Bitcoin Forum

I am into cryptocurrency like Bitcoin and Ethereum but I also understand that gold is a good investment and the first and original store of value especially during times of crisis, upheavals and chaos economically or politically. In fact, there is a similarity on this aspect with Bitcoin. But I have to admit that I am not into gold right now because unlike Bitcoin here in my country there is no outfit setting up for common people like me to buy into it conveniently. Let's see if soon we can have a platform here dealing with gold in the same manner they are doing it here for Bitcoin and other cryptocurrencies.

As with everything related to investments, it all comes down to your time of entering. Gold two days ago broke $1600 which is a 7 year high, but it's still under its $1900 all time high. Those who bought into the 2011 Gold bubble and held on to their Gold have wasted a lot of time and missing out on a lot of yield. Thinking that its safe haven status will save you from massive declines is false.

Bitcoin and stocks have been the shit to get into in the last decade, Gold clearly not. It's important to spot the differences in the trends amongst assets to not miss out. Being so attached to an asset that you don't want to sell it is understandable, but it usually doesn't work out well for your purchasing power as the Bitcoin/stock charts clearly show.

Peter Schiff isn't all that different from perma bull Pompliano in the sense that they always think it's a good time to buy no matter how bearish the market is. People should pay less attention to what they say and do more research themselves.

For those of you who clicked the link and went to somewhere totally unrelated that has nothing to do with the topic at hand because OP decided to make a clickbait and tried to get people to visit his website : https://www.youtube.com/watch?v=HpqJ-sFScxA&feature=emb_title  this is the youtube video at hand that was talking about the subject which basically has nothing to do with bitcoin at large but could show some insight to how commodities are seen in the world and how bitcoin could be considered a commodity as well.

https://jimrickards.blogspot.com also this is the real thing OP probably wanted to link to because that is literally a blogspot with no .com domain bought with absolutely no hosting but at least that is the right link to clickbait people into I suppose.

Perhaps the rationale behind this analysis is that there will be a world war that will lead to a price collapse to record levels and therefore no one can buy gold.
The real difference is that gold is a safe haven when uncertain, but it cannot achieve record levels because initial supply and demand can change or be replaced.

Damage to the global monetary system begins with the practice of written paper that can be used as a means of payment without any real collateral worth of nominal paper issued by banks. The use of money that has no intrinsic value is also an initial source of catastrophe in the global crisis, plus the printing of dollars that are no longer using gold collateral is an injustice. Even though the dollar is used as an international currency.

Although until now the fiat system error is the most likely cause of the transition from fiat currency to gold. But when only gold and silver are recognized as universal payment instruments, and as we know the amount is limited, gold and silver will become premium money, not only because of high demand but because of their existence and ability to evaluate themselves for centuries.

I totally get what Jim Reckards is saying, but he doesn't take into account that we have entered a new 'neo-technological' era if you will.. We are no longer the same civilization that put value in a piece of a metal. Or.. at least we won't be when people will realise the true value of Gold - a piece of metal that has a few real use cases with a portability dysfunction.

IMO it is much better to put your money into precious metals than into fiat of course, but I'm just saying there are better options out there.

A bit complicated for me and I can't afford it anyway so it's not an immediate concern. It would suck if many of us are stuck with fiat and can't purchase gold anymore. We'd be losing money as the value of fiat collapses. Thankfully there is crypto now but it'd still like the metal option.


So, you think we'd be using more gold/silver backed currency in the near future? Using precious metals as money seem inconvenient. Maybe China is right starting to create their crypto and back it with gold.


Thanks. I found your comment before I clicked on his link. This is why I'm cautious clicking links here in the forum.

It's complete rubbish that the price of gold will go to $50,000 or even $100,000.

Who on earth would bother to buy at those prices? The price of gold is currently being supported by people in dodgy countries who are trying to preserve their wealth from their govts - and even that is not enough to send it above $2000.

As long as the US remains a stable democracy, gold will just trade between $1000 and $2000.

These precious metals personalities hold stockpiles of gold and silver.

They do press releases encouraging others to buy metals to increase the value of their holdings.

"I do not currently own or hold the investment I'm recommending", conflict of interest disclaimers, are so rare these days.

One interesting thing about gold is youtube clips uploaded by prospectors claiming to find $600 to $1500 of gold in a single day:

https://www.youtube.com/watch?v=RawIaDhqZ8E

It could be a good side hustle for those who have the means. Can't say I have experience with it.

We all know banks are hoarding gold atm. What their motives or long term plans are, I couldn't begin to guess.

