Bitcoin Forum

China announced that a huge gold mine was discovered: http://m.chinadaily.com.cn/en/2017-03/29/content_28719822.htm
Will the rich guys diversify to Bitcoin before the gold price will fall big?
I hope that this is yet another good news for Bitcoiners. And bad news for the ones holding gold...

Doubt a new gold mine will lower the price of gold much if at all.

I dont expect lots of gold holders to diversify in bitcoin when the price drops. It seems more rational for those low risk no-innovation like traders to diversify more in silver rather than a cryptocurrency.

gold price is determined by market manipulation and maybe the news, not supply or demand, like all precious metals market

may be a excuse to drop in price, but to be a plausible excuse for a manipulative price drop, not because lots of gold will be mined

Its a good thing. Cheap Gold coins on the way. Yay.  8)

Don't expect gold prices to fall down though. Gold prices are heavily manipulated by the US Government. It should have been 10k$ or more right now but it's around 1.250k$ only. It tried to reach the moon a few years ago but the US guys didn't let it to happen.

Gold will stay low as long as the USA can control and manipulate the markets. When the US lose power, gold will skyrocket.

Protip: Gold is the biggest enemy of USD. If you wanna hedge your FIAT investments, hoard gold.

I think that gold holders will prefer just to wait rather to sell their capitals to invest in something else, especially in such not stabile currency as bitcoin.

There's so much gold already in circulation that a single mine will need years to dig out enough of it to impact the prices.
Since it can't afford to mine and store to dump it later you won't even notice that there's that 2% more mined each year. No worries, people won't start to panic sell their gold.

If it would have had a significant impact on the gold price, we would have noticed this already. Don't forget that the gold market is insanely liquid, which obviously isn't the case with Bitcoin -- gold market can swallow this without much problems. The only thing it really proves is that Bitcoin's transparency makes it perfectly visible for everyone to know how many coins are currently in existence, and how many coins there are left to be mined. That's obviously not the case with gold.

The gold market won't fall very dramatically as there is a lot of gold in circulation.  Some Chinese people already seem to have large enough stakes in Bitcoin hence their mining monopolies, but I don't think that Bitcoin will be seen as reliable enough for people interested in gold to put a lot of money into Bitcoin.

I don't know the gold market at all, so I am fairly disappointed of what I hear (that the price is highly manipulated and, more important, such discovery won't really matter).
Diversifying to silver makes indeed sense.


Since I am too small for this and since "hoarding gold" needs a place to store it (and no, I don't like the banks, do you?), I still vote for Bitcoin (and some alts!). My paper wallet is harder to hind and steal than some hold would be.


Also my hearth tells me that not very far from now, minerals will be easier to find & mine (not necessarily on this planet) or even recycle. The price will have to go down at some point...

gold market is follow real and international market
gold price influenced by the price of the dollar and demand
if dollar value down price, ussualy gold incraese price, if dollar high value, gold is down price

i am right with you on that. although gold has a good price and it is stable for the most part but storing it is a risk and a pain in the ass. i have some at home but it is a nightmare if you are paranoid too :)
but it is good for diversifying anyways.

if bitcoin had a more stable price and it was a couple of years in the future, all my life savings would have been in bitcoin because there is no way anybody can steal my bitcoin apart from what i keep in the hot wallet which is not much.

and as for this news goes, gold holders usually don't go in bitcoin, they play around in the similar markets like other precious metals.

What is the price for them to get that gold out of the ground?  That is one big issue with new mines.
There is a lot of gold/silver/oil out there, but it isn't economical at current prices to go and dig it up.

Even if it is a big easy and cheap mine, the amount it may contain is far less than the Chinese government wants as a reserve in the next few years, meaning it could all be nationalized and make little difference to the world market.

There is a lot of time that passes between finding a mine and being able to sell the gold.
It's not like there will be all that gold on the market over night.
So I do not think that one mine can have any real impact on gold price.
And the world needs more and more gold. Not only for investments, but for the industry as well.

i find it strange that they discovered only now a huge gold mine, i mean how can this thing go unnoticed..besides this can't lead to any revolution in bitcoin value

there are no data on how many from gold are investing in bitcoin, and i think they are not much, since gold owner like stability seeing how they are investing in gold, i doubt they would jump on bitcoin, with the recent drama about the fork

p.s. seems that this thing is still a drop in the water compare to the current gold reserve

I think that with gold holders they fail to see the bigger picture. Gold was on the rise for like 30 years, now its falling for like 5 years and they are all screaming its the bottom. I wouldn't be surprised if we had like 10 more years of bear market in gold.

