Gold Price Prediction & its impact on cryptocurrencies

[bryant.coleman]

If you’re referring to cryptocurrencies that are backed by gold, I don’t see the difference, because holding a cryptocurrency that is said to be backed by gold is the same as holding gold

I don't agree. In case of cryptocurrencies that are backed up by fiat currency or gold (there are quite a few of them in the market), the money is being held by someone else, and you are only holding a token. This goes against the original idea of cryptocurrency as proposed by Satoshi Nakamoto. By holding these tokens, you are not holding the real gold or fiat. Someone else claim that they are holding these assets for you. And there is nothing that you can so, if they vanish all of a sudden with all the funds.

[worldofcoins]

If you’re referring to cryptocurrencies that are backed by gold, I don’t see the difference, because holding a cryptocurrency that is said to be backed by gold is the same as holding gold

I don't agree. In case of cryptocurrencies that are backed up by fiat currency or gold (there are quite a few of them in the market), the money is being held by someone else, and you are only holding a token. This goes against the original idea of cryptocurrency as proposed by Satoshi Nakamoto. By holding these tokens, you are not holding the real gold or fiat. Someone else claim that they are holding these assets for you. And there is nothing that you can so, if they vanish all of a sudden with all the funds.

There's no pressure among gold and bitcoins. Since bitcoin is decentralized and its gracefully is high.
Gold may begin expanding its rate however it can't outperform the bitcoins or any cryptocurrencies.
Anyways I don't think gold can be increment that much even bitcoin can't reach on such rate and we know its decentralized.

[bits4books]

It makes me a little sad, to be honest. Even the precious metal that laid the Foundation for stable economic relations "goods-money-goods" turned into bytes of information and nothing more. I certainly understand that this is progress and so much more convenient (in General) but still somehow it's a shame that even such things are digitalized.
I may be wrong, but I think some things should be left unchanged.

This should not be a cause for frustration. For people like you, it is still possible to buy gold in Bank bars or jewelry. But you must remember that such purchases become profitable only for the long term. Otherwise, the Bank's commission will only bring a loss from such a purchase/sale of gold.

I have a couple of bars that I bought a long time ago - and I'm not going to sell them until the very severe days.
This is my most solid reserve of all, and I have never regretted that I bought "physical" gold instead of opening a metal account or just buying virtual gold.

[lienfaye]

I have a couple of bars that I bought a long time ago - and I'm not going to sell them until the very severe days.
This is my most solid reserve of all, and I have never regretted that I bought "physical" gold instead of opening a metal account or just buying virtual gold.

Gold bars are too expensive nowadays, what I have is gold jewelries. For years that im collecting gold, I can say that the price is really going up as time goes by though little by little. Now the value of my accessories if I sell at the current price is really worth it. I have gold and bitcoin (virtual gold) as an asset.

[Dorodha]

If the price of gold rises in the international market, it will have an effect on the country's market this is one of the reasons for the rise in gold prices in the local market. If the dollar price rises a lot in the international market the price of gold goes down. It is also seen that when the price of dollar goes down the price of gold goes up. But its impact on crypto is rare as crypto has nothing to do with the country's economy so it is good for long-term investment.

[bits4books]

I have a couple of bars that I bought a long time ago - and I'm not going to sell them until the very severe days.
This is my most solid reserve of all, and I have never regretted that I bought "physical" gold instead of opening a metal account or just buying virtual gold.

Gold bars are too expensive nowadays, what I have is gold jewelries. For years that im collecting gold, I can say that the price is really going up as time goes by though little by little. Now the value of my accessories if I sell at the current price is really worth it. I have gold and bitcoin (virtual gold) as an asset.

The problem with precious jewelry is that there will always be scoundrel appraisers who will try to dump the price of your jewelry to the maximum possible price. There are fewer such problems with gold, because if you buy it from a bank and just store (without even opening it) there will be too little reason to reduce the price of the bullion to worry about them.

[South Park]

This should not be a cause for frustration. For people like you, it is still possible to buy gold in Bank bars or jewelry. But you must remember that such purchases become profitable only for the long term. Otherwise, the Bank's commission will only bring a loss from such a purchase/sale of gold.

Profit, even if you hold your gold bars or gold jewelries is not assured, though it's not guaranteed, yes time really matter for commodity investments like gold, but it is not always assured, as you will remember, Musks is planning to mine gold on an asteroid, if that happened, the supply of gold on our planet will be enormous making a massive drop to it's value.

But if that didn't happened, expect gold's value to go higher as years pass.

I have heard of those things before and while it is nice to hear we need to be honest that is not going to happen anytime soon, I think that gold will probably remain scarce for the next century or two but once we can mine in space then you will be right and the scarcity of gold will drop to the floor, this is why something like bitcoin is important, we need to create artificial scarcity and bitcoin is perfect for that which is the reason it has such a bright long term future and it even surpasses gold in its potential.

