{"id":20640,"date":"2025-04-04T15:46:45","date_gmt":"2025-04-04T15:46:45","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=20640"},"modified":"2025-04-04T15:46:45","modified_gmt":"2025-04-04T15:46:45","slug":"gold-backed-cryptocurrencies-retreat-from-all-time-highs-amid-stock-market-rout","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=20640","title":{"rendered":"Gold-Backed Cryptocurrencies Retreat From All-Time Highs Amid Stock-Market Rout"},"content":{"rendered":"<div>\n<p>Gold-backed cryptocurrencies like Paxos Gold (<a href=\"https:\/\/www.coindesk.com\/price\/paxg\" target=\"_blank\">PAXG<\/a>) and Tether Gold (<a href=\"https:\/\/www.coindesk.com\/price\/xaut\" target=\"_blank\">XAUT<\/a>) retreated from record highs on Friday amid a global financial-markets sell-off that <a href=\"https:\/\/finance.yahoo.com\/news\/trump-tariffs-set-wipe-nearly-120038363.html\" target=\"_blank\">erased $2.5 trillion from U.S. equities<\/a> alone in a single day after U.S. President Donald Trump unveiled his reciprocal tariffs.<\/p>\n<p>The tokens, which are backed by physical gold and track its price, initially rallied as investors sought shelter from the uncertainty the tariffs introduced. Gold is usually seen as a haven investment, but large-scale losses in equity markets often force investors to liquidate safer assets to cover margin calls and cash out losses.<\/p>\n<p>PAXG climbed to an all-time high of $3,191 with XAUT following closely behind to reach $3,190, exceeding spot gold\u2019s peak of $3,167. The initial rise didn\u2019t last, with PAXG dropping to $3,074 and XAUT to $3,064, mirroring gold&#8217;s pullback to $3,038 per ounce.<\/p>\n<p>The tariffs announced on Wednesday spooked markets with their breadth and unclear targets. Investors, already jittery from a volatile global outlook, responded swiftly. The S&amp;P 500 posted one of its steepest drops since the COVID-era panic in 2020 on Thursday, while the Nasdaq 100 saw its <a href=\"https:\/\/x.com\/kobeissiletter\/status\/1907897645441647069?s=46\" target=\"_blank\">worst single-day point loss<\/a> in history according to the Kobeissi Letter. The rout extended into a second day, with the MSCI World Index <a href=\"https:\/\/uk.investing.com\/indices\/msci-world-historical-data\" target=\"_blank\">dropping 4.3%<\/a> on Friday after losing 3.7% on Thursday.<\/p>\n<p>Still, gold-backed tokens remain 17% higher since the start of the year. The rally has been driven by Federal Reserve interest-rate cuts, sustained demand from Asia and a wave of central bank buying earlier in the year. In February, central banks reported net gold purchases of 24 metric tons, according to the <a href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2025\/04\/central-banks-keep-gold-focus-february?\" target=\"_blank\">World Gold Council<\/a>.<\/p>\n<p>Poland led the pack, adding 29 tons and bringing its total reserves to 480 tons, now 20% of its foreign exchange holdings. China, Turkey, Jordan, and Qatar also increased their holdings.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gold-backed cryptocurrencies like Paxos Gold (PAXG) and Tether Gold (XAUT) retreated from record highs on Friday amid a global financial-markets sell-off that erased $2.5 trillion from U.S. equities alone in a single day after U.S. President Donald Trump unveiled his reciprocal tariffs. The tokens, which are backed by physical gold and track its price, initially [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":6,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-20640","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/20640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20640"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/20640\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}