Bitcoin Forum

Gold prices dive to $1,500 an ounce

http://www.usatoday.com/story/money/markets/2013/04/12/gold-prices-plummet-below-1500-ounce/2077545/

If silver hits 26, it's next stop is 18-20.

long term support is broken.

its DOWN from here.

GREAT for Bitcoin.

Gold is at US$1454 at the moment

It seems the big dogs REALLY want people to buy their crappy stocks and financial instruments.  ;)

When they smashed silver and gold in the 70s gold dropped down to under $400... and then shot up to over 800 in day. That's the pattern everyone has been expecting.

They're going to crash it hard.

Didn't think it would come this quick

Glenn Beck had an interesting take on this...

http://www.youtube.com/watch?v=kAw0wh3lqP8

hmmm.  now they're smashing AND we have Bitcoin.

sounds reasonable to me.

yea he did, he also pulled up a very interesting chart:
http://img41.imageshack.us/img41/8853/parabolictoofar.jpg (http://imageshack.us/photo/my-images/41/parabolictoofar.jpg/)
not sure what I am seeing here... but it looks like his line goes back in time.... :o

http://www.nytimes.com/2013/04/12/opinion/krugman-lust-for-gold.html?hp

Summary; there are a lot of people who bought gold thinking the dollar would crash due to money printing.  That is no longer seen as a credible risk so they are moving out of gold.  The price will fall for the next few years as a result.

when it hits 35$ ima gonna buy

Some say you should diversify into PM's.

I've been buying PM's for a while now.

Didn't think it would drop this low again. Good buy op.

Do you have any references that says the fed has reduced the amout of paper it's printing? (opps, didn't see you were just summarizing a MSM article) Last I heard there was a currency war going on.

Most wise investors are obviously in the stockmarket which happens to be going crazy right now due to all the money printing.  When the music stops, everyone is going  to go rushing into gold, silver and that's when bitcoin is really going to explode.

We're increasing the money supply at 8-12% a year, yet inflation is only claimed to be 2% due to a seriously messed up CPI.

People talk about a bitcoin bubble! wait and see what happens when the easy money days end.   When the fed ends their bad mortgage program, and raises interest rates it's going to be akin to taking a needle to a ballon, in an already fragile economy.  Look at fed interest rates in relation to the 2008 crash... Same thing happened

I'd be with you.....in a world without bitcoin. I believe cypherdoc's thesis; the case for gold is tremendously weakened in a world where better gold exists: bitcoin.

Cypher's excellent write-up from March 2012: http://web.archive.org/web/20120403154846/http://bitcoinmedia.com/bitcoin-vs-metals

gold will always have a use and a strong value. there is gold in every computer that bitcoin clients are running on for starters. Gold is on the fingers of a huge amount of woman because it looks good.
and like bitcoin the world only has a finite amount of gold, Infact you can fit the whole worlds yearly gold that is mined in the space of a transit van. Also like bitcoin gold is getting harder to mine and we are pulling less and less out of the ground even though mining equipment is getting better and better.
In my opinion gold wont stay down for a long time.
     

You'd enjoy listening to this great debate between Doug Casey and John matonis.  Or maybe not.

Anyways, matonis makes the great point that perhaps 95 percent of gold's current value is due to speculative investments, not from it's intrinsic value. I've made that argument for a long time.

Take away the speculation and,  poof, there goes the value. The majority of it at least.

http://youtu.be/E1VtZT5HEFs

And that's the difference to Bitcoin? ;)

Joe

Amazing video.