I just want to know what the community here thinks about precious metals, mostly (Silver and Gold)?
well, because you ask about precious metal in cryptocurrency forum, i think it's because Gold and silver have thousands of years of history as a safe haven that no other asset class can match, but over the past several years, the owners of gold and silver have seen losses or very little returns from their assets, whereas the owners of cryptocurrency have enjoyed significant gains. Currently, Bitcoin and other cryptocurrencies lack a futures market, which is a favorite tool for manipulation of the precious metals market.
but Bitcoin is certainly building up an impressive track record for itself. Bitcoin price went up during the 2013 Cyprus Bail-in, the Russian Ruble Crisis of 2014, the 2015 Greek Crisis and the early 2016 imposition of Chinese capital controls.
In the summer of 2016, Bitcoin had a similar reaction to Brexit and had an even more pronounced reaction to the Indian bank note demonetization and its resulting chaos.
Bitcoin’s latest crisis-driven run-up was assisted by continued Chinese capital controls and general political uncertainty. This short but consistent performance may not make Bitcoin a bona fide safe haven but it does demonstrate capital flight into crypto during times of economic shock will probably continue.
This doesn’t mean that precious metals don’t have their place. There is a lot to be said for an asset with no counterparty risk that you can retain in your possession.
Both precious metals and cryptocurrency will likely benefit from the inherent flaws in our debt-based monetary system, but owning one type of asset shouldn’t deter anyone from investing in the other. Precious metals and cryptocurrencies should be partners in a crisis portfolio: cryptocurrency for its potential for significant gains, and gold and silver, as always, as insurance against unforeseen outcomes.