Topic: China found huge gold mine. Price evolution? (Read 1655 times)
Why our goldbug Roach is not commenting this?
those who are invested in gold will stay in similar markets. meaning they won't sell gold to buy something they are not familiar with. they instead will buy something like silver, titanium, etc.
it is like saying when bitcoin price went down to $900 range people went to buy gold! no they instead started pumping altcoins (a similar smaller market as bitcoin).
it is like saying when bitcoin price went down to $900 range people went to buy gold! no they instead started pumping altcoins (a similar smaller market as bitcoin).
I doubt gold holders will suddenly find in their heart to invest in crypto because of this. Either they are already in crypto or not all. They are more prone to invest in other minerals than invest in bitcoin or other crypto.
This is a message that can cause the gold price to fall. and of course I believe that users will switch to invest in bitcoin. indeed gold will remain in demand, but the price of gold will drop considerably. while the increase will occur in digital currencies like bitcoin.
I think it would not even affect gold's price at all right now since they won't even touch it for a very long time I think about years and so. I also think that if those big gold investors began to hedge, I think they wouldn't put it into bitcoin since they just don't trust it yet. True that if it is extracted some might turn into bitcoin to hedge but it will be not that many so it wouldn't drive the price up significantly.
Actually, it's better to get bitcoin now as it is not full supported by China. Thus, as it China support it fully, then it would spike which would give a positive effect for its holders.
I think it would not even affect gold's price at all right now since they won't even touch it for a very long time I think about years and so. I also think that if those big gold investors began to hedge, I think they wouldn't put it into bitcoin since they just don't trust it yet. True that if it is extracted some might turn into bitcoin to hedge but it will be not that many so it wouldn't drive the price up significantly.
Actually, it's better to get bitcoin now as it is not full supported by China. Thus, as it China support it fully, then it would spike which would give a positive effect for its holders.
I think it would not even affect gold's price at all right now since they won't even touch it for a very long time I think about years and so. I also think that if those big gold investors began to hedge, I think they wouldn't put it into bitcoin since they just don't trust it yet. True that if it is extracted some might turn into bitcoin to hedge but it will be not that many so it wouldn't drive the price up significantly.
China announced that a huge gold mine was discovered: http://m.chinadaily.com.cn/en/2017-03/29/content_28719822.htm
Will the rich guys diversify to Bitcoin before the gold price will fall big?
I hope that this is yet another good news for Bitcoiners. And bad news for the ones holding gold...
Will the rich guys diversify to Bitcoin before the gold price will fall big?
I hope that this is yet another good news for Bitcoiners. And bad news for the ones holding gold...
You assume that the price of gold will fall. The known existence of gold won't drive the price down, the new gold needs to actually be available in the market. And fortunately for gold mining companies, they can control that access, they can control supply to make sure that it doesn't exceed demand.
The same thing has been done with diamonds for decades. Diamonds are beautiful but not necessarily rare, the supply is controlled by the miners.
China announced that a huge gold mine was discovered: http://m.chinadaily.com.cn/en/2017-03/29/content_28719822.htm
Will the rich guys diversify to Bitcoin before the gold price will fall big?
I hope that this is yet another good news for Bitcoiners. And bad news for the ones holding gold...
Gold value is determined by universal factors and not by a country.I dont think discovering of a gold mine will result in fall in gold price and chinese investors switching to bitcoins,its all imaginary.There would be no impact on gold or even on bitcoins due to such discoveries.Only chinese government is going to get huge profits. Will the rich guys diversify to Bitcoin before the gold price will fall big?
I hope that this is yet another good news for Bitcoiners. And bad news for the ones holding gold...
They found gold - that is one thing, but Chinese now need to create whole infrastructure to mine it. It will take time.
There is no say that they will try to mine it right away too. We have humongous diamonds deposit found in Siberia long time ago.
Yet Russians are not even touching it now because extracting them now would cause global diamond market to collapse.
There is no say that they will try to mine it right away too. We have humongous diamonds deposit found in Siberia long time ago.
Yet Russians are not even touching it now because extracting them now would cause global diamond market to collapse.
Finding a gold mine and actually getting the gold out of the ground are two different things. The process to get the gold out of the ground in also
very expensive, so the gain is not that significant. The price will still be manipulated by the gold cartels, so this will just be absorbed in the price.
