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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1804018 times)
cypherdoc
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May 10, 2013, 01:28:13 PM
 #4881

Silver way down, hope I can buy some at 19$

You should've been buying bitcoins at 50.
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cypherdoc
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May 10, 2013, 01:41:38 PM
 #4882

Silver way down, hope I can buy some at 19$

You should've been buying bitcoins at 50.

I was 90% in BTC/LTC when it was at $3.5 / .005$

However I like to keep only 90% or so in crypto. So i have been profit taking here and there. now I have some silly fiat and want some cheap silver.

Nothing wrong with diversification. Silver I think will do well in the next 40 to 50 years and I am willing to wait.

Peace

I'll be dead by then.

Peace.
cypherdoc
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May 10, 2013, 03:21:10 PM
 #4883

oh Lordy.

geezuz, silverbox, is it time yet?:

cypherdoc
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May 10, 2013, 03:53:13 PM
 #4884

But... But, I thought gold was supposed to break the trend line.

it did.

DOWN.
Blitz­
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May 10, 2013, 03:54:34 PM
 #4885

Gold is a barbarous relic. Grin

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
oakpacific
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May 10, 2013, 03:57:02 PM
 #4886

I don't know, on one hand, it feels kinda sad that one can never stop a granny from buying foolishly. On the other, maybe the implication is that with the downfall of gold they will finally realize that PM's mojo is no more?

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
Tril
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May 10, 2013, 05:15:02 PM
 #4887

Cypher,

What do you think about this:
http://www.zerohedge.com/news/2013-05-09/are-we-verge-witnessing-death-paper-gold-scam

Plausible: someone spreads rumors of a run on physical gold to try to prop up gold price?
cypherdoc
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May 10, 2013, 05:45:18 PM
 #4888

Cypher,

What do you think about this:
http://www.zerohedge.com/news/2013-05-09/are-we-verge-witnessing-death-paper-gold-scam

Plausible: someone spreads rumors of a run on physical gold to try to prop up gold price?


the gold bulls are desperate.

your question prompted me to call my local coin dealer down the street.  the markup for a Kruggerand over spot is 4%.  it's been that for years back when i was buying in 2005.
miscreanity
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May 10, 2013, 06:26:37 PM
 #4889

Armies used to be paid with gold, and so the presence of gold was representative of the reach of a state. It is painfully ironic that anti-statists have embraced gold.

Temporal beneficiaries are constantly in flux. Gold historically allowed central authority to rise, and also brought its downfall. It is the surrounding dynamic as much as the properties of the metal that determines the trend.
Adrian-x
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May 10, 2013, 07:03:57 PM
 #4890

I was 90% in BTC/LTC when it was at $3.5 / .005$

However I like to keep only 90% or so in crypto. So i have been profit taking here and there. now I have some silly fiat and want some cheap silver.
...

This is the most bullish sign I have seen for Bitcoin today. (Implies Bitcoin's distributing)
And not to mention my superstitious reasoning, The last time I had a similar thought it resulted in over a 1000% increase in BTC.

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
waveaddict
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May 10, 2013, 07:11:07 PM
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the gold bulls are desperate.

your question prompted me to call my local coin dealer down the street.  the markup for a Kruggerand over spot is 4%.  it's been that for years back when i was buying in 2005.

I always found the Sprott physical silver and gold trust premium/discount percentage to be a good indicator for whether these conspiracy theories have any merit. A higher premium trend would make me possibly believe in them. However, since last year, the premium has virtually disappeared between physical and paper. Remember, the market will almost always warn of an imminent problem if there was one.

A historical chart for the gold trust premium/discount percentage can be found here:
http://sprottphysicalbullion.com/sprott-physical-gold-trust/net-asset-value/

A historical chart for the silver trust premium/discount percentage can be found here:
http://sprottphysicalbullion.com/sprott-physical-silver-trust/net-asset-value/

miscreanity
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May 10, 2013, 07:13:11 PM
 #4892

the gold bulls are desperate.

your question prompted me to call my local coin dealer down the street.  the markup for a Kruggerand over spot is 4%.  it's been that for years back when i was buying in 2005.

One sample does not represent the population.

It's also amusing that accusations of Bitcoin being a pump & dump are vociferously rejected while the same argument is turned on gold. The principle of wealth protection stands for both.

As derivative instruments develop more widely for Bitcoin, the distinction between an actual Bitcoin holding and such instruments will cause the same difficulty in distinction between the asset and its representations that we're seeing with gold.

