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Meanwhile In Precious Metals And Virtual Currencies...
The old 'new normal' precious metals smackdown has made a few appearances since the Cyprus debacle started but this morning's drop is impressive (given the lack of movement elsewhere) as gold drops back below pre-Cyprus levels. There is one 'currency' that is surgung in value though - Bitcoin is now trading at $107.36, up from $46 pre-Cyprus...
Gold is now back below Cyprus levels and Silver has been sliding...
But Bitcoin has been surging (looking somewhat parabolic longer-term)...
Charts: Bloomberg and BitCoinCharts
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That's how I feel. Much rather convert my fiat into hugely discounted PMs than chase BTCs which is looking more and more parabolic each passing day.
And it has to be one or the other?
Of course not. But I look at value - would I rather buy silver < $28 and gold < 1600 or BTC > 100? BTC is a great idea - I'm just not convinced that it will be useful down the road. Gold and silver will always retain value, especially in an inflationary environment - 6000 years of history says that. BTC is new, exciting, but still unproven.
Investing heavily in BTC is betting that it will be widely used and accepted. I don't see that happening.
+1...well said. i think i'd rather throw my money on Black.
"Always bet on black"
Wesley Snipes
This comment brought to you by the Wesley Snipes IRS Payment Foundation
I've read here on ZH that less than 5% of savings (401k etc) are in precious metals. I would imagine that %is even lower for BTC.
When all BTC are mined there will be 21,000,000 units (ounces if you will). How many ounces of gold exist?
What Im driving at is; if all USD were backed by ounces of gold or BTC, the gold price would be ~$11,000, the BTC price would be over $100,000.
So is $100 per BTC expensive?
Hardly.
Big Difference:
% of people in the world who know what Gold is: >90%
% of people in the world who know what BTC is: <5%
Comparing Bitcoin to Gold is patently absurd, with respect to the fact that you're essentially comparing the concepts of "Tangible" to "Intangible". Basically you're comparing paper Gold to physical Gold......there's a world of difference.
BTC is starting to remind me of the 2008 Obama campaign......."Hope and Change".......the result will be the same....a whole lot of disappointed supporters.
Sincerely,
Sheep Who Reads Zero Hedge
PS: A little science experiment for you: Put on a Gold ring, and go into your local Kwikee-Mart and ask the Indian or Pakistani working behind the counter if you can pay for your energy drink, or pack of smokes in Bitcoin. Chances are pretty good that he or she will give you a WTF? look when you try to explain what a Bitcoin is. Then ask if you can trade him the ring your wearing instead. That same person will probably smile when you offer the ring.
Can someone else make a competing virtual currency ?
Of course. But what new benefit will they offer, in order to convince people to use their "virtual" or "crypto" currency, over / in addition to bitcoin?
Um.. How about a lower entry cost?
There will always be a competitor if something makes money.
It's called Capitalism
Lower entry cost how? What, exactly, will have the lower entry cost? Lower cost to make new units of currency?
You can purchase bitcoins in increments down to 1 satoshi, which is 0.0000001 BTC. You do not need to buy hundreds of dollars worth.
Can you buy them in quatloos?
Doesn't look parabolic to me. Looks like people are discovering great software, downloading it, buying some BTC and showing their friends.
When I got into BTC I logged into my PayPal and online banking and thought, "who uses this anymore? This is crazy!" That's when you know you have a great product, when it blows everything else out of the water.
I think BTC has a long way to go, simplyt from supply & demand. How else are you going to move value when the banksters are in full Klepto mode?
I will go so far as to almost guarantee it has a long way to go irregardless of whether or not it has a major correction or two in the short term.
Just one more indication in the progression of the ongoing re-pair-adigm..?
http://www2.egovlink.com/press-release-bitcoin.cfm
pay your property taxes, parking fees, license and permits, etc with bitcoin? nice!
What happens to the "great software" when the electricity is turned off?
What happens to the entire infrastructure upon which almost everyone depends on to run smoothly and uninterupted? Some Bitcoin is going to be the least of anyone's worries at that point, wouldn't you say? It doesn't necessarily mean the Bitcoin or the blockchain will disappear, it will only be frozen at that point. If the grid and the internet stay down for any extended or indifinitive period, do you really think losing some Bitcoin is going to make a piss pot of difference to, I'd argue, everyone that owns some BTC?
At least use your imagination when typing nonesense...
And what happens to physical precious metals when the entire infrastructure goes down? NOTHING! That's the entire POINT, you retard...
First off, nobody said one should sell their PMs and put all that money BTC, so I don't know WTF are you bitching about.