[mersal]

It sounds unbelievable and reminds me bold Bitcoin predictions like Bitcoin will go to $20k again. Anyway, Bitcoin has moved in tandem with gold over the past three months according to data from Digital Asset Data. So, it's reasonable to believe that the first crypto will go up too.

I won't be surprised if bitcoin reaches 20K in the next movements but $300+ per gram of gold looks unbelievable and it may take decades to reach even though people consider gold as safe heaven of all assets in the world.Demand for gold is always there and it is same as before even in the economic crash condition.

[STT]

I see people calling $5k price but I don't see that happen because it is going to make things go out of control for the FEDs

We dont control the tides, its a lesson every man must learn to be humble and accept what he can control and what will always exist repeating with or without him.   The FED is already out of control, we're really speculating on what already happened and how it will appear in pricing but its certain they cannot put the genie back in the lamp here.     The FED giant as it may be cannot control the tides, we are in a situation now where most believe FED and other central banks limitless in their powers but unfortunately they are not.   I say unfortunate because the world finding out the truth and handling that misstep we've all taken is going to make me poorer and every country poorer related to the dollar  reliant on FED actions and similarly the global reserve system will revoke its bias to just one national currency and other effects.   Its a big deal probably one of the largest stories within the span of my life time, I dont think we'll be in the same place fifty years from now and if that were true we'd be poorer then just failing now and rebuilding from that realised mistake.

Gold isnt going to the moon or to 5k, we are talking about the dollar losing value or being recognised for the lower value it will have and does have after dilution.   Its not the gold which alters but the dollar which already has, price is a market that can be delayed or deceptive in its reaction but it'll reflect reality of that situation just like every other currency that lost value previously even when it was part of an empire.    The timing of when this happens and how is more convoluted, I think gold price can still 'lose' 50% possibly, volatility is certain and prices will show this as they result from bids and offers and they wont always be even.   The appreciation of gold relies on it being more reliable then the other side of the ratio which is dollar, similarly for BTC if it should be more reliable it'll likely appreciate nominally even if the value were to stay the same.

[jaysabi]

I don't think the price of gold influences the price of Bitcoin.
Both act due to the supply and demand of the market. It is interesting how Bitcoin has been compared to a currency, a commodity in relation to gold. What makes us show that Bitcoin is of interest to investors due to the benefits that are obtained when making their transactions.

https://www.google.com/amp/s/cointelegraph.com/news/new-data-suggests-bitcoin-and-gold-arent-as-correlated-as-you-think/amp

It's true that gold and bitcoin are unlikely to be affecting each other's prices, but they are correlated in that there is a decent amount of people using bitcoin as a hedge against inflation, as gold is traditionally used. In that sense, you can expect larger macro trends in the economy that affect the price of gold to impact bitcoin in the same way (to a limited extent).

[Sirait]

the price of gold per day has increased quite significantly and reportedly in my area, many people are selling their gold. moreover, the new year is near.

btw, the FTX collapse made the crypto market fluctuate, and this moment was used by the braggart Peter Schiff to attack crypto lovers.





https://twitter.com/PeterSchiff/status/1592175901546274816
https://twitter.com/PeterSchiff/status/1592315625476882434

[Smartprofit]

^ I just read about the prediction that the price of gold will go to the moon.

World gold is predicted to fly to US $ 10,000 / troy ounce, by Dan Olivier, founder of Myrmikan Capital. This is a New York-based fund management company focused on gold research (Myrmikan Research) and fund manager Myrmikan Gold Fund.

Referring to the rules in the market, one troy ounce is equivalent to 31.1 grams, so the amount of US $ 10,000 per troy ounce projected by Dan Oliver, then converted by dividing the number by 31.1 grams, the result is the US $ 321.54 / gram

the price of Gold for the past few years

https://goldprice.org/spot-gold.html

are you sure the price of gold will break $ 321.54 / gram and how will it affect the crypto backed-gold currencies like GOLD Stablecoin.

#feel free to discuss

I do not believe in a rapid rise in the prices of gold and silver in the short term.  

At the same time, from a fundamental point of view, the growth in the price of gold, silver, platinum and palladium is justified.  However, all these metals have not only a monetary function, they are also actively used in industry, in particular, in the production of microelectronics.  No one is interested in rising prices for processors and slowing down scientific and technological progress.

In addition, the main exporters of precious metals are Iran and Russia, which are under sanctions.  Western countries are not interested in increasing foreign exchange earnings and capitalization of the gold and foreign exchange reserves of the Central Banks of these countries.

In addition, gold is a direct competitor to the US dollar.  The rise in the price of gold weakens the authority of the US dollar.

All these circumstances hinder the growth of gold prices in the short term.