"Looks as if #Bitcoin is eating #Gold". Good idea to buy some Gold now?

[mindrust]

This takes too many things for granted to be accurate. First of all, being on the gold standard just means the currency is backed by gold. If we "went back to the gold standard" that wouldn't mean you need gold to operate in the system since your currency would be redeemable for gold. Further, people without gold wouldn't simply die for a lot of different reasons.

I didn't want to mean that you die, literally. You'll die financially.

If gold becomes the main thing again, gold will shoot up and everything else will be worthless compared to it.

You'll want that gold backed currency but how are you gonna get it if your whole assets collapsed against gold and you have no gold?

I guess I would say that gold was never the main thing. Even when fiat was back by gold, nobody transacted in gold, they transacted in fiat.  The fiat was redeemable for gold, but that was rarely ever used compared to the number of transactions in fiat overall.

You should be pretty illiterate to say something like this.

Gold has been the main thing for over 5000 years. It still is. Maybe some people don't realize it now... but people can change pretty quickly. Once the paper manipulation goes down and gold raises its head, people will pile up.


https://www.federalreserve.gov/data/intlsumm/current.htm

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[angrynerd88]

Past period individuals consider gold as extraordinary resource to HODL but presently Bitcoin most prevalent any else.Investing on Gold is continuously a great thought and why not you as well contribute on it, It is obligatory to hold few hundred grams of Gold in or reserve funds all the time for crisis needs when nothing is sold as Gold. I figure a few of the wealthy individuals are moving to BTC from Gold that's why the cost is dropping but still gold remains within the beat of add up to marketcap and it merits it.

[Myleschetty]

I also see Gold to remains as an extraordinary resource to hold as reserve asset but the FOMO make alot of institutional investors to see Bitcoin as an alternative to make a perfect profit within a short period but Gold price will shoot up soon.

[AndySt]

Past period individuals consider gold as extraordinary resource to HODL but presently Bitcoin most prevalent any else.Investing on Gold is continuously a great thought and why not you as well contribute on it, It is obligatory to hold few hundred grams of Gold in or reserve funds all the time for crisis needs when nothing is sold as Gold. I figure a few of the wealthy individuals are moving to BTC from Gold that's why the cost is dropping but still gold remains within the beat of add up to marketcap and it merits it.

Undoubtedly, gold will retain its position, but it is still worth considering that for small investors in the form of individuals, operations with physical gold are some inconveniences, and yet gold in physical form is still more convenient for large investors. Therefore, for the convenience of such investors, it is quite possible to recommend, for example, the purchase of gold coins, but not gold bars, or some investment instruments derived from gold, such as metal accounts in financial institutions, etc., etc.

[South Park]

Past period individuals consider gold as extraordinary resource to HODL but presently Bitcoin most prevalent any else.Investing on Gold is continuously a great thought and why not you as well contribute on it, It is obligatory to hold few hundred grams of Gold in or reserve funds all the time for crisis needs when nothing is sold as Gold. I figure a few of the wealthy individuals are moving to BTC from Gold that's why the cost is dropping but still gold remains within the beat of add up to marketcap and it merits it.

Undoubtedly, gold will retain its position, but it is still worth considering that for small investors in the form of individuals, operations with physical gold are some inconveniences, and yet gold in physical form is still more convenient for large investors. Therefore, for the convenience of such investors, it is quite possible to recommend, for example, the purchase of gold coins, but not gold bars, or some investment instruments derived from gold, such as metal accounts in financial institutions, etc., etc.

If you are going to try to use gold as a hedge against inflation then you better use the real thing instead of a paper asset, the companies selling those paper assets promote those gold certificates as being as good as gold and maybe that is the case when things are still fine but when things get ugly and you want to get your gold you will find out that they never had that gold on the first place and they have to buy it at the current market rates which at that time will be way higher than what they are now.

[Spaffin]

Buying gold is fine, but the profits from gold from holding gold over the long term will not be equal to Bitcoin. Consider the year 2011 when gold reached $ 1900 Bitcoin was only $ 10 and now gold is $ 1750 while Bitcoin is worth $ 55,000. In addition to the faster increase in value, Bitcoin is much easier to use and manage than gold. You can not keep $ 10 in gold without the thief's eyes or the scrutiny of relatives and friends.
For me, Bitcoin is still better.

Currently, I still considered gold as a reliable storage, since Bitcoin is still very volatile and I cannot use it as a reliable storage. Of course, Bitcoin can be profitable, given the growth of the exchange rate in the cryptocurrency market, but I share two different concepts, like savings and an asset for profit.

[South Park]

If you are going to try to use gold as a hedge against inflation then you better use the real thing instead of a paper asset, the companies selling those paper assets promote those gold certificates as being as good as gold and maybe that is the case when things are still fine but when things get ugly and you want to get your gold you will find out that they never had that gold on the first place and they have to buy it at the current market rates which at that time will be way higher than what they are now.