I know Jim Rickards for a long time but not every financial expert helps many rich people. Ask yourself, if Jim only made a false judgment, would he be poor? of course he cannot be poor because he is only fomo about the price of gold but he does not buy it! or he has prepared a plan, that he buys gold from $ 1k4 and wants to lure people to buy more gold so that the price of gold is increased and he will sell it at a higher price. This is a common strategy of financial experts, they get rich because many stupid people believe in their words.

Central Banks and Private Banks diversify deposits in managing their foreign exchange reserves. This deposit is a central bank asset that is stored in several reserve currencies such as dollars, euros or yen and is used to guarantee its obligations, namely the local currency issued, and the reserves of various banks held in the central bank by the government or financial institutions.

In terms of currency, the state also has foreign exchange reserves in gold (gold bars and contractual rights to gold bars). Foreign exchange reserves in the form of gold are intended as a buffer for liquidity to support the implementation of monetary policy and fulfillment of obligations in foreign currencies.

The simple idea is that central banks around the world are currently working to maintain a balanced proportion of their foreign exchange reserves to maintain the stability of a country's financial system. Because if they do not buy gold then the proportion of gold in foreign exchange reserves will decrease significantly because they lag far behind the US Dollar they have.

Gold is negatively correlated with US Dollar and it is very beneficial for central banks because they are holders of the US Dollar. By having gold in their reserves, they have a very positive hedge to protect their US Dollar positions.

I guess the price increase would be in anticipation of serious global financial problems or in reaction to a serious global financial problem.
   Well, that could happen if gold remains expensive/valuable in certain part of the world during a serious global problem. I wouldn't rely on high price in few parts of the world when a time like that comes. Things could be very regulated there and they'll probably have very difficult/risky terms and conditions.
I'd rather rely on some other things.

I dislike with gold investment because very slow to increase with higher price and different like bitcoin where only one day could increase more than 5% and I am people want get faster earning and profit with my investment. But with gold I think is safety investment because gold could solution for every one want to get safety with their investment and keep away from lower price.

In october of 2019, the dutch central bank was quoted as saying: "If The Entire System Collapses, Gold Will Be Needed To Start Over".

I made a thread on it, here:

https://bitcointalk.org/index.php?topic=5193372.msg52775202#msg52775202

I'm certain there are conspiracy theorists who believe banks recent hoarding of gold is in preparation of them crashing the global economy, to later restart and reshape it in whatever image they choose. I'd prefer not to get into that as its so heavily based on personal preference and so little about it can be proven or disproven.

With political and business dealings, there are marketing brochures that are written for mundanes, who are too illiterate to recognize the real reasons for things. Then there is a separate brochure, which are distributed exclusively to ruling elites, containing legitimate reasons and motives for everything.

When fiat was first adopted and a true gold standard was in place where every paper bill issued could be exchanged for gold. That was the only time in history fiat currencies were truly backed by a collateral asset. Since then the degree to which balance sheets are backed by precious metals, gold or anything else has significantly eroded to a point where it no longer really matters. And so the degree to which balance sheets and budgets are backed by gold sits currently at such a low percentage. All of those arguments about gold being necessary to collaterize finance/economies could somewhat be considered obsolete.

Thats unexceptional, it would be just a repeat of history over hundreds even thousands of years.   Gold has been a common point of reference for value going back more generations then we can count, theres some written note in the Egyptian empire of gold measuring fields of maize apparently still true now.   The more commonly stated one I remember is a fine tailored suit should cost about 1 ounce of gold and roughly thats about true now though some will argue its possible to buy a suit of some kind for far less then $1,600  I would guess its not fair off that on Saville row or similar capital centres.   The surprising bit would be that measure was taken from the time of Shakespeare introducing his plays.


I agree but he isnt a trader so fits poorly into most discussions now.   His reference to always buy gold again isnt a new stance, his father would have said the same thing testifying to the house committee on the  Nixon shock nearly 50 years ago (https://i.imgur.com/lOPbdJS.png).    The reasoning for gold in that sense goes beyond price though I would often mention that I consider the stride gold takes to be a decade each step and perhaps its best not to buy if the savings arent to be held that long.  
   A very common rule is never buy over 10% of assets in gold.   Its an inert metal, it does nothing when kept, no growth is occuring and its not strictly an investment imo same as I describe plain hold of BTC.  A hold of commodity is in theory an extreme stance for a common worker and really its a hedge against failures elsewhere.    The phrase I like or believe most true is that gold never changes price, the number rising is erosion of dollar value and of course prior to Nixon we had a solid link.


