cryptocurrencies tumbled during the month, dealing a blow to the argument that investors see digital tokens as protection against inflation. … “‘Any debate about crypto replacing gold as a core portfolio asset just got a very blunt answer,’ said Adrian Ash, director of research at London-based BullionVault. … “Ash said May’s cryptocurrency crash was evidence that bitcoin can’t be trusted to hold its value when inflation threatens to erode other assets. “‘There’s volatility and then there’s bitcoin—or crypto, more broadly,’ he said. ‘[Gold] has never halved in value inside a week.’” Rick Andrews is president of Avant Capital Management.