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Title: 2013-04-15 Jim Rogers: Gold Drop Partially Caused by Bitcoin Drop Post by: n8rwJeTt8TrrLKPa55eU on April 17, 2013, 04:35:10 AM An unexpected Bitcoin mention from the commodities guru:
Quote He told Business Insider there were four key things driving the sell-off. 1.India - The country hiked its gold import tax rate by 50% to 6% at the start of the year. This has curbed gold demand. 2.Chartists - Technical analysts that have warned that gold prices will continue to fall. 3.Cyprus - "Ms. Merkel is seeking re-election so she has told Cyprus and others that they should sell some of their gold to pay their debts. The Germans are tired of bailing people out and she needs to be tough." 4.Bitcoins - "The collapse of Bitcoin since most of them also own gold." http://www.businessinsider.com/jim-rogers-normal-gold-price-correction-2013-4 I'd like to see the video if one exists. Title: Re: 2013-04-15 Jim Rogers: Gold Drop Partially Caused by Bitcoin Drop Post by: zby on April 17, 2013, 04:57:22 AM That is crazy!
Title: Re: 2013-04-15 Jim Rogers: Gold Drop Partially Caused by Bitcoin Drop Post by: Stephen Gornick on April 17, 2013, 06:07:41 AM That is crazy! I'm trying to think of the scenario for this. Since bitcoin was about $30 at the end of February, a crash to the $50s would only impact those who bought in March and early April. Those into both bitcoin and gold are probably not the kind to be leveraged much and there aren't many ways to obtain leverage with Bitcoin to begin with. So the price of Bitcoin reverses and the person now has less net wealth, sells some gold to raise cash as previous cushion went into bitcoins? I'm having a hard time seeing that happen to any significant degree. But if Jim Rogers is talking about this there must be some of it happening that he knows of. Now if he instead had said about rotation from gold to bitcoins, then that is something I'ld believe. Like how some amount of money that used to go into gold is now going into bitcoins instead. And without that buying of gold there was nothing else to hold the price of gold up against those shorting it. Title: Re: 2013-04-15 Jim Rogers: Gold Drop Partially Caused by Bitcoin Drop Post by: labestiol on April 17, 2013, 08:09:44 AM Interesting, first time he mentions bitcoin :)
Personally I don't see any correlation between the drop in btc and the drop in gold. Sure there already is rotation, and it's increasing, but it's still negligible to explain the price of gold. And then you would have to explain the same way the drop in oil, wheat, ... Uncorrelated stuff also happen ;D Title: Re: 2013-04-15 Jim Rogers: Gold Drop Partially Caused by Bitcoin Drop Post by: Zomdifros on April 17, 2013, 08:39:34 AM It would be fun if Jim Rogers ever spoke out in favor of buying bitcoins. All of us know Bitcoins are a great investment because we bothered to sort out the technical / economic details, but most people rely on the opinion of guru's to decide whether something is safe and sound.
Title: Re: 2013-04-15 Jim Rogers: Gold Drop Partially Caused by Bitcoin Drop Post by: flix on April 17, 2013, 08:39:43 AM Business Insider is notoriously unreliable on matters of gold and bitcoin. Expect highly selective quotations, at the very least. I too would like to see the video... if Jim Rogers did say this, I'm pretty certain he was smiling at the time.
Also, consider that this guy moved to Singapore because he is trying to think 100 years ahead. I have little doubt that he is very interested in Bitcoin. Title: Re: 2013-04-15 Jim Rogers: Gold Drop Partially Caused by Bitcoin Drop Post by: grondilu on April 17, 2013, 09:26:47 AM Rogers was one of the guys I was regularly listening to when I was a gold bug. Gerald Celente, Max Keiser, Jim Rogers, Peter Schiff, Marc Faber Looking forward to Marc Faber's opinion on bitcoin but I'm not optimistic. Those guys are brilliant but quite old. Title: Re: 2013-04-15 Jim Rogers: Gold Drop Partially Caused by Bitcoin Drop Post by: cypherdoc on April 17, 2013, 01:26:26 PM That is crazy! I'm trying to think of the scenario for this. Since bitcoin was about $30 at the end of February, a crash to the $50s would only impact those who bought in March and early April. Those into both bitcoin and gold are probably not the kind to be leveraged much and there aren't many ways to obtain leverage with Bitcoin to begin with. So the price of Bitcoin reverses and the person now has less net wealth, sells some gold to raise cash as previous cushion went into bitcoins? I'm having a hard time seeing that happen to any significant degree. But if Jim Rogers is talking about this there must be some of it happening that he knows of. Now if he instead had said about rotation from gold to bitcoins, then that is something I'ld believe. Like how some amount of money that used to go into gold is now going into bitcoins instead. And without that buying of gold there was nothing else to hold the price of gold up against those shorting it. Yes, this is very much more likely. Title: Re: 2013-04-15 Jim Rogers: Gold Drop Partially Caused by Bitcoin Drop Post by: Rotsor on April 17, 2013, 02:31:39 PM Bitcoin popularisation can discredit gold even without any direct gold trades involving bitcoin-holders:
* We know Bitcoin is a scam. * It can be shown that Bitcoin is like gold. Therefore we conclude that Gold is a scam. :) |