By the way, similar considerations also surfaced in my head when I wrote my comment, because I am also a realist and in addition to the ideal development of the situation, I also try to keep in mind a not so favorable scenario for the development of the situation But I still think that with the situation not so apocalyptic for the economy, my proposals for investing in gold are quite viable 

Then there is no problem, as long as you know exactly in what you are getting into then you will be fine, the problem is that many times we see investors taking huge risks without even been aware of this and that is when they make mistakes, but if you are aware of the limitations of using gold certificates then you can invest in them as long as the economy still moves along, but always keep an eye open in case you need to make a fast movement and move to other assets less susceptible to lose value when a serious economic crisis strikes.

[(o)(o)ilikeboobs(o)(o)]

Buying gold is fine, but the profits from gold from holding gold over the long term will not be equal to Bitcoin. Consider the year 2011 when gold reached $ 1900 Bitcoin was only $ 10 and now gold is $ 1750 while Bitcoin is worth $ 55,000. In addition to the faster increase in value, Bitcoin is much easier to use and manage than gold. You can not keep $ 10 in gold without the thief's eyes or the scrutiny of relatives and friends.
For me, Bitcoin is still better.

Currently, I still considered gold as a reliable storage, since Bitcoin is still very volatile and I cannot use it as a reliable storage. Of course, Bitcoin can be profitable, given the growth of the exchange rate in the cryptocurrency market, but I share two different concepts, like savings and an asset for profit.

Gold has a more stable value and gives us comfort because it is also easier to exchange gold for other currencies.
Gold has existed for thousands of years, and our ancestors have accumulated them steadily over time. What they do is the truth until another asset appears, Bitcoin. Bitcoin is new because it has only been around for the past 12 years. It takes a long time to test their validity. I think keeping both gold and Bitcoin is a safe and balanced option.

[Clairvoyance]

Would it be an interesting idea to take some profits from BTC recent gains and buy some gold? Gold is the oldest asset I know of, and it will certainly hold value over the next years to come.

Yes, diversifying your investment is a good practice.

Bitcoin will definitely grow more in value as massive adoption take place whilst gold which is a much stable and safer investment though it will not yield as much but it is a guaranteed profit.

Take a look at this Analysis:

A price comparison of BTCUSD/XAUUSD

When Bitcoin gains momentum the chart shows gold somewhat static in that regard. It goes to show that the two are clear indicators of one another.
Therefore, between Bitcoin and XAU the ratio widens by large margin as the years progress.

[Ewox]

I think it would be a good idea to invest in some gold too other than Bitcoin, and since gold has been here longer than Bitcoin; it would be safe for us to also invest in it although the price sometimes deflates just like Bitcoin but it is also an old form of money too. I don’t think gold will ever go extinct for as long as people still buy them, same goes with Bitcoin. And that was also one reason why I bought some small amounts of gold when I profited from the Bitcoin investment I had way back in 2017.

[Emitdama]

Sure that would be a good thing to do, if you have enough and you want to invest in gold, then you can do that. Gold holds a lot of value and even if it’s going down now  there is the possibility of it going up again in future.

I have invested in gold once, but didn’t take long before I discovered Bitcoin and decided to switch so I can focus more on Bitcoin. But before now, gold has always been my favorite investment and holding it then gives me a lot of joy, only Bitcoin was able to change that lol.

I’m still looking forward to buying gold again, and maybe that I have seen this topic I might start looking into it and if it reaches a low that I’m comfortable with I might go ahead and buy it.

[hahay]

I did this but what happened after I bought gold a few weeks ago, it looks like the price of gold has continued to decline until now but I don't really care about it because I only believe about the recovery and the next pump. Buying gold from bitcoin profits is a good idea but still, you have to do your research first because otherwise you will have to wait longer to get profit from investing in gold.

[South Park]

I did this but what happened after I bought gold a few weeks ago, it looks like the price of gold has continued to decline until now but I don't really care about it because I only believe about the recovery and the next pump. Buying gold from bitcoin profits is a good idea but still, you have to do your research first because otherwise you will have to wait longer to get profit from investing in gold.

Investing in gold is definitely not a bad idea since I really think is going to do well during the next decades, the problem is how long you have to hold your gold in order to obtain significant profits, that is something that is going to discourage a lot of young people and I think they would prefer to own bitcoin not only because the profits can be bigger and can be gotten way faster but also because bitcoin is digital, which is something in which they have a lot more experience than something that seems old-fashioned like gold.

[Fortify]

In my opinion gold is a useful asset for some precious metal diversity - it seems wise to mix it with silver, platinum, palladium and a few others that have become rather useful over the years. 5% of a wider portfolio seems fair, you might even want to hold gold ETF's that allow easier trading. Over the long term gold will do ok because it always has a market as a reserve form of value for people who don't have easy access to a bank account and it also has many industrial uses. It seems that the amount being extracted keeps the price suppressed, whereas we all know there is a fixed supply of Bitcoin. That makes Bitcoin a rather useful asset that can beat inflationary pressure seen elsewhere. The one big obstacle that I found with gold was the practical side during a pandemic. There was a global worldwide emergency that actually restricted people from being able to physically trade gold in person - I am simply not comfortable shipping off gold via the post which was the alternative at the time. This really highlighted a weakness to me in holding these physical assets, although it does seem rather limited to pandemic conditions only.