I dont agree we are 2017, I dont see why that should be. Halvening is next year, I'd rather place it next to a dollar index chart but I know 2017 had a very steady decline in DXY and not so much this year though I'am bearish on it, nothing big to move this year. Theres other reasons for BTC maybe its tariffs and sanctions.
Gosh.. never ceases to amaze me how some members can become so damned bored based on a little bit of BTC consolidation.
The rises in price can only really be built after consolidation and the sponge wringing of loose hands that each sell causes. Consolidation is bullish really, just going sideways in the thousands whichever thousand that might be this month I find quite bullish. Not that the price has to go up but all these prices are high to me so staying in this area is not believable to many who doubted or wrote off Bitcoin many years ago.
Guess what happens when the gold price spikes - there is a flood of new supply. As I have been repeatedly saying over the past 5 years, there are a ton of gold mines on care and maintenance waiting for this exact moment.
Yep of course, every commodity will open up new supply when its price rises. I saw the failed gold trend in 2011 and then failed to act or retract investment enough, an expensive lesson for me. A mine I know of with costs over $1,500 did not evaporate but fell into Chinese hands and I have no doubts they will reopen that mine and may even be producing at a loss to sell to the state reserves in the command economy as only China can. I still have shares in the failed enterprise, I really doubt they ever pay me a penny but they are obligated to send me accounts every two years so I got that for my money I guess :p I'll know when China goes nuclear on gold production at these high costs.
A properly adjusted market will bring on more supply always, oil has the Canada oil sands just waiting and so much available at higher costs. Bitcoin dynamic is really not the same with its fixed supply. Its far more prone to these accelerated rises that will not back off, its made worse by shorts trying to guess future pricing. BTC can also fall alot as its subject to so much speculation but an expansion in its base supply is not one of its problems.
Gold especially is prone to efficiency concerns. Theres a big link to oil prices in Gold production also as alot of gold fields are available (especially as permafrost retreats in higher global temperate shifts) if enough dirt can be moved and sifted through water sluicing and various means to retrieve and refine raw dirt. Theres good reasons for gold to have links to the economy long term it seems, loose money produces an incentive to invest in many things but gold would be one of them.
Giganatic reserves of gold suddenly becoming available isnt a giant concern except where central banks flush their reserves into the main market, but this is like trying to turn the tide; even with a bulldozer you cannot change fundamentals. Bank of England flushed their reserves, Italy might do it in future and far future I've always expected the Fort knox gold to be released at some pressure point though its hard to estimate.
France has too much respect for de Gaulle's leadership and rhetoric involving gold post war, its likely kept as security afaik. China and Russia are the worlds largest buyers of gold for ten years now, China also now the worlds largest producer.
Germany still bares the scars of loose money from the 1920's and even at the centre of the EURO I doubt they sell or their nations population allows politics to do so plus being one of the worlds largest exporters makes it an unlikely requirement. The Swiss dont need to sell gold for similar reasons and again their population is quite close to wanting gold backing to currency last I read.
Asia is positive on gold on average afaik, cant think of many other big holders who would or could sell to alter or drop prices but gold is bullish for decades forward afaik.
Gold imo is inverse to Bond expansion over 30 years
BTC price is at the 50 day MA
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