Gold prices continue to drift lower as the U.S. dollarcontinues to gain strength and market sentiment favors the high likelihood thatthe Federal Reserve will continue on its course to begin tapering is to assetpurchases as early as November of this year.Many analysts have cited three primary variables for therecent downside in gold, the two that we have just mentioned a strong dollarand Federal Reserve tapering. The third catalyst is rising yields on 10-year Treasurynotes. That being said, U.S. 10-year Treasury notes are not trading today dueto a holiday, but they have been rallying to higher yields recently. The higheryields are a direct result of market sentiment leaning towards the FederalReserve beginning the process of tapering their asset purchases this year.What is most interesting is that the jobs report that wasjust released last week came in much under the forecasts by economists polledby both the Dow and Reuters. The numbers were lower than the month disappointingof August, which indicated approximately 243,000 new jobs were added.September's jobs were approximately 194,000, with forecasts expecting between450,000 and 500,000. Nonetheless, even with the extremely tepid economicrecovery seen by the low numbers of new jobs added gold continues to tradelower.The dollar has become a safe-haven asset as yields rise indebt instruments of the United States. However, I don't believe this is theonly reason we see the recent decline in gold, even when there is datasupporting higher pricing.One possible reason gold continues to decline is theincredible assent of the cryptocurrency's Bitcoin. Bitcoin futures continuetheir dramatic rise gaining $2705 today, an increase of 4.90%, with a singlecoin now valued at $57,885. The chart below is a comparison chart with bitcoinand gold displayed side-by-side horizontally. One is created from a dailyclosing price line chart, a Japanese candlestick chart, and a Japanese averagechart called a Heiken Ashi. Both charts clearly demonstrate that as bitcoin has been inrally mode there is a negative correlation with gold moving lower. In fact, atthe beginning of 2021, gold futures were trading at approximately $1920 perounce and Bitcoin was priced at $40,000. By the beginning of March this year,gold hit a double bottom at approximately $1680 concurrently. Bitcoin wastrading well above $50,000. No matter what format used to create the chart, be ita line, bar chart or a Japanese candlestick chart, they all clearly show thenegative correlation between gold and bitcoin. This can easily be a large component of speculative moneymoving out of gold into cryptocurrencies, specifically Bitcoin. While otherfactors have been prominently cited as the underlying forces taking gold lower,I suggest that one does not see the full picture without adding bitcoin intothe equation.For those who would like more information, simply use this link. Wishing you, as always, good trading and goodhealth, By Gary WagnerContributing tokitco.com Follow @garyswagnergary@thegoldforecast.comwww.thegoldforecast.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.