Second, the question was asked and answered on this site few days ago. What happens is you turn up your computer when the power is back and that's it. If you have a wallet that's not stored on your computer but out there in the Internet, then you're not affected as you can use any device, including those of
To sum it up for ya: You absolutely have no fucking clue what you're talking about.
LOL...you moron. I wasn't asking about the fucking user's-manual procedure for saving your bitcoins if the power actually goes out...I was talking about the efficacy of using bitcoins after a systemic collapse. Who will be accepting bitcoins for ANYTHING at that point? The fact of the matter is, I don't have anything against bitcoin at all--I'm all for circumventing TPTB. But if you think that ANY non-physical store of wealth is immune from theft, then you're just whistling past the graveyard. Good luck!
Yeah and naturally, as a rule, anyone who owns some Bitcoin is automatically exempted and excluded from or opposed to owning any precious metal or other hard assets... /sarc
It's kinda like food stamps for goldbugs.
Swallow your pride and take'em. The wirld is falling off a cliff....could come in handy.
I don't think China, Russia, India etc etc are going to worry too much at the price of Gold enabling them to buy more...
DavidC
Yeah....pretty sure they're not going to care all that much.
It's the Bernanke Trap (Western Central Banks). They gotta slam PMs to support the petrodollar but they also don't want to lose the currency war of devaluation so they print $85b per month and slamming the PMs helps to preserve CONfidence in the $. The short term result is to give the BRICs lower price levels to strengthen their currency by buying gold. I think they are out of options, it won't hold together forever.
Another buying opportunity is exactly right.
BUT, be prepared for the possibility of much lower prices, to be bought of course:
--If ~1520 or so breaks, then I wouldn't be surprised to see 1250 to 1350 in the short-term.
--If ~26 or so breaks, then Ag could fall to or even below 20, also in the short-term.
Again, if this happens, BUY more. I will.....and I won't worry one bit about the price of my existing pm portfolio.
Will you?
Indeed. As virtual currency is likely only a sideline in nominal terms for many of us out there, albeit a compelling and now very profitable method of protecting one's self lately, I can guarantee one less gold Maple Leaf on the market today. Best of luck to everyone as we careen uncontrollably into the endgame.
Another awesome interview by The Golden Jackass on Turd's site too BTW if one hasn't listened already.
Remind me again what happens to physical Gold and Silver during an EMP attack by the banksters when they need to reset the world monetary system and not be blamed for it......oh yea nothing. The idea of Bitcoin is nice and all but can you really trust evil bankers to sit by and let another virtual currency by pass their virtual currency?
Remind me again what happens with my Bitcoin wallet stored on a server in Malaysia when the bankers EMP the US territory?
Or what happens with my Bitcoin wallet stored on a USB key inside of a Farraday cage.
Loser troll.
We knew this was going to happen after Cyprus. The Eurozone is cracking up and people are running to the dollar as The Alamo. It's only temporary. The dollar is the smartest retard right now.
Keep stacking (at a discount) bitchez.
"The dollar is the smartest retard right now."
The Bitcoin is the smartest retard right now.....There, fixed it for ya!
BTC illustrates why We're Freakin' Doomed.....we don't trust Fiat because it's bullshit, but let's trust something completely intangible, that exists only in cyberspace.......because "only so many of nothing can be created".
The exhuberance of youth....can't blame them for being passionate about what they like......but age and treachery come to mind:
The State/Legacy Central Banking System is much older, and a lot more Treacherous than "a mathematically-based electronic fiat currency with limited acceptance, limited exchange, lots of speculation, and too many cheerleaders".
So, in one sense, David vs. Goliath......
No matter the outcome, both eventually die, and the people still use Gold.
Our financial system is run by central planners, National Socialism at its best... what was that German 4-letter word again?
Go BITCOIN!!!
Bitcoin is going to keep outperforming gold and silver in dollar terms as well! I know that will not bug some of you stackers because you hate Ben and prefer to measure your wealth in soy beans, oil and bushells of wheat and not the broken metric that is called "dollars".
Or could it be that you secretly love Ben and that's the real reason you hate Bitcoin?
People don't trust paper currency and they put their faith in something it is not even paper. If you take a look a the blatant manipulation of the PM markets and the ruthless way it is enforced, by appointing 89yo judges who fail to see material harm to the investors by it, you will realize one thing and one thing only. The moment bitcoin becomes remotely a threat, it will be shut down overnight. If downloading a movie can get you a sentence worse than robbery, you can be certain, use of bitcoin will become the equivalent of treason down the road. They will come after it, even if they have to enforce Trusted Computing and end to end transparent protocols at gun point.
