Bitcoin Forum
June 16, 2019, 03:52:17 AM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: 2013-04-15 Jim Rogers: Gold Drop Partially Caused by Bitcoin Drop  (Read 1471 times)
n8rwJeTt8TrrLKPa55eU
Hero Member
*****
Offline Offline

Activity: 588
Merit: 500



View Profile
April 17, 2013, 04:35:10 AM
 #1

An unexpected Bitcoin mention from the commodities guru:

Quote
He told Business Insider there were four key things driving the sell-off.

1.India - The country hiked its gold import tax rate by 50% to 6% at the start of the year. This has curbed gold demand.

2.Chartists - Technical analysts that have warned that gold prices will continue to fall.

3.Cyprus - "Ms. Merkel is seeking re-election so she has told Cyprus and others that they should sell some of their gold to pay their debts. The Germans are tired of bailing people out and she needs to be tough."

4.Bitcoins - "The collapse of Bitcoin since most of them also own gold."

http://www.businessinsider.com/jim-rogers-normal-gold-price-correction-2013-4

I'd like to see the video if one exists.
1560657137
Hero Member
*
Offline Offline

Posts: 1560657137

View Profile Personal Message (Offline)

Ignore
1560657137
Reply with quote  #2

1560657137
Report to moderator
1560657137
Hero Member
*
Offline Offline

Posts: 1560657137

View Profile Personal Message (Offline)

Ignore
1560657137
Reply with quote  #2

1560657137
Report to moderator
1560657137
Hero Member
*
Offline Offline

Posts: 1560657137

View Profile Personal Message (Offline)

Ignore
1560657137
Reply with quote  #2

1560657137
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1560657137
Hero Member
*
Offline Offline

Posts: 1560657137

View Profile Personal Message (Offline)

Ignore
1560657137
Reply with quote  #2

1560657137
Report to moderator
zby
Legendary
*
Offline Offline

Activity: 1592
Merit: 1001


View Profile
April 17, 2013, 04:57:22 AM
 #2

That is crazy!
Stephen Gornick
Legendary
*
Offline Offline

Activity: 2506
Merit: 1001


View Profile
April 17, 2013, 06:07:41 AM
 #3

That is crazy!

I'm trying to think of the scenario for this.  Since bitcoin was about $30 at the end of February, a crash to the $50s would only impact those who bought in March and early April.  Those into both bitcoin and gold are probably not the kind to be leveraged much and there aren't many ways to obtain leverage with Bitcoin to begin with. 

So the price of Bitcoin reverses and the person now has less net wealth, sells some gold to raise cash as previous cushion went into bitcoins?    I'm having a hard time seeing that happen to any significant degree.   But if Jim Rogers is talking about this there must be some of it happening that he knows of. 

Now if he instead had said about rotation from gold to bitcoins, then that is something I'ld believe.  Like how some amount of money that used to go into gold is now going into bitcoins instead.  And without that buying of gold there was nothing else to hold the price of gold up against those shorting it.

Unichange.me

            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █


labestiol
Sr. Member
****
Offline Offline

Activity: 434
Merit: 250


View Profile
April 17, 2013, 08:09:44 AM
 #4

Interesting, first time he mentions bitcoin Smiley

Personally I don't see any correlation between the drop in btc and the drop in gold. Sure there already is rotation, and it's increasing, but it's still negligible to explain the price of gold.
And then you would have to explain the same way the drop in oil, wheat, ...

Uncorrelated stuff also happen  Grin

1BestioLC7YBVh8Q5LfH6RYURD6MrpP8y6
Zomdifros
Full Member
***
Offline Offline

Activity: 210
Merit: 100



View Profile
April 17, 2013, 08:39:34 AM
 #5

It would be fun if Jim Rogers ever spoke out in favor of buying bitcoins. All of us know Bitcoins are a great investment because we bothered to sort out the technical / economic details, but most people rely on the opinion of guru's to decide whether something is safe and sound.

flix
Legendary
*
Offline Offline

Activity: 1227
Merit: 1000



View Profile
April 17, 2013, 08:39:43 AM
 #6

Business Insider is notoriously unreliable on matters of gold and bitcoin. Expect highly selective quotations, at the very least. I too would like to see the video... if Jim Rogers did say this, I'm pretty certain he was smiling at the time.

Also, consider that this guy moved to Singapore because he is trying to think 100 years ahead. I have little doubt that he is very interested in Bitcoin.
grondilu
Legendary
*
Offline Offline

Activity: 1134
Merit: 1001


View Profile
April 17, 2013, 09:26:47 AM
 #7


Rogers was one of the guys I was regularly listening to when I was a gold bug.

Gerald Celente, Max Keiser, Jim Rogers, Peter Schiff, Marc Faber

Looking forward to Marc Faber's opinion on bitcoin but I'm not optimistic.  Those guys are brilliant but quite old.
cypherdoc
Legendary
*
Offline Offline

Activity: 1764
Merit: 1002



View Profile
April 17, 2013, 01:26:26 PM
 #8

That is crazy!

I'm trying to think of the scenario for this.  Since bitcoin was about $30 at the end of February, a crash to the $50s would only impact those who bought in March and early April.  Those into both bitcoin and gold are probably not the kind to be leveraged much and there aren't many ways to obtain leverage with Bitcoin to begin with. 

So the price of Bitcoin reverses and the person now has less net wealth, sells some gold to raise cash as previous cushion went into bitcoins?    I'm having a hard time seeing that happen to any significant degree.   But if Jim Rogers is talking about this there must be some of it happening that he knows of. 

Now if he instead had said about rotation from gold to bitcoins, then that is something I'ld believe.  Like how some amount of money that used to go into gold is now going into bitcoins instead.  And without that buying of gold there was nothing else to hold the price of gold up against those shorting it.

Yes, this is very much more likely.
Rotsor
Full Member
***
Offline Offline

Activity: 313
Merit: 102


Presale is live!


View Profile
April 17, 2013, 02:31:39 PM
 #9

Bitcoin popularisation can discredit gold even without any direct gold trades involving bitcoin-holders:

* We know Bitcoin is a scam.
* It can be shown that Bitcoin is like gold.

Therefore we conclude that Gold is a scam. Smiley

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!