Is Crypto Fueling Gold’s Rise? Here’s The ‘Interesting Correlation’ Tom Lee Noted

Wall Street strategist Tom Lee suggested a correlation on Monday between the rise in Tether’s (CRYPTO: USDT) supply and the steady rise in gold prices observed over the past three months.

Crypto Driving Gold Prices?

Speaking to CNBC, Lee stated that stablecoins, including Tether, might be one of gold’s largest buyers today.

“There is an interesting correlation we found, which is that when I look at Tether’s supply of dollars outstanding, it really started to rise about three months ago. And that corresponded with gold essentially going up every day,” Fundstrat’s Head of Research said.

Lee agreed that the current gold rally might be influenced by cryptocurrencies — an asset class that many gold investors have historically been bearish on.

“Tether has proven to be a good meeting ground between Bitcoiners and gold people,” he added.