At least you have a grasp on what it would actually take to 'shut it down' -- do you really think that could be accomplished 'overnight'?
Overnight, no. But wait, is you investment horizon overnight? Within the next five years I suspect that a lot of nastyness will be in place in your new motherboard. It is already there with UEFI, it will only get worse, because 90% of the consumer base are not aware of these issues. I suspect the tablet market is even more locked down than the PC market.
one day it's the Chinese who plant shit in China made motherboards, another day it's the US government, which the fuck is it?
Ya, the same way they shut down the mighty .torrent when it became a threat to their propaganda wing the RIAA/MPAA right? Please spare me.... they are POWERLESS.
The best way to lose a fight is to underestimate you enemy. To totally disregard him like this is just suicide.
I'm not underestimating him. I'm laughing in his face. They will be busy boys if they want to suicide all of us.
Still, bittorrent is not quite what it used to be.
Now it has a church and a few political parties, things are looking better for it all the time.
I hate everyone.
me too... but I still have nothing but love for everyone, too.
A bunch of monkeeeees arguing about which low-vibration expression of happiness they choose to worship... fuck y'all. But I still enjoy the intellectual discourse here. It beats the shit out of watching TV.
This is amazing. I agree with Rick Santelli. Once they securitized gold and silver it changed the way the precious metals markets would work forever. Gold and Silver are gonna get crushed over the next 12 - 18 months because no one wants to hold an asset right now that misses the great market bubble. This bubble will take the markets to an S&P 2,000 point level before it cools off.... probably by early 2015. Gold and Silver will get slaughtered as will the miners. If you havent noticed the change in how markets react to Euro zone issues take notice now. They arent running to gold and silver anymore...they arent running at all. They are dumping money into the equity markets like crazy. Inflation? Lol. No where close. It will take years for this to create the inflationary pressure that would spark a dollar collapse. We have to get through the Chinese real estate bubble pop...the conraction in Europe and other developed/semi-developed economies and everyone will run to the dollar and us equity markets for protection. You know why? Reserve currency status is king. The Fed wins. This is the winning play. Enjoy the ride. Dow 20,000 and S&P 2100 here in 2015. Don't miss that run. Then sell your dollar based assets and buy gold at 800.
You must be a zombie with shit for brains, so if you dont mind,
suck on my bald, hungry nuts, dumbass slave.
...spoken unlike the true Mahatma.
What he said actually sounds much more enlightened in the original Sanskrit.
But who gives a shit? I'd rather lose all my money than have anything to do with the subhuman vermin running the U.S. government and banking system. And believe me, the vermin will be taken care of in due time. Fiat money can do a lot of things, but it can't grow you Kevlar skin or an iron neck...
yeah, man... whichever form of low-vibration happiness it is, it can't be worse than propping up the cult of the dollar. At least I can say that I tried my best to fuck em hard with a silver bullet... or a gold bar or a bit coin.
Seriously, everyone here should realize that they're on the same team. It's the opposite team of the team that you're certainly NOT on. Know which team that is?
Hi ho, silver... away!
Sauce for the goose. Bring on the smackdown. All they're doing is accelerating the divergence between paper and physical.
Fuck em and feed em...I wont join em if I can beat em!
Store of value on sale, bitchez!
digital nothingness...slightly expensive.
Can't restrain yourself from slapping at Bitcoin? Why does it scare you so badly?
It's just another tool to use. Why must you attack it?
This bitcoin thing is fascinating. I hope it goes completely parabolic or just a nice steady rise up and up. I don't care if that knocks down PM's or keeps them sidelined. I hope bitcoin goes mainstream. A form of payment outside of the grasp of government. How long can they let it go on? Will they resort to shutting down the internet if that's what it comes to? Will they embrace it and it'a succcess as the template for a global currency? This is going to be interesting.
I just keep hearing "if it moves, tax it. If it keeps moving, regulate it. If it stops moving, subsidize it". In the back of my mind.
Tick tock....
"Will they resort to shutting down the internet if that's what it comes to?"
This is the second funniest part of the argument.
The first is that they will just pull the grid.
I am sure that life in America will be just peachy without electricty or the internet.
The "?" indicates it was a question and not an argument.
I am pretty sure TPTB don't give much of a shit how peachy life is in America for most people.
It is so utterly preposterous I wind up thinking you are just trolling with it. You ask it all the time.
Without the internet there is no more TV, remember we went digital. No TV no mind control for the masses.
