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Chris Mancini: What's happened in the past has been that, the ECB, BOJ printing money, the Fed actually raising rates, so the dollar has been strong and that's been bad for gold as market participants have been buying dollar futures, selling gold futures, selling gold out of ETFs. And so the real play again is when you have all three currencies doing poorly. So if you have the dollar, the yen and the euro in a scenario where they're all printing money than the dollar should hopefully weaken and gold should do well.

Daniela Cambone: How does bitcoin factor into this for you, Chris?

Chris Mancini: I think bitcoin is, it's similar. It has a, it's a store of value. It's, I mean it's the kind of thing which it can't necessarily be replicated in its current form, but the issue with Bitcoin is that first of all, global central banks are not going to buy bitcoins. So the Chinese central bank is buying gold and the Russian central bank is buying gold. They're not going to buy bitcoin. And the other thing that's crazy about bitcoin as the concept of these forks that are created off of bitcoin. So there's, you know, bitcoin cash or bitcoin gold has been created off of bitcoin. So the concept of coming in and buying a gold coin down the street here on 47th street, putting it in my, uh, in my sock drawer and having another gold coin one day. That's crazy. So that, that just can't happen. But with bitcoin it can, you can have, like, you can have another piece of bitcoin create up a bitcoin. So the big picture is that bitcoin has been corrupted. It's been corrupted because it's a creation of man. And Gold cannot be corrupted because gold is a creation of God.

Daniela Cambone: I know a lot of people would debate you on that very thing. So how do you view bitcoin then, is it a safe haven for you? Is that at currency?

Chris Mancini: Bitcoin is, it's a means of payment and it's to the degree that it's...

Daniela Cambone: You don't touch it. Right. What about the cryptos that are backed by physical metals?

Chris Mancini: I mean, that's just another way for someone to buy a, it's using blockchain to buy physical metal, which is great.

Cryptocurrencies and precious metals are fundamentally different, as one is man-made and the other is not, this according to Chris Mancini, analyst of Gabelli Gold Funds.

"Bitcoin has been corrupted because it's a creation of man, and gold cannot be corrupted because gold is a creation of God," he said.

He said that bitcoin is a means of payment, but is not necessarily a great investment.

Another problem with bitcoin is its limited use by major financial institutions and central banks, Mancini said.

"Global central banks are not going to buy bitcoin, so the Chinese central bank is buying gold and the Russian central bank is buying gold, they're not going to buy bitcoin," he said.

To compound the issue, bitcoin can be easily replicated, which erodes its value as a store of money, he added.

"The other thing that's crazy about bitcoin is the concept of these forks that are created off of bitcoin. So there's Bitcoin Cash, or Bitcoin Gold that's been created off of bitcoin, so the concept of coming in and buying a gold coin down the street, putting it in my sock drawer and then having another gold coin one day, that's crazy, that just can't happen, but with bitcoin it can," he said.

On gold, Mancini said that the yellow metal's weakness in 2019 could have been attributed to the dollar's strength on the back of diverging monetary policies, but should the Fed cut rates and interest rates around the world head lower in tandem, then the dollar could reverse course, creating a bullish environment.

"The real play, again, is when you have all three currencies doing poorly, so if you have the dollar, the yen, and the euro in a scenario where they're all printing money, then the dollar should hopefully weaken and gold should do well," he said.

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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.