The price might go down a little, if a large portion of this gold is extracted over time. There is still no guarantee that Goldbugs will run to Bitcoin
as a hedge against a possible price dive.
very expensive, so the gain is not that significant. The price will still be manipulated by the gold cartels, so this will just be absorbed in the price.
The price might go down a little, if a large portion of this gold is extracted over time. There is still no guarantee that Goldbugs will run to Bitcoin
as a hedge against a possible price dive.
The volume of gold which is traded in the derivatives market is 100+ times the total supply of gold in this planet.
So finding a mine like this will make no difference.
So finding a mine like this will make no difference.
i also don't think news like this has that much effect on Gold price!
but for Chinese them finding cryptocurrencies has been a gold mine of its own so far. they have been making so much money with cryptocurrencies that the money earned from that gold mine is nothing compared to it.
and not just from mining, but also from trading it.
but for Chinese them finding cryptocurrencies has been a gold mine of its own so far. they have been making so much money with cryptocurrencies that the money earned from that gold mine is nothing compared to it.
and not just from mining, but also from trading it.
If it would have had a significant impact on the gold price, we would have noticed this already. Don't forget that the gold market is insanely liquid, which obviously isn't the case with Bitcoin -- gold market can swallow this without much problems. The only thing it really proves is that Bitcoin's transparency makes it perfectly visible for everyone to know how many coins are currently in existence, and how many coins there are left to be mined. That's obviously not the case with gold.
Finding a gold mine does not necessarly change the price of gold but one thing i know is that the price of gold is dependent on the economic situation ,supply and demand and inflation rather than these sort of news. Gold is considered to be a valued asset for centuries and it will be like that in the future and it has nothing to do with bitcoin. 
$22B in Gold found?
Yawn.
The U.S. Fed prints $85B /month.
Yawn.
The U.S. Fed prints $85B /month.
The Gold price dep3ends on speculators view of inflation.
If there is a threat of inflation building, then gold rises. If the outlook is deflationary, then gold falls.
Also - gold competes against things like US treasuries, and as the Fed is raising interest rates, treasuries look like good value.
If there is a threat of inflation building, then gold rises. If the outlook is deflationary, then gold falls.
Also - gold competes against things like US treasuries, and as the Fed is raising interest rates, treasuries look like good value.
I think that with gold holders they fail to see the bigger picture. Gold was on the rise for like 30 years, now its falling for like 5 years and they are all screaming its the bottom. I wouldn't be surprised if we had like 10 more years of bear market in gold.
Most gold holders are probably old people and IT dumdums, who don't see any other option to park money. After ETF's being rejected we are still underground, and one day bitcoin will go public.
Most gold holders are probably old people and IT dumdums, who don't see any other option to park money. After ETF's being rejected we are still underground, and one day bitcoin will go public.
i find it strange that they discovered only now a huge gold mine, i mean how can this thing go unnoticed..besides this can't lead to any revolution in bitcoin value
there are no data on how many from gold are investing in bitcoin, and i think they are not much, since gold owner like stability seeing how they are investing in gold, i doubt they would jump on bitcoin, with the recent drama about the fork
p.s. seems that this thing is still a drop in the water compare to the current gold reserve
there are no data on how many from gold are investing in bitcoin, and i think they are not much, since gold owner like stability seeing how they are investing in gold, i doubt they would jump on bitcoin, with the recent drama about the fork
p.s. seems that this thing is still a drop in the water compare to the current gold reserve
There is a lot of time that passes between finding a mine and being able to sell the gold.
It's not like there will be all that gold on the market over night.
So I do not think that one mine can have any real impact on gold price.
And the world needs more and more gold. Not only for investments, but for the industry as well.
It's not like there will be all that gold on the market over night.
So I do not think that one mine can have any real impact on gold price.
And the world needs more and more gold. Not only for investments, but for the industry as well.
What is the price for them to get that gold out of the ground? That is one big issue with new mines.
There is a lot of gold/silver/oil out there, but it isn't economical at current prices to go and dig it up.
Even if it is a big easy and cheap mine, the amount it may contain is far less than the Chinese government wants as a reserve in the next few years, meaning it could all be nationalized and make little difference to the world market.
There is a lot of gold/silver/oil out there, but it isn't economical at current prices to go and dig it up.
Even if it is a big easy and cheap mine, the amount it may contain is far less than the Chinese government wants as a reserve in the next few years, meaning it could all be nationalized and make little difference to the world market.
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