Rickards should have stuck to 10k as an estimate, 50k makes him sound like its a snake oil spiel .  While it could happen nobody will care at the time as 50k represents the other side of the scales and a loss of balance but the lead up to 10k could save people from ruin and is worth pondering.
  1% is what I argue not 10% as most people are far poorer vs near term liabilities forthcoming ie. everyone is rich on payday.

I think Gold will reach an all time high in the years to come. It has been used as a store of value or a currency for a hundred of years now.
Its been part of any if not all culture. It has a monetary value equivalent to a fiat. And it will pass on to the next generation to comes, same as any usual trend that has value, it will go up or reach to an all time high, but also for sure it will go down. Depends on what generations, it will have its volatility in prices. It is still used as accessories, jewelries, or sometimes used in a specific manufacturing process. Its also used as part of any products. Tell me, would you buy gold for $100 per ounce of gold now or not? current price hovering around 1.5k. If you'll buy for 100 bucks then you believe it has a value coz your gain 1.4k if you sell it right away.

Gold will really be more valuable in the future. It will be harder to mine gold in the future and that's what will make its price to go high. If you really want to store money for such a long time like decades and such, gold is a very good option. But for me, I can't just buy gold because even a small portion of gold cost a big amount of money. Unlike by just investing it in bitcoin, you can invest even with the small amount you have.

Or some kind of global catastrophe. Because the war has been going on for a long time (information war), but some global climate change can occur suddenly and catch everyone by surprise. And this is exactly what can cause any changes of gold.

I love me some gold, but dont know if we will see price rises like that without some sort of global economic meltdown and metals being used as one of the primary global currencies accepted post meltdown...although I'd be happy if gold hit 100k and ounce  ;D

$100k an ounce. Sheesh.

Sounds like one of those gold permabulls to me. Gold bugs have been around fo rcenturies and they consistently stash away their wealth in gold, no matter what the market conditions are.

It is important to acknowledge that they are market cycles within the gold market as well, and if you enter into the market in an inopportune time you will lose money. $100k per ounce gold is only possible if fiat hyperinflates, which by then, the real value of $100k would have depreciated substantially.

I'm not saying that gold won't go up. It could, especially at this stage when there seems to be a lot of trade and political tension in the world. But these absurd claims remind me of McAfee.

Resetting the global economic system requires a global agreement involving several countries. A very difficult conspiracy considering actions like this require multi-institutional joint action around the world. If you see this, it's a conspiracy to reset the world's financial system. I see this as a movement of awareness in many countries that the global financial system (fiat system) has failed and because it has been trapped in this system many countries have begun to take action to minimize its effects or when the fiat money system is destroyed, they can survive.

Awareness began to emerge when the United States experienced the 2008 monetary crisis. When the US dollar weakened, the value of their wealth reserves also decreased. Since then they have rethought to re-balance their portfolio of foreign exchange reserves to gold. Naturally, if the central bank diversifies its foreign exchange reserves into gold when the dollar tends to weaken amid loosening Central Bank policies that may flush the market with cash through print money.

The Central Bank of the United States often raises the benchmark interest rate, which has the same effect, where other countries must also raise the benchmark interest rate. Because if we do not follow the pattern adopted by the US Central Bank, the currency of a country will be at risk of weakening.

The upward trend in benchmark interest rates also has a negative impact that has triggered an increase in credit interest rates which makes it difficult for the economy to spin a country's economy and eventually weakens economic growth.

Turkey, Venezuela, Argentina are examples of countries whose economies fall into a pool of crisis along with the weakening of their respective currencies. Reflecting on these dynamics, it is better to diversify foreign exchange reserves with gold besides gold negatively correlated with the US dollar, the price of gold will continue to increase as long as demand is far greater than supply.

Benefits for a country's macroeconomy include, among others, a policy of controlling the benchmark interest rate, because it does not have to be based on the magnitude of the country's benchmark interest rate. Inflationary pressures caused by the weakening of the national currency need not be a concern because gold can reduce it. And last but not least, we will be more optimal in controlling the amount of poverty and unemployment.

If we look at the current real conditions. Our dependence on the American swift system is still very large. The adoption of bitcoin or cryptocurrency as a counter-swift solution is still hampered by bans from countries that do not adopt. While the infrastructure and systems for moving the swift system to a gold-based monetary system have not yet begun, so it is still imaginary. So everything is only based on the prediction of belief but not yet real application.

Might as well say Lead permabulls, zinc, rhodium permabull.   There is no purpose to having too much of anything and certainly too much gold is not the objective, we dont need to retell the tale of King Midas.   Its the backing to capitalism that despite appearances just storing alot of money is not the objective and somehow there is a circulation required or you have too much an item you do not want and not enough of what you need.   Like food, which expires and which requires constant trade to be a working system hence gold as 10% is a good rule and relates to the wider picture that its only a backing for trade.
   I think its all quite ironic but I favour capitalism properly done over any other system and that would mean gold is in there somewhere, right this moment in 2020 gold is a trinket.   Ben Bernanke (https://www.youtube.com/watch?v=iKYKLgzyF9o) says gold is tradition, its a relic or an antique of when we werent so clever; see thats ironic.

The value of gold is not in profit but in avoiding loss especially from bad debt, promissory loan is another wording of our current 'cash' system.   Zero coupon bond, etc.    bonds can turn bad, thats how silly prices for gold pop up but its value never changes is a far more accurate view so far as I know.



I think we'll find agreement in natural order.   I dont have much belief in committees to discover a solution, we'll likely to use what works more immediately then that.   The solution via IMF is the paperwork that comes in the post after the fix is already set.
   The people > governments.   Gold is very likely to increase in usage because the consensus will find it reliable, from the bottom of the economy upwards that'll likely happen.   Bitcoin has a good chance so long as its available and usable without too much distraction.   The IMF with SDR will follow in the tracks of that I think, thats the multi government agreement already made and used only between central banks but its FIAT not gold backed and somehow I think they'll need to arrange some fixed value agreement not promises derived from politics.

https://www.youtube.com/watch?v=iKYKLgzyF9o

No one would debate the value of Gold and its bright future. We don't have to actually listen to anyone to realize that. But Jim Rickards will have to listed to Bitcoin experts to realize that it is better to have a diversified investment portfolio.

gold has been famous for a long time, so it is true that the price of gold should not be debated, we all must be convinced that the price of gold will be expensive in the future, because of its limitations in the world, but there is a substitute now, Bitcoin !, somehow the world responds to this, hopefully bitcoin is indeed recognized

Well you know that not only gold but there are other precious metals too that too have the same importance or maybe even more and more or so what gives him the chance to predict that in the future there won't be any new precious metals coming up so this would in turn might decrease the popularity of the gold and , who knows what might happens ..
I think gold will ofc continue to rise but not this drastically.

He is saying quite right about the price trend of the next gold, $ 50k per ounce is a price that you can not imagine but that can happen. What do you think if Donald Trump decided to handle $ 23 trillion in public debt by printing money? then inflation will surely explode thousands of times in a short time and then the theory will come true. I am also quite worried that when the US has a huge public debt, if they handle that debt in a bad way, the whole country will pay a huge price.

You're missing the point, what Jim Rickard's saying is that it's better to buy gold now that it is relatively cheaper instead of rushing in when it's no longer available for the common joe. Gold is a good investment that you can't go wrong with because of it's constant uptrend. It's not bad to make a diversified portfolio but it's best that you include gold in your investment because of it's high profitability. Basically insuring yourself of the future.

Agree, there's nothing wrong in investment in cryptocurrency. Gold is on the other hand is a good investment however if you want to have a better gain you could do it in bitcoin. At somepoint gold is a safehaven for the investors. Nevertheless, it will still end up upon the decision of the individual on where to invest with.

Bitcoin has been trading on this market for 10 years. Bitcoin has proven itself. Gold is a very logical investment tool. However, cryptocurrency is now a discrimination area. Does it make sense to exclude this from the portfolio?

It is always best to diversify our investment portfolio. That would of course include gold. In fact, gold is much better than so many other investments. Its value has been with it since the very old days. Nobody is arguing that and we don't have to be told about it. Everybody knows how gold is always in demand.

The guy is an American lawyer and through personal experience, lawyers are some of the most untrustworthy people you get in any profession out there.  :D

These Gold experts (Goldbugs) always hype up global political instability, because they know wars = higher Gold prices. The fact that people hedge their potential losses with Gold investments (Safe havens), makes predictions like this easy.

We all know countries go to war, when there are economic difficulties, because it masks their failures. The Fiat system has been failing for years now and people like Jim Rickards know that we are long overdue for a political "correction" to reset the Fiat system. This "reset" will push up the need for Gold to protect people's wealth and that will push up the Gold price.  ::)

It makes no sense, friend! Crypto currency can survive 10 years due to community support, of course it is not easy for Bitcoin to exist in this world, if the whole world doesn't like it, of course Bitcoin will disappear long ago, but now Bitcoin is still there, everyone likes Bitcoin.