Paper claims are nothing. Physical monetary metals are not extinct, nor will they be in the immediate future. If that were the case, Bitcoin would've already come to dominate all aspects of finance and would probably be valued in excess of USD$40mm per BTC.
Melbustus
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May 10, 2013, 07:44:58 PM
 #4893


It's also amusing that accusations of Bitcoin being a pump & dump are vociferously rejected while the same argument is turned on gold. The principle of wealth protection stands for both.



Yeah, they're both scarce, but gold has a huge bug: tangibility. Gold is like an alt-coin but with worse properties.

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
But Bitcointalk & /r/bitcoin are heavily censored. bitco.in/forum, forum.bitcoin.com, and /r/btc are open.
Best info on Casascius coins: http://spotcoins.com/casascius
Adrian-x
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May 10, 2013, 07:54:54 PM
 #4894

Armies used to be paid with gold, and so the presence of gold was representative of the reach of a state. It is painfully ironic that anti-statists have embraced gold.

Temporal beneficiaries are constantly in flux. Gold historically allowed central authority to rise, and also brought its downfall. It is the surrounding dynamic as much as the properties of the metal that determines the trend.

How did gold bring the downfall of central authority?

Oh, that's right—it allowed for overreach.

I'd love to get more info on this history I find it fascinating.
I would have concluded central authority hasn't yet had a impactful downfall, ultimately gold (being somewhat finite) was abandoned by central authority (and the Capitalists) because it couldn't be inflated (absurdly using the gold standard) and if someone saved it, it couldn't be returned through inflation. 

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
miscreanity
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May 10, 2013, 09:18:34 PM
 #4895

I always found the Sprott physical silver and gold trust premium/discount percentage to be a good indicator for whether these conspiracy theories have any merit. A higher premium trend would make me possibly believe in them. However, since last year, the premium has virtually disappeared between physical and paper. Remember, the market will almost always warn of an imminent problem if there was one.

No matter how well managed a fund is, it is no substitute for physical held in direct ownership. When all paper is in question, there is no third party audit that will perform to satisfaction. The largest independent entities are entirely capable of storing their own gold in quantity. Smaller investors would have greater relative exposure to funds.

Physical metal held in the GLD fund began decreasing at the beginning of 2013 and the decline accelerated starting in April. Almost a quarter of the tonnage in the fund has been removed, leaving the paper price vulnerable. There remains a question of where that metal is moving. Sprott's gold trust has not seen a decline in ounces held.

Note that the premium for GLD has also gone to zero, if not negative. It is not the premium on paper that will wooden, only that of physical. GLD also experienced the 2nd biggest trading volume, the first being in March 2010 which occurred at a major low before price rose again.

The most pertinent question is that asking where the gold being removed from GLD is going. There is a buyer on the other end, or it is being redeemed through physical delivery.

What is being seen in the daily volatility of currencies and commodities is the strain of paper vs physical. The undercurrent of physical acquisition is accelerating, and rapidly making paper irrelevant.

Keep this in mind: gold is as anonymous as cash and Bitcoin. Holding metal where it must be reported defeats that purpose. Smart money is exiting as many reporting requirements as possible, and the result once that window closes will be phenomenal revaluation, potentially in multiple stages.
tvbcof
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May 10, 2013, 10:08:32 PM
 #4896

Keep this in mind: gold is as anonymous as cash and Bitcoin. Holding metal where it must be reported defeats that purpose. Smart money is exiting as many reporting requirements as possible, and the result once that window closes will be phenomenal revaluation, potentially in multiple stages.

That won't help you at a border crossing.

Neither will having been tagged as an individual who had had an interest in Bitcoin.  Just sayin'


fourkey2001
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May 10, 2013, 10:13:33 PM
 #4897

Gold is up now

BTC gonna crash like crazy
notme
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May 11, 2013, 12:59:21 AM
 #4898

Gold is up now

BTC gonna crash like crazy

Yep... all the way up to yesterday's price Roll Eyes.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
adamstgBit
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May 11, 2013, 01:13:25 AM
 #4899



1450 support has now become resistance.. its not looking good, 1000$ gold is inevitable


bitcoin is ( and rightfully so ) stealing golds thunder?

cypherdoc
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May 11, 2013, 01:26:46 AM
 #4900

Gold is up now

BTC gonna crash like crazy

so this is where you're coming from.
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