Most gold holders are probably old people and IT dumdums, who don't see any other option to park money. After ETF's being rejected we are still underground, and one day bitcoin will go public.

The Gold price dep3ends on speculators view of inflation.

If there is a threat of inflation building, then gold rises. If the outlook is deflationary, then gold falls.

Also - gold competes against things like US treasuries, and as the Fed is raising interest rates, treasuries look like good value.

$22B in Gold found? 

Yawn.

The U.S. Fed prints $85B /month.

Finding a gold mine does not necessarly change the price of gold but one thing i know is that the price of gold is dependent on the economic situation ,supply and demand and inflation rather than these sort of news. Gold is considered to be a valued asset for centuries and it will be like that in the future and it has nothing to do with bitcoin.

i also don't think news like this has that much effect on Gold price!

but for Chinese them finding cryptocurrencies has been a gold mine of its own so far. they have been making so much money with cryptocurrencies that the money earned from that gold mine is nothing compared to it.
and not just from mining, but also from trading it.

The volume of gold which is traded in the derivatives market is 100+ times the total supply of gold in this planet.
So finding a mine like this will make no difference.  :)

Finding a gold mine and actually getting the gold out of the ground are two different things. The process to get the gold out of the ground in also

very expensive, so the gain is not that significant. The price will still be manipulated by the gold cartels, so this will just be absorbed in the price.

The price might go down a little, if a large portion of this gold is extracted over time. There is still no guarantee that Goldbugs will run to Bitcoin

as a hedge against a possible price dive.  ::)

They found gold - that is one thing, but Chinese now need to create whole infrastructure to mine it. It will take time.
There is no say that they will try to mine it right away too. We have humongous diamonds deposit found in Siberia long time ago.
Yet Russians are not even touching it now because extracting them now would cause global diamond market to collapse.

Gold value is determined by universal factors and not by a country.I dont think discovering of a gold mine will result in fall in gold price and chinese investors switching to bitcoins,its all imaginary.There would be no impact on gold or even on bitcoins due to such discoveries.Only chinese government is going to get huge profits.

You assume that the price of gold will fall. The known existence of gold won't drive the price down, the new gold needs to actually be available in the market. And fortunately for gold mining companies, they can control that access, they can control supply to make sure that it doesn't exceed demand.

The same thing has been done with diamonds for decades. Diamonds are beautiful but not necessarily rare, the supply is controlled by the miners.

I think it would not even affect gold's price at all right now since they won't even touch it for a very long time I think about years and so. I also think that if those big gold investors began to hedge, I think they wouldn't put it into bitcoin since they just don't trust it yet. True that if it is extracted some might turn into bitcoin to hedge but it will be not that many so it wouldn't drive the price up significantly.

Actually, it's better to get bitcoin now as it is not full supported by China. Thus, as it China support it fully, then it would spike which would give a positive effect for its holders.

What he was saying is that China would not even touch their newly found gold mine yet so it won't effect bitcoin price for now. Even if China does not really support bitcoin, price spikes and continues its everyday market. It doesn't need to be China since any country can support bitcoin if they want. If China will really support bitcoin, I doubt whether they will try to control it or not so having them buying it up means they will have authority in bitcoin which I think would not be good for long term holders.

This is a message that can cause the gold price to fall. and of course I believe that users will switch to invest in bitcoin. indeed gold will remain in demand, but the price of gold will drop considerably. while the increase will occur in digital currencies like bitcoin.

I doubt gold holders will suddenly find in their heart to invest in crypto because of this. Either they are already in crypto or not all. They are more prone to invest in other minerals than invest in bitcoin or other crypto.

those who are invested in gold will stay in similar markets. meaning they won't sell gold to buy something they are not familiar with. they instead will buy something like silver, titanium, etc.

it is like saying when bitcoin price went down to $900 range people went to buy gold! no they instead started pumping altcoins (a similar smaller market as bitcoin).

Why our goldbug Roach is not commenting this?