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Gold Brightens As Bitcoin Exchange Goes “Dark”

GoldCore's picture


Today’s AM fix was USD 1,340.00, EUR 975.33 and GBP 803.12 per ounce.                        

Yesterday’s AM fix was USD 1,332.75, EUR 969.48 and GBP 798.53 per ounce.  

Gold rose $2.80 or 0.21% yesterday to $1,340.60/oz. Silver fell $0.15 or 0.68% at $21.86/oz.

Gold has given up early gains and is now lower in all currencies and 0.6% lower in dollars to $1,332.20/oz. Traders may be taking profits today after gold reached 4 month highs. Economic data yesterday raised questions about the strength of the U.S. economy, increasing gold's safe-haven appeal.

Gold in US Dollars - 1 Year (Bloomberg)

Data yesterday showed that U.S. home price gains slowed in December, underscoring the risk of an end to the recent housing recovery, while consumer confidence also fell this month.

Value investors are finding gold attractive at these levels on worries about economic conditions in the United States and also China, which has seen unprecedented growth in corporate and sovereign debt.

Mt. Gox, once the world’s largest and most popular bitcoin exchange, has gone “dark” or offline.

Mt. Gox went offline early yesterday morning. The site made no announcement to users about its shutting down, they were instead met with an empty page. Moreover, Bitcoin has halted cash withdrawals following the departure of its chief executive.

There are allegations that the company is insolvent and that bitcoin buyers have lost over $375 million dollars due to a multi year hacking effort that went unnoticed by the company.

According to a leaked document, the exchange is insolvent after losing 744,408 bitcoins — worth about $375 million at Monday’s trading prices.

Gold Sovereign and Bitcoin

Reports that hackers may have pilfered more than $375 million in Bitcoin from Mt. Gox prompted companies from San Francisco to London as well as their industry group, the Bitcoin Foundation, to assure Bitcoin users that their funds won’t disappear due to theft or mismanagement.

“This is certainly not the end of Bitcoin,” the foundation said yesterday in a statement. “As our industry matures, we are seeing a second wave of capable, responsible entrepreneurs and investors who are building reliable services for this ecosystem.”


The shutdown of Mt. Gox comes after months in which the currency’s price soared and it attracted increased attention from investors and speculators. We cautioned clients that it should not be seen as a store of value and that its potential value was as a means of exchange.

Virtual currencies remain an innovative and increasingly important means of payment. However, claims that bitcoins are safe haven currencies that would compete with gold bullion look increasingly misguided.

The developments are bullish for gold prices as various bitcoin exchanges had captured capital flows from investors and speculators who are skeptical of the current financial and monetary system and many of whom would have previously have bought gold and silver.  Some of this capital is more likely to flow into gold in the coming months.

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Wed, 02/26/2014 - 22:03 | 4483053 Robinson
Robinson's picture

The actual financial system is a ponzi.

The bitcoin system is not enought, have a lot of holes.

What is your proposal?

We propose http://www.unitycoin.net/blog/2014/02/09/unitycoin/

We need to make something, not just wait that the financial system make the last implosion.

Wed, 02/26/2014 - 17:49 | 4482115 lakecity55
lakecity55's picture

My sovereigns are doing quite well. Perhaps I should add a few moar to the stack.

Wed, 02/26/2014 - 17:34 | 4482044 are we there yet
are we there yet's picture

The missing Mt. Gox  executive was sighted in the Crimea at a spa with Yaunokovitch discussing how to deal with 'the pesky pesants'.

Wed, 02/26/2014 - 16:25 | 4481603 Gordon_Gekko
Gordon_Gekko's picture

Calling Trace Mayer...Helllooooo.....Anybody there?

Wed, 02/26/2014 - 16:33 | 4481660 El Hosel
El Hosel's picture

That's hotter than a pair of Two Bitcoin Hookers.

Wed, 02/26/2014 - 14:51 | 4481092 Sufiy
Sufiy's picture

Frank Holmes: These Gold Charts Will Make Your Heart Beat Faster 

  Frank Holmes presents a very interesting set of charts supporting the bullish case for Gold and Gold stocks. Now with Gold crossing 200MA we have the game changer for the Gold marker. Professional traders have positioned themselves after 20MA was breaking out to the upside and smart money has followed after 50MA. Now the retail public will start buying the new Gold Bull leg. http://sufiy.blogspot.co.uk/2014/02/frank-holmes-these-gold-charts-will....

Wed, 02/26/2014 - 15:03 | 4481164 sixbilliondollarman
sixbilliondollarman's picture

The Federal Reserve Note...& the SDR "dance around Gold" ...charts you say? that says you trade "Paper gold".

