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Author Topic: Gold Down - Implications for BTC?  (Read 1112 times)
Agorista
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April 15, 2013, 01:19:41 PM
 #1

http://www.reuters.com/article/2013/04/15/us-markets-precious-idUSBRE93E0FI20130415

Does this mean people are switching back into fiat currencies, or other stores of value such as land, other precious metals, even BTC?

Mike
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April 15, 2013, 01:23:58 PM
 #2

btc is not a store of value, atleast that is for certain
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April 15, 2013, 01:40:31 PM
 #3

It's intrinsic properties won't change. I think it's the intrinsic properties that give it value.

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April 15, 2013, 06:47:40 PM
 #4

Anyone know what the limit on generation of gold is? Me neither. BTC generation is predictable and known to the entire market. Gold production is less predictable than even fiat, and prices can be easily manipulated in either direction. Also, China has been buying up gold mines like crazy lately, so I'm pretty pessimistic on the role of gold as a currency of exchange or even a store of value.

Seriously, who even wants gold? I have yet to meet someone who will buy/sell gold with less than a 10% spread, or even be willing to take gold at a fair rate for a transaction. Most women I know prefer silver and platinum for jewelry over gold, and aren't likely to purchase more than 1 ounce of gold jewelry their entire lives. (Indian women are a notable exception).

Oh, and I've purchased goods with BTC, and sold things for BTC. It was simple, easy, and over the interwebs. If anything, the money coming out of gold might end up speculating in BTC.
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April 15, 2013, 11:29:57 PM
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There's plenty of evidence to suggest the price of PM's is being manipulated down. Apparently an almost identical chain of events caused a similar drop in 2011 and those events are surprisingly similar to events on gox over the last few days.

This^

Precious metals markets are far too complex, convoluted, and rigged to apply simple 'Crusoe economics' and expect to have an understanding even close to the reality of the matters.

Apparently, inventories at the comex are running low, and their is the risk that the exchange will not be able to meet deliveries, thus forcing them to enter the market for physical gold, which would cause a price spike, which 'they' don't want. The alternative is therefore to smash the price down in order that they can replenish their stocks on the cheap. First smoke signals came last week with rumours of the Fed reigning in QE, which is bearish for gold. Then there was the widely circulating reports that Cyprus was being forced to sell €400 of its Gold. After waves of futures (paper gold) selling in NY, Friday past, the computers 'froze' (smacks of MtGox) at the London bullion exchange, locking out would be sellers, who then went into a panic, entering futures markets to hedge or short. This tipped the price below key support levels, which triggered a waterfall heading down towards the next key support levels. $1250 gold, $20 Silver.

ABSOLUTELY FK ALL TO DO WITH BITCOIN AND BITCOIN WILL NOT BE AFFECTED IN ANY MEANINGFUL SENSE!

People need get their sense of perspective with how insignificant Bitcoin still is in the grander scheme of things.  This is why 90% of what there is to read on this forum regarding Bitcoin economy and price projections is sheer idiocy on toast. 


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Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
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April 16, 2013, 12:05:19 AM
 #6

It's just so hard for me to go shave of my brick for some milk and bread.
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April 16, 2013, 01:41:06 AM
 #7

There's plenty of evidence to suggest the price of PM's is being manipulated down. Apparently an almost identical chain of events caused a similar drop in 2011 and those events are surprisingly similar to events on gox over the last few days.

Faith in hard-money is just unshakable isn't it, Hard-money can not fail people, only people can fail hard-money!!!

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Agorista
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April 16, 2013, 02:29:26 AM
 #8

Quote
Yep, no way either Bitcoin or gold are going away any time soon.
^^

Impaler, is your avatar Shere Khan? +2

Mike
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April 16, 2013, 02:37:24 AM
 #9

Smart money will buy the dip in gold and btc.
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April 16, 2013, 12:48:47 PM
 #10

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Yep, no way either Bitcoin or gold are going away any time soon.
^^

Impaler, is your avatar Shere Khan? +2

Yes, I have a portfolio of pics of Shere Khan besides this one which I use on other sites such as github etc, keeps it interesting ya know.

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April 16, 2013, 01:31:39 PM
Last edit: April 16, 2013, 02:33:05 PM by rothschild_666
 #11

CME hiked their margin requirements.  Too many people got caught when the price dipped last week and now have to cover or close out because they do not have the collateral to post.

Sounds like the usual stop hunt to me.

I don't think you can infer any implications, the market structures are vastly different.

Edit: Also, forgot to say, some "unknown" entities dumped about 400 tonnes of gold last Friday.  Had to be paper because that's like, 10% (?) of yearly production.
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