IMO the… weird, stuff we have seen happen with gold an silver has more to do with people investing more in stocks and bonds knowing that the US government is going to have to roll out another year or two of economic stimulus checks….
(i.e.)
People sold their stock piles, invested in twitter or islamic oil companies and are banking more on the fact that they will get to cash out with a gain and buy more silver/gold than they had originally.
Pretty sure BTC (and other Alt-coins) are unrelated to the drop in metal values, although I am sure that it accounts for a measurable %age, I just wouldn't say its THE REASON, or even a big reason for the drop in gold/silver price…
just my 2 cents tho.
Topic: Bitcoin's effect on gold (Read 940 times)
It has never been worth more than gold.
http://www.xe.com/currencycharts/?from=XAU&to=XBT&view=1M
However, there is something strange going on...over the last couple of days the ratio has leveled out.
http://www.xe.com/currencycharts/?from=XAU&to=XBT&view=1W
Makes me wonder if the gold fixing folks are monkeying around.
http://en.wikipedia.org/wiki/Gold_fixing
http://www.xe.com/currencycharts/?from=XAU&to=XBT&view=1M
However, there is something strange going on...over the last couple of days the ratio has leveled out.
http://www.xe.com/currencycharts/?from=XAU&to=XBT&view=1W
Makes me wonder if the gold fixing folks are monkeying around.
http://en.wikipedia.org/wiki/Gold_fixing
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http://www.coindesk.com/one-bitcoin-worth-ounce-gold-today/
I like how it's worth more than gold now. Gives people an idea of its worth in conversation.
Quote
Bitcoin may have been rising to meet the price of gold, the precious metal has also fallen to meet it. The price of gold has taken a dive this year. At the start of the year, it sat at around $1,700 before plummeting to a yearly low in July.
It rallied to just over $1,400 in September, but since then it has fallen to a four-month low.
It rallied to just over $1,400 in September, but since then it has fallen to a four-month low.
I like how it's worth more than gold now. Gives people an idea of its worth in conversation.
So anyone here think that bitcoin's current market cap has any relation or impact to the price of gold? $13 billion cap.. which is still relatively small compared to gold.
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