Erik Voorhees Buys $6.81M of PAXG as Gold Eyes $6,300

Lookonchain shows Erik Voorhees created nine new wallets and spent $6.81 million in USDC to acquire 1,382 ounces of PAXG, buying at an average price of $4,926 per ounce. Voorhees, an early Bitcoin advocate and ShapeShift founder, has long promoted Bitcoin as “digital gold,” but these purchases mark a clear allocation into tokenized, gold-backed assets.

Gold has rebounded almost 15% from a February 2 low of $4,402 and was trading near $5,048 per ounce at the time of the report. Coin Bureau co-founder Nic Puckrin described the recent dip as a pause rather than a retreat, while technical analyst Rashad Hajiyev sees a near-term breakout toward roughly $5,200 before a range-bound phase.

Wells Fargo raised its 2026 gold target to $6,100–$6,300 per ounce, citing geopolitical risks, market volatility and sustained central bank demand.

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