Without the internet there is no more banking, stock trading, or paychecks.
Now why in the fucking world would TPTB want to live like that?
Dude I am not trolling. Give me a break. I've mentioned it in two threads as far as I know. You could tell me there is no way they could shut down the internet and I'd believe you. It's not my area. But to your point about mind control...If bitcoin or whatever else actually grew to a point whereit truly threatened the monetary system...They could claim terrorism or some bullshit that the masses would fall for and probably just threaten to shut things down and people would be throwing their friends and neighbors who use bitcoin on the street.
I have no problem with bitcoin. I wish anyone on here who uses it success. I just think it will be dealt with before it becomes a viable threat, and there is no length they will go to in order to deal with it.
I know you will say the government has not had all that much success in the past doing that (prohibition) etc. Sure black markets exist and always will to some extent. Maybe that is as far as bitcoin makes it. But Government seems to do a good enough job of regulating and taxing anything once it get's big enough.
Just for the record I was not calling you a troll, I just think the whole grid-down part of this conversation is a troll on an otherwise decent conversation about value and perception.
I hear you, you have set me straight on here once before and I respect you for it. I don't know that I mean they just shut the switch off and we go to the stone age forever. I wonder if they had the ability to do that, and did for a short period of time, if could be used by them as an ends to a means.
"Without the internet there is no more banking, stock trading, or paychecks."
LOL...gee, I know that God allegedly created the world in seven days, but I didn't realize that those seven days were in 1995...
What is the backup system for direct deposit if the internet is gone?
Maybe the banks will go back to wiring funds to each other by shining flashlights down the glass. Morse code or something.
"What is the backup system for direct deposit if the internet is gone?"
You get a paycheck from your employer, you take it down to the bank, and you either cash it or deposit it into your account. CRAZY, huh?
I am not sure you have a solid grasp on just how much of the world around you is now totally digital. There will be no seamless transition to pre-1995 communications from where we are today. If you think that after the internet is turned off anyone will still have a job to get a check to take to a bank and cash there's nothing I can say to you that would have any meaning or impact.
What’s to stop an infinite number of different digital coins with other names that operate exactly as BitCoin from diluting BitCoin?
Did Zimbabwe printing dillute the USD?
I'm not trying to be rhetorical here -- I am actually asking this question. I think I know the answer but we'll let some others jump in here.
Very different. In this case BitCoin is acting like the backing for the currency it's bought in.
I listened to that radio interview yesterday and it was pretty funny to hear the guy tell the host that gold has counterparty risk.
I can see how this has value on a person to person basis. I can see how it would be hard for the government to crack that open. It seems to me that it could replace the cash transactioon business that takes place all the time. I could see how the government could prevent any vendor from accepting them if/when they decide to do so. That in itself would seems to make bitcoin a transaction bases system implimented simply to avoid taxation.
Gold has no counterparty risk when you hold it, but if you sell goods or services for it, there is the risk of counterfeiting, unless you invest in expensive methods of verification.
you defend those tokens like they were your bretheren!
one should know by now after trolling zh for so long, not much of a chance at changing anyone's minds anyway.
Not going to change the poster's mind, but for every loudmouth here there are 100+ lurkers whose minds may be shaped by the "debate."
Vive la fight club!
That's just a pretty good indication of how much of a Ponzi-scheme Bitcoins are.
In a Ponzi-scheme, those on the inside will try hard and long to bring others in, since that keeps the Ponzi going and drives the profit up for insiders.
You could say the same for Gold and Silver, except that:
That said, I personally try and not talk my book up outside ZH or at least sprinkle any of my pro-Gold talk with warnings and notices about me being in.
It's a mania, not a Ponzi schema.
A mania is not .0001%, or whatever it is, of a population being "invested" in something. Bitcoin is still on the fringes and most people don't even know what it is. That's as ridiculous and fallacious, even more so, as saying gold is a mania... I submit it only looks like a mania currently applying conventional stock TA, etc. while ignoring the fundamentals behind this most recent "move" in BTC and the currency in general.
Cool your jets, Bobo. No one's attacking or slapping anything - why must you defend it at every turn? Next we'll hear that there are no drawbacks and it's the savior of mankind. My remark was only to emphasize the ridiculousness that is underway in the markets, and to point out the true definition of bitcoin:
From WIKI - "Bitcoin (sign: BTC) is a decentralized digital currency..."
Please note the part where it is not a physical entity, nor is it money. It is a digital currency, nothing more.
Did anyone call it money?
Yes, it is a digital currency, and a good one.