Sorry not interested...Gold is a store of wealth & insurance only.

To trade paper gold markets & "Gold stock" are akin to trading Bitchcoin or the "Color Purple futures market"...worthless.

Why bother? After Corzine STOLE Futures traders month for the first time ever in the history of the futures markets...it's forever fucked [no trust] ...proof?

nearly 100$ premium on Gold bullion & 5$ over spot price Silver.

Why? Because paper markets in precious metals are FAKE.





It is a index of pawnshops "buying & selling real PMS & compling data.

I hope the shit goes down big gain so i can get my minimum wage check & buy some silver.

I was not a second of my short future to ever look at a stupid paper gold chart in any "form" or contract name" to do so is to ligitimize these ridiculous markets.

Wed, 02/26/2014 - 16:43 | 4481723 Gordon_Gekko
Gordon_Gekko's picture

Here you go: http://www.realpriceofgold.com/

This I think is pretty close to what you might be looking for...

Wed, 02/26/2014 - 17:48 | 4482110 lakecity55
lakecity55's picture

Thanks, Gordon!

I have referred to it regularly!

Please post your take on things moar often!!

Wed, 02/26/2014 - 14:39 | 4481002 sixbilliondollarman
sixbilliondollarman's picture

Where's that Fonestar guy now?

Tell us all how "great shitcoin is for months!"

shut the fuck up once and for all



Wed, 02/26/2014 - 14:44 | 4481040 nelsonmandella
nelsonmandella's picture

3000% in the last year - bitcoin 


28% increase today alone - if you have half a brain you would see an amazing oppertunity in bitcoin

Wed, 02/26/2014 - 14:50 | 4481080 sixbilliondollarman
sixbilliondollarman's picture

good! post your statements here for us!

make sure you get more today!

Wed, 02/26/2014 - 15:31 | 4481311 fonestar
fonestar's picture

get more today!

Wed, 02/26/2014 - 18:49 | 4482354 TheReplacement
TheReplacement's picture


Might be best to take profits, if you have any, now.

Wed, 02/26/2014 - 18:58 | 4482391 fonestar
fonestar's picture

Haha fuck off.  Do you really think a devotee of Satoshi Nakamoto is scared of your "senator"?  Or your "laws"?

Wed, 02/26/2014 - 14:44 | 4481039 nelsonmandella
nelsonmandella's picture

3000% in the last year - bitcoin 


28% increase today alone - if you have half a brain you would see an amazing oppertunity in bitcoin

Wed, 02/26/2014 - 18:50 | 4482362 TheReplacement
TheReplacement's picture

Absolutely, an opportunity to SELL!  Or, perhaps, you are one of those financial types that prefers to buy on the high end so you can sell it for less later on. 

Wed, 02/26/2014 - 15:30 | 4481309 fonestar
fonestar's picture

Yes, Bitcoin is going to the moon nelsonmandella!

Wed, 02/26/2014 - 14:52 | 4481095 sixbilliondollarman
sixbilliondollarman's picture

28%? wowie zowie!!!

I can't hear you as the silence @ mt. Gox is deafening.

Do you work for the Calif legislature?

Make sure the laws recently passed to accept Shitcoin are still valid.

Wed, 02/26/2014 - 14:50 | 4481072 oddjob
oddjob's picture

You're right, the potential for the number of virtual currencies is endless, better get in today.

Wed, 02/26/2014 - 13:56 | 4480789 ebworthen
ebworthen's picture

If retailers, eg. - sellers, cannot recieve cash to pay bills - the market for Bitcoin will vaporize.

Whether it is Overstock.com, some Silk Road node, or an individual - if they can't get cash in exchange for Bitcoin it is done.

Wed, 02/26/2014 - 16:01 | 4481469 ElvisDog
ElvisDog's picture

And I wonder how serious a lot of those companies that announced they would accept bitcoin really were. May have been just a marketing ploy to get their name in a headline.

Wed, 02/26/2014 - 12:41 | 4480404 fredquimby
fredquimby's picture

Moreover, Bitcoin has halted cash withdrawals following the departure of its chief executive.


Wed, 02/26/2014 - 13:56 | 4480791 bluskyes
bluskyes's picture

There's no cash left to withdraw.

Wed, 02/26/2014 - 15:30 | 4481302 fonestar
fonestar's picture

Gox went offline early yesterday morning. The site made no announcement to users about its shutting down, they were instead met with an empty page. Moreover, Bitcoin has halted cash withdrawals following the departure of its chief executive.


Bitcoin halted cash withdrawls? fonestar was unaware Bitcoin was a company that could make decisions.

Do NOT follow this link or you will be banned from the site!