Gold collapsing. Bitcoin UP.

[Ducky1]

Anyone think Au appreciation will ever at any point outpace Bitcoin appreciation? I'm still trying to figure out if their rate ofs future % gains will ever converge or if Bitcoin will just continue moving up and away

I'm thinking the same thing, maybe diversify a little bit into Gold now, but how? Is it even safe to buy gold funds if there is next to no gold left?

Are you kidding? Of course it's not safe.

How about just buying physical?

Thanks, I will.

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[adamstgBit]

I believe old Queen Lizzie poking her nose around in basement of Bank of England last year was no accident and more than merely symbolic, something's up ...

I had missed that

...interesting, to say the least

are those gold bars a KG each??

yes but only the top layer is real the rest is  filled with tungsten

[fluidjax]

I believe old Queen Lizzie poking her nose around in basement of Bank of England last year was no accident and more than merely symbolic, something's up ...

I had missed that

...interesting, to say the least

are those gold bars a KG each??

yes but only the top layer is real the rest is  filled with tungsten

No, they are 12.4kg each,  and called 'Good delivery' 99.5% pure.

[Dr Bloggood]

I believe old Queen Lizzie poking her nose around in basement of Bank of England last year was no accident and more than merely symbolic, something's up ...

I had missed that

...interesting, to say the least

are those gold bars a KG each??

yes but only the top layer is real the rest is  filled with tungsten

No, they are 12.4kg each,  and called 'Good delivery' 99.5% pure.

Yes.

And each of those bars is worth about 400.000€.

[adamstgBit]

I believe old Queen Lizzie poking her nose around in basement of Bank of England last year was no accident and more than merely symbolic, something's up ...

I had missed that

...interesting, to say the least

are those gold bars a KG each??

yes but only the top layer is real the rest is  filled with tungsten

No, they are 12.4kg each,  and called 'Good delivery' 99.5% pure.

Yes.

And each of those bars is worth about 400.000€.

so we are looking at a butt load of value here.

[flynn]

Gold save the Queen !

[NewLiberty]

20,000 bars for all the bitcoins?

[adamstgBit]

Gold save the Queen !

she needs to diversify into bitcoin!

[Adrian-x]

I believe old Queen Lizzie poking her nose around in basement of Bank of England last year was no accident and more than merely symbolic, something's up ...

I had missed that

...interesting, to say the least

are those gold bars a KG each??

yes but only the top layer is real the rest is  filled with tungsten

No, they are 12.4kg each,  and called 'Good delivery' 99.5% pure.

Yes.

And each of those bars is worth about 400.000€.

so we are looking at a butt load of value gold here.

FTFY, the value has yet to be realized in the form of computer chips and door stops.

[NewLiberty]

FTFY, the value has yet to be realized in the form of computer chips and door stops.

About 78% of the gold consumed each year is used in the manufacture of jewelry.¹

[NewLiberty]

Yes, I suspect the photograph was designed to maximize the appearance of the gold.

Good delivery bars are not necessarily the same mass, but usually 400 troy ounces.  They do have to be marked whatever they are.

In order for a bar to be considered Good Delivery it must fulfill the following requirements:¹

Needs to have a fineness of at least 99.5%
Must have certain inscriptions: serial number(s), refiner’s logo or mark, exact fineness level, and year it was produced
Must be at least 350 ounces but cannot exceed 430 ounces
Length must be between 210 and 290 mm
Must have a width between 55 and 85 mm
Must be 25 to 45 mm tall

[adamstgBit]

FTFY, the value has yet to be realized in the form of computer chips and door stops.

About 78% of the gold consumed each year is used in the manufacture of jewelry.¹

all this time i thought door stops and paper weights was the main use of gold bars.

[jojo69]

I'm liking this thread...so many new faces in the wall observer, I can relax with you guys

[Melbustus]

That picture, and others like it, just make the idea of gold so obviously absurd. The monetary intrinsic value of gold (ie, it's "goodness" as money) died when it became no longer feasible to circulate it directly (ie, when people developed the need to transact quickly over distance).

After thinking about and using bitcoin a lot, this is ever more obvious, and pictures like the above are downright silly. Literally laughable. Why are we bothering with all this stacks of gold anymore?

It was rational when gold was usable as money, and it still made *some* sense when it "backed" paper (though people should've realized the inevitable; namely that the backers would eventually screw with the backing ratio and reserves, therefore making the whole arrangement a giant charade).

But now? Seriously??

