China found huge gold mine. Price evolution?

[panju1]

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. 

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[Kprawn]

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. 

[Slark]

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.

[Dimelord]

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...

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.

[HabBear]

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...

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.

[Seansky]

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.

[alexsandria]

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.

[hase0278]

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.

[iqlimasyadiqa]

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.

[jakelyson]

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.

[BTCLovingDude]

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).

[Hunyadi]

Why our goldbug Roach is not commenting this?