Gold collapsing. Bitcoin UP.

[jojo69]

in weight equal to the amount of #2 bituminous coal necessary to drive a steam engine of the improved Newcomen design a distance of three tightly stretched ox hides

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[Erdogan]

in weight equal to the amount of #2 bituminous coal necessary to drive a steam engine of the improved Newcomen design a distance of three tightly stretched ox hides

Hey, that is the British Thermal Unit at five o'clock.

[molecular]

Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000

So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC  

Is the global quantity of mined gold really only around 30 000 metric tonnes? That doesn't seem right..

Did some research a while back and came up with 160 000 tons of gold and 775 000 tons of silver existing above ground.

160000 ton is 145 M kg, so 6.9kgAU/BTC

a ton is 1000 kg where I live. Should've said "metric ton"?

I asked Google. People should really stop using all these retarded systems. Where I'm from an ounce is 100 gram and a pound is 500 gram but countries that aren't yet ready for the metric system have very weird quantities. Therefore I learned to ask Google but apparently that fails too sometimes.

ton and ounce shouldn't even exist be used. A ton should be called a megagram. But what the hell... some people wanted to use the tonal system for bitcoin.

[miscreanity]

The war on gold is more technical than the war on Bitcoin.

[rpietila]

I don't have much time to buy silver now, so the price may go deeper. But if there is some demand for silver in the future, its price will reflect that demand. All in all, there is still quite much silver aboveground. I recently estimated that 400kg of silverware is required to furnish my castle, to reach even half of the silver/sqm ratio of what I have in my current premises.

[N12]

I don't have much time to buy silver now, so the price may go deeper.

Time to take your meds again. The delusion has come back.

[rpietila]

I don't have much time to buy silver now, so the price may go deeper.

Time to take your meds again. The delusion has come back.

What makes you think your comment was worth writing and posting to everyone?

[N12]

I don't have much time to buy silver now, so the price may go deeper.

Time to take your meds again. The delusion has come back.

What makes you think your comment was worth writing and posting to everyone?

What makes you think your (in)action will influence the global silver market to the degree of preventing/allowing new lows?

[rpietila]

I don't have much time to buy silver now, so the price may go deeper.

Time to take your meds again. The delusion has come back.

What makes you think your comment was worth writing and posting to everyone?

What makes you think your (in)action will influence the global silver market to the degree of preventing/allowing new lows?

Physical silver net investment demand per annum is about 50M oz (0.9B USD). This is way less than what was invested into Bitcoin in 2013 (2.5M USD) and way way less than what is expected to be invested this year (~30B USD).

A large percentage of those who invest in bitcoin are people who have been interested in monetary systems for a long time. They often hold gold and especially silver. Many sell their silver holdings to buy more BTC (including me and the owner of the thread). This reduces net investment demand.

Nobody is interested in investing in silver now. Especially no new breed is coming. The only ones that could be investing in silver are those who have made a killing with bitcoin and are looking for ways to diversify some of the gains. Silver could be a way to do it. I am in the position to do it. I am too busy to do it. Therefore people in my position are not doing it. Therefore no one is doing it. Therefore the price has more room to drop despite the fact that bitcoiners could buy many times the yearly net investment demand. As long as they choose not to do it, there is no hope for silver.

If one knows when it is applicable to look at one's own behavior and deduce general truths from it, one is quite a smart guy.

Your behavior is not fitting for a moderator.

[Spaceman_Spiff]

I am too busy to do it. Therefore people in my position are not doing it. Therefore no one is doing it.

That seems like very shaky logic.

[RAJSALLIN]

I don't have much time to buy silver now, so the price may go deeper.

Time to take your meds again. The delusion has come back.

Pretty shocked this comment came rom a moderator.

[Wekkel]

I don't have much time to buy silver now, so the price may go deeper.

Time to take your meds again. The delusion has come back.

Pretty shocked this comment came rom a moderator.

Its called: moderating.

[vokain]

I am too busy to do it. Therefore people in my position are not doing it. Therefore no one is doing it.

That seems like very shaky logic.

Falls under "syllogistic logical fallacy" based on Risto's syntax.

http://www.zerohedge.com/news/2014-01-09/things-make-you-go-hmmm-feds-logical-fallacies

[N12]

I was under the impression you meant it literally (that you have the power to move silver prices), sorry for assuming so. Thanks for the explanation.

[vokain]

I am in the position to do it. I am too busy to do it.

As a silver dealer, what is the difficulty in doing so for you? How do you mean, "too busy"? Bitcoin to fiat to Ag conversion friction? Or finding supply?

[molecular]

What is the total amount of gold above ground in mega-troy-ounces?

gold: 5 giga-troy-ounces
silver: 25 giga-troy-ounces

[Kungfucheez]

I don't have much time to buy silver now, so the price may go deeper.

Time to take your meds again. The delusion has come back.

What makes you think your comment was worth writing and posting to everyone?

What makes you think your (in)action will influence the global silver market to the degree of preventing/allowing new lows?

Physical silver net investment demand per annum is about 50M oz (0.9B USD). This is way less than what was invested into Bitcoin in 2013 (2.5M USD) and way way less than what is expected to be invested this year (~30B USD).

A large percentage of those who invest in bitcoin are people who have been interested in monetary systems for a long time. They often hold gold and especially silver. Many sell their silver holdings to buy more BTC (including me and the owner of the thread). This reduces net investment demand.

Nobody is interested in investing in silver now. Especially no new breed is coming. The only ones that could be investing in silver are those who have made a killing with bitcoin and are looking for ways to diversify some of the gains. Silver could be a way to do it. I am in the position to do it. I am too busy to do it. Therefore people in my position are not doing it. Therefore no one is doing it. Therefore the price has more room to drop despite the fact that bitcoiners could buy many times the yearly net investment demand. As long as they choose not to do it, there is no hope for silver.

If one knows when it is applicable to look at one's own behavior and deduce general truths from it, one is quite a smart guy.

Your behavior is not fitting for a moderator.

A large percentage of those who invest in bitcoin are people who have been interested in monetary systems for a long time. They often hold gold and especially silver. Many sell their silver holdings to buy more BTC (including me and the owner of the thread). This reduces net investment demand.

And you know that for certain do you?

[tvbcof]

A large percentage of those who invest in bitcoin are people who have been interested in monetary systems for a long time. They often hold gold and especially silver. Many sell their silver holdings to buy more BTC (including me and the owner of the thread). This reduces net investment demand.

And you know that for certain do you?

I'm in the category of having a significant and long-term interest in PM's and monetary science.  When Bitcoin came along (2011 in my case) I was already brainstorming about ways to diversify since I felt heavy in PMs.  I vaguely considered shifting some of my PM's to it, but happened to have a steady flow of excess fiat so I used that.  (Thankfully so as I kept buying down into the bottom.)  Unfortunately I pushed back my 2010 brief research of Bitcoin to pick up some property also for the purposes of diversification.

Now I consider myself heavy in BTC thanks to the rise in valuations and am shifting out into more property, and likely some more PMs.  I consider Bitcoin to still be experimental and subject to a variety of failure modes though my confidence in it's reliability is much more so now than it was in 2011.  Bitcoin is still classified as highly speculative and risky in my mind.  But I still consider it to be WAY undervalued compared to it's potential in a good scenario.

  edit:  I should say 'bad scenerio' to be more fair.  Severe economic strife in mainstream-land would probably do the trick.

[Syke]

Can't wait to buy a kg of gold with 1 btc.

I bet it wont be as long as many might think

Quoting with the hopes of this coming true.

[CMMPro]

+1, I'll use it as a doorstop and no one will think it is real.