Maybe I've just been fighting Jim Rickards on twitter too much lately, but PMs are only useful in a very thin slice of the long-tail; other than some very specific pseudo-apocalyptic use-cases, they're done.

[NewLiberty]

Probably you are just way ahead of most of the world.  I still get better response on my waitress straw polling with PM.  By a long margin, they still like gold and silver and don't know or trust bitcoin.  They are happy to take either gold or silver as a tip but bitcoin not so much.

Whether the last 5 years has invalidated the money as memory of the last 4000 years remains to be seen.  As eager as anyone to see it happen and helping as much as I can, though am far from confidant or sure of success.

Bitcoin is in beta.  These are early days.  It can still go to zero or to the moon any anyone who knows which of those it will be is ignoring too many issues to be worth taking their advice.

[cypherdoc]

Whether the last 5 years has invalidated the money as memory of the last 4000 years remains to be seen.  

your use of memory is somewhat tortured there but stimulated my memory of this excellent paper on memory:

Bitcoin is Memory

[Melbustus]

...
Bitcoin is in beta.  These are early days.  It can still go to zero or to the moon any anyone who knows which of those it will be is ignoring too many issues to be worth taking their advice.

Absolutely, bitcoin's multi-decade outlook is overwhelmingly binary. But I don't think it naturally follows that in the bitcoin-fail case, gold reigns supreme. Bitcoin shows that there IS a solution to the problem of having an ideal money in an internet-centric era. Whether the mechanics of what we call bitcoin today turn out to work sufficiently well or not, seems somewhat immaterial. Two things should remain obvious:
1) Modern economies need near-instant transactions over any distance.
2) Hunks of physical metal cannot accommodate #1 without "backing", and backing == counterparty risk, which essentially relegates the scheme to the same class as fiat.

Whether bitcoin succeeds or fails, gold just doesn't cut it if we have a global electronic society.

That's not to say Goat's 5% PMs strategy is incorrect; if you think there's a non-immaterial chance of basically everything based on electricity going away but society and trade more or less still existing in a civil fashion, sure.

[NewLiberty]

Whether the last 5 years has invalidated the money as memory of the last 4000 years remains to be seen.  

your use of memory is somewhat tortured there but stimulated my memory of this excellent paper on memory:

Bitcoin is Memory

The allusion was intentional, as was the torture.

[sidhujag]

Thought this was relevant:

deustche bank pulls out of rigging

Yep, looks like the germanic branch of the cartel has taken umbrage at not getting it's gold back from the yanks in a timely manner ... we are v. close to the full-blown family bust up ...

I believe old Queen Lizzie poking her nose around in basement of Bank of England last year was no accident and more than merely symbolic, something's up ...

There is certainly something in the cooking, it feels like the end of this is incredibly close...

However, not sure why DB did that.

John Embry's view:

But I find it fascinating that Deutsche Bank left the gold price fixing in London.  I remember vividly what happened 10 years ago when the Rothschilds left the London fix.  At that point the gold market was still laboring around $400, and everybody said, ‘Oh my God, the Rothschilds are leaving the London fix, this must mean there is no future whatsoever for the gold market.’

I took a different view.  I said they (the Rothschilds) were going ‘underground’ because they wanted to participate in the massive upside they knew was coming, and over the next 7 years the gold price went up over $1,500!  This is why I think Deutsche Bank leaving the London gold fix is so huge, along with that German revelation.

Link:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/1/20_The_Rothschilds%2C_Deutsche_Bank_%26_The_Final_End_Game.html

http://www.bnn.ca/News/2014/1/17/Buy-physical-gold-and-avoid-paper-CME-Trader.aspx

follow the money !

"there may not be enough gold to go around if everyone with a futures contract insists on taking delivery of physical bullion ... Knippa warns that if 1 entity asks for delivery of a position-limit-size long in gold, it will absorb 81% of COMEX's inventory... and if 2 entities were to do so... COMEX has a problem..."

What would happen? Lay away? bank has to purchase physical from somewhere at a premium driving up price?

[cypherdoc]

Gold still has uses. I can trek anywhere in Myanmar pull out some gold or silver and buy whatever I need. If I tried to use BTC I would starve. I would have to tell them how a computer and internet worked before I could even start to tell them about BTC...

Gold is not dead yet but yes, crypto-coins have made many a gold bugs worry I'm sure.

Anyway I'm still holding to the 5% to 10% of my holdings in PMs and think we will have at least one more massive run up in price before its dead for good.

I'm like 85% crypto and 5% cash.

what the hell did you do to your name?