Bitcoin Forum

i want to buy some gold from coinabul

could putting a bid of 600 coins at 3.15 save me a bunch on my 1oz gold bar?

It could... but then again it might not.

If you are willing to wait I think we will see 3.10 again but it might be a week or two. On the long term I think we are on the way up but i have my lowest buy orders at 3.15500.

I would not be surprised at all to see 3.15 in the next week so if that will save you money I say go for it.

maybe i should wait for my 50 coins to be worth 1,600$?   ::)

I see, I misinterpreted the question. I think we will see 3.45 again so if a higher order will be more beneficial i say place it at 3.25. I think we will see that number in the next couple of days for sure too.

to make it clear
i need to buy bitcoins in order to buy gold.

i need about 600 bitcoins

If I were you I would put my order in for 3.10 and wait it out for a week or so.

I think he might be talking about http://www.coinabul.com/

yes i know it sounds CraZy!

why would i buy bitcoin and then buy gold with those bitcoin??

1) to support something i believe in
2) to get something i think could be fun to look at, the gold...
3) to save money by buying my bitcoin on the cheep!

...  why would gold price be so high anyway, its not like we will ever run out of gold ?! gold is a ponzi scheme SELL SELL SELL! lol

now I'm having second thoughts about investing in gold .... maybe i should just buy 600 bitcoins and let that be the end of it?

I would put in a buyorder for 50% now slightly below the current price.
Than wait atleast 1-2 weeks and see what happens.

ill be watching the gold market closely.

I have been in a buy mode since about $2.7. I guess I do try to buy at a low for the day, but the growth we are seeing now looks steady, slow, and healthy. So, I don't worry about paying $3.2 or whatever. These are good times for BTC.

I noticed that Coinabul also sells silver coins and bars.

Ever considered buying silver instead? It's far cheaper to get into this PM than gold.

BTW, anyone have any experience in dealing with Coinabul?

Their spot prices seem fairly high when compared to silver/gold on eBay.

Does coinabul not change their BTC denominated prices? If you want and buy on a drop won't you just need to buy more? Seems better to just do it now. Or if you want to wait, buy the coins now and buy the gold when you need to spend fewer of the coins.

right, only problem is Canadians are very bullish at the moment and if i want to get 600 coins off My market it would mean buying them at about 3.25 each, and then "selling" them to coinabul at 3.20

i just check the Canadian market again... price dropped to more reasonable levels! time to buy stuff with bitcoins

How often do they update the price?  And how much gold do they have for sale?  I wonder if somebody could run the price up by 10% and then immediately buy gold with bitcoins.  And Walla!  You just bought 10% more gold than your dollars would have otherwise.  No?

it would seem they update their price very often and they seem to use the last price. so ya you could do that.

i wonder how high you can get the price if you plan to  buy 10 oz's of gold ... you'd need like 5,000 btc's

So, there are a lot of assumptions you have to make here, but assuming they have plenty of gold, and the cost of gold in bitcoin is updated frequently enough, and the price stays at least at the level you have to buy up, then this could happen.  I spend $94,337 and buy 28,076BTC.  At the current BTC/AuOz rate I buy 61.97Oz of gold.  To buy the same 61.97Oz of gold at the current USD/AuOz rate would cost $99,136.  I saved almost $5,000.

If somebody had the balls to, say, raise the price by 25%, and assuming they're lucky enough that it stays at the new price long enough, they'd save almost $25,000 over buying the same amount of gold at the current gold USD/AuOz rate.  You get the picture.

there are currently 3 times more bids than asks in the orderbook; in these conditions a drop is very unlikely.

Not that unlikely.  There was a giant sell-off not too long ago and the order book looked similar.  In fact, several times over the past 6 months there have been large sell-offs when the money in bids was significantly greater than the asks.

if i do a sell order of say 20,000coins at $1 each... (i wish i had 20,000 coins  :P)

wont i sell to all the bids all at once, so they don't have time to take off their bid?

That really depends on the exchange. In mtgox at least transactions are processed sequentially, so bots have enough time to shift phantom bid walls. If you don't believe me just try it yourself. If you sell a large order of coins at market price you won't see the USD balance in your account reach the final value instantaneously. You'll see it jumping up in increments. This all happens in less than 2 seconds, but that's plenty of time for a bot to react.

well that's gay, because of this the bid / ask walls mean almost nothing.

dose TH work like this too?
dose wall street work like this too?

I'm not sure about that.  I think on MtGox the order is processed instantly.  It's just the reporting that's delayed.

Just give it a try. Place a large order and then immediately click cancel. If you're right then it should be all or nothing.

Or we could just ask the MtGox guys.

I know I've seen large movements, all happen at once, with no ghostlines. Just the disappearance of $0.20-0.50 on the charts.
It is, however, sequentially executed. But, think about how fast a CPU cycle is.  ;)

Why add another layer of fees and charges into the mix?  Why not go cash->gold instead of cash->btc->gold?  There are fees at every stage and you're adding more.

Just grab the cash and go to your local gold bullion dealer.  Support a local business.  You can speculate on bitcoin's price without buying gold.

 ::)

it could be that i bought my coins at 2.5  :D
but i didn't buy enough for a 1oz of gold   :-\