Topic: Gold collapsing. Bitcoin UP. - page 1286. (Read 2032274 times)

how does that even hurt in fact it makes the remainder more valuable

There is all the bitcoin that disappears due to neglect... whether or not you consider that to ever have existed in the first place, I suppose would be irrelevant.

-apathetic. 

Difference is Gold/Silver are probably near the bottom of their down-leg, though I would not rule out another 25% while  Bitcoin probably has another halving, and possibly two before complete loss of hope.  Both are probably several years away from the point where I would ideally like to withdraw some value.  Hopefully my fiat supply (won't end up funding a bail-in, and) will last that long, and I am already resolved to defer some toy purchases to stretch this out.

These are just my non-professional guesstimates though, and I'm always happy to be wrong.  As always, significant external events could intervene with any natural cycle...and very well may in this case.

I will say that if I happened to know I needed the money I had in Bitcoin over the next year or two, I would be taking at least some of it now to avoid doing so at fire-sale prices.  Actually, I would have been doing so a month or two ago.  As it is, I see a reasonable likelihood of yet another significant leg up hopefully well into the four-figures.  It's just that it might take some number of years.

Seems to be the same meaning.

Gold collapsing. Bitcoin collapsing.

it's "barbarous" relic.

unless you're calling miscreanity a barbarian. 

i keep offering to sell the rest of my gold coins to miscreanity for the bargain physical price of $2800/oz but he keeps refusing.  even though he knows it's going to $30,000/oz.

http://www.nhforliberty.com/ron-helwig-discusses-shire-silver-and-bitcoin-at-2013-nh-liberty-forum/

This guy, Ron Helwig, really gets it. I'm glad he's a part of the Free State Project, something I am seriously considering in the future, maybe even as just as a first home.

Yes, demand is as fickle as fashion. I have no doubt gold will fall out of favour in time; when the uniformity you describe has returned.


Well said. Perhaps Bitcoin holders will see free zones spring up that encourage crypto use and effect better exchange value.

Exactly.  I just checked and it's still going on and it's not like it's that incredible of a deal, you can probably find physical gold at $30 over spot from many dealers.

I watch the show, it's very entertaining but anyone who watches the show knows how big these guys are on PM's.  The father basically hordes silver.  In fact he even hordes pennies.  There was a show where he had these huge 5 gallon buckets full of pennies, so many that it was sagging the suspension in his car (he was hiding them in the trunk).

Guys in this business need to make a profit so maybe he is having a problem finding PMs at a price where he can make a profit but for the average person, you can easily find physical at prices very close to spot, as I have pointed out.

Someone should tell him about the APMEX deal.

Pay attention, chodpaba...

The USD is not the primary concern among the savviest of HNW entities: it is the accelerating decay of our entire monetary system. They seek vehicles that will bridge the gap from the existing system to the next iteration. This is why many luxury assets have been rising.

As usage of the present system grinds down, wealth held within it will deteriorate at a blistering pace while the new system receives that outflow. Whatever forms the foundation of the new system will be fought over like a natural resource until transition volatility has subsided.

There is no universally-accepted asset capable of acting as the basis of a new monetary system other than gold. No paper contract, asset exchange, or altruistic dogma suffices. Nations have the same concerns an individual has: possession is 9/10ths. If an asset is within your dominion, it is yours.

China can physically relocate precious metals. It cannot do so with productive farmland located outside of its borders, or machinery used worldwide. Nations need a stable, immutable asset with no dependence upon foreign support.

While Bitcoin fits the bill, it is not pervasive enough yet. Gold is the transitional asset for at least the next few years, with other monetary metal playing lesser roles. By 2020 this may shift in favor of crypto.

Bitcoin is a new form of preservation, unproven to many but rapidly gaining acceptance and viewed as a place to park a small percentage of wealth.

Edit: fixed quote, added final statement.

Pawn Star guy says otherwise.

http://www.zerohedge.com/news/2013-06-28/even-pawn-star-knows-governments-can-screw-currency

Yup.  Gold bugs constantly harp about the divergence between paper gold and physical gold.  Well, right there you can buy all the physical gold you want for a very reasonable price over spot, but it doesn't really look like people are buying.  Maybe when it gets closer to $1000.

How can I value gold when I don't even know how much there is in the world held by who

I'm afraid it is the exact opposite and they are looking to GTFO while the getting is good. Who's to say they aren't distributing instead of accumulating? Ah yes, the hopes of deluded bulls.

Keep in mind that everything else is going down against the USD, and that will most likely continue taking Bitcoin down with it as people need to free up cash.

Same here. Perhaps znort or dooglus might be interested in analyzing capital flows, although without associated exchange information on fiat movement, I don't think there's much to be gleaned.

Anecdotal information has been fairly indicative, but the Bitcoin environment has grown to a point where any such information is a quickly shrinking sample. Still, I think high net worth entities are continuing to test the waters and may be looking to accumulate on dips. So sub-$100 prices are unlikely to sick around for very long in my view.

Gold is a barbaric relic, deal with it.

Gold is the prime commodity candidate for monetary use. It is not sought for its investment potential so much as for its stability in terms of wealth storage. The western perspective views it as any other asset, and that's part of the reason why the west is failing.

Pricing of physical monetary metals will continue to rise as the illusion of fiscal accounting machinations recede, being exposed as a fraud of epic proportions.

The elementary basis of supply and demand hold true over MMT abstractions. Marginal increase in annual PM supply availability against the fiat supply growth which is orders of magnitude greater means that, barring an immediately viable alternative, precious metals will rise in value by comparison. Any rush to accumulate amplifies such an effect.

Those principles hold true for Bitcoin as well. The limiting factor is propagation and active use, which makes it a potential alternative, but not a fully viable one as yet. Even if it can work technically, Bitcoin still has a ways to go.

ROFL. over supply?

APMEX was advertising a special on PAMP 1oz gold bars, $29.99 over spot.  The special ended a few hours ago so I thought I'd check in to see what the new rate is, it's $29.99 over spot 

I guess they have a lot of supply leftover.