Bitcoin Forum

I see a huge extended m-pattern in the gold chart.
Do you think Gold will go to 600 $ in a few years,
because of Bitcoin and Ethereum?

I don't think the price of gold is related to the price of Bitcoin and Ethereum.
There is no direct connection between gold and Bitcoin. Bitcoin, a blockchain-based digital currency, is often considered to be a global safe-haven asset like gold.

There is no direct relationship between gold prices and cryptocurrencies.
These are not currencies. Gold can be exchanged for anything in the early days, but the effect is not great. Gold is often in short supply as a tradable tool.
Bitcoin, as an online and offline payment method, has been accepted by some countries, but it has not yet been accepted by the world.
I personally think that the only relationship is that both can invest and benefit.

Why would gold move because of BTC and ETH? If anything, if there would be somewhat of a slight correlation between both asset classes, it would most likely be the other way around. Let's not forget that gold is still the bigger beast here.

This must be move to Economic speculation section as this is not totally about bitcoin

https://bitcointalk.org/index.php?board=57.0

move the thread to that section for appropriate discussion.

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about Gold going down to 600$ in few years? it depends on how people will react to the presence of bitcoin and crypto , it has been many years when Bitcoin has been denied of the capacity of bringing good things to the people and not that the world is already aware? yeah chances are there.

at the moment those holding gold and those mining new gold are both paying over $1k to obtain their gold. and no one if foolish to sell for less then they acquired it for.

if gold suddenly cost $550 to mine. then some large mining groups that can mine millions of ounces of gold could happily sell all their gold down to $600 and still profit.
but along the way lots of buyer would be buying it up causing a resistance. making it difficult to oversupply the markets to cause a stable price drop that lasts

the only real chance in reality for gold to tank. is if the 'space mining' brings back tonnes of gold in 10-20 years and want to sell it down to low prices and enough new supply to outpace the resistance.

it certainly wont tank just because of crypto.

Nope.

Gold will only drop that low if Musk and NASA figure a way to mine the golden astroid they found.

Gold would become more common than silver and would drop like a bar of gold in a swimming pool.

Other than that or some other way to make lots more gold cheaply gold will be more stable than a 600 usd floor.

and franky1 was faster than my post oh well.

What is the correlation between Gold, Bitcoin and Ethereum? There is none as Gold is a real-world entity and both Bitcoin, as well as Ethereum, are not. Any events that occur in the real world will affect the price of Gold. Whereas the same does not apply to both the cryptocurrency.

Gold might or might not reach $600, who cares? We are only concerned about Bitcoin here.

meaning it is impossible to happen ? hahaha yeah Gold will not drop that low unless something happen that we don't really expect.

if that would be the price range of Gold , then at least i can afford buying good amount  ;D

he really is, and also completed the explanation .

I really don't see the relation of the Bitcoin and Ethereum to Gold. Gold is a physical asset, if you really want to get away with the volatility of the market then Gold is one of the  good investment and of course real estate. Slowly the Gold of course will increase along with the digital currency, but I don't see any connection between cryptocurrency and Gold.

As far as I know the commodities market, gold is in the global bull market, so I don’t think that it is likely to drop so significantly. Talking about Bitcoin’s impact on gold. We can say that people choose crypto instead of more traditional financial solutions today, although it is more risky. Moreover, China started replacing gold with Bitcoin last year in its reserves. After that, Bitcoin started growing and gold fell.

If more and more people sell their gold for Bitcoin or at least 50% of their holdings,
why should it not drop to 800 $ or 600 $?

It´s the law of supply and demand, right?

I expect a very slow bleeding to this prices in the next 10-15 years.

but do you really think that Gold holder will easily sell their gold for bitcoin ? they are even holding their gold for many years and all of a sudden will leave the support and divert to crypto?

I expect a stagnation and then a slow and
steady decrease to 600 $ within 10-15 years.

No I don't think Gold will ever go down to 600$. The only chance of this happening would be if they find a new huge Gold mine with thousand of tons of Gold that could be mined easily. But this is very unlikely in my opinion. Sure BTC and ETH will take some of the investors away who are looking for a save asset to invest in. But there are still other players in the Gold market. Jewels will always need gold to make rings and other things, and in production we also need Gold, or some people like to have Gold teeth. This demand will probably keep Gold at higher levels.

I guess you got the answers already that there's no correlation of gold's price with bitcoin and ethereum or with the entire crypto market.

We'll see it then what will happen to it but most of the people of the forum are in the focus of the crypto market.

Two answers, yes and no. If people are interested in bitcoin or ethereum while holding gold, they will invest in bitcoin. But that is not because of bitcoin or ethereum or other coins. Maybe when gold demand is reduced and people change their investment to bitcoin and ethereum, the gold price can reduce a lot because people lose their interest in gold.

The value of gold will rise really fast. As much as this has to do with coins, the biggest factor is the versatile usage possibilities of gold. I think that in the future, gold will be a part of the development of technological equipment.

Gold is the boomers choice of investment, it barely moves & won’t protect you against the inflation that is coming you way now because of the crumbing fiat system. I’d rather have good than a fiat savings account but I’d rather have bitcoin over everything.

I see a huge m-pattern in the chart, could head to 600 $ or 800 $ in the next 10-15 years.
The chart doesn´t look like to me that gold will go up.
My intention says it will very likely go to 800 $ or 600 $.
This is why I sold my gold and converted it to Bitcoin.

https://s20.directupload.net/images/210809/7szminlz.png

Source: https://goldprice.org/

No way, gold down to 600 USD seems very unrealistic in my opinion. While cryptos have some advantage over gold and are in direct competition, there are still a lot of I investors who are interested in gold. I know some older investors who are afraid of crypto currencies, but they love gold. If gold would drop down to 1000 USD there would be plenty of buyers completely buying the market. I think 1000 USD is the lowest we could see.

Gold

Exactly, it is outdated dumped all of it long time ago.
The days of finger-thick gold chains as fashion have past.
The chemical resistance property is on the way down as modern cheaper materials are used.
The inflationary hedge is no longer relevant.
Storage safes deposit boxes cost money and not all that save.
Transport is cumbersome and the amount the semiconductor industry uses is minimal.
Counterfeits and fake bars/coins are the final nail in the coffin.

As mentioned above if the asteroid mining begins the price of gold will drop due to the increase in demand but again with the Help of inflation the price won't drop that much and with the current growth the price of gold is expected to double in the next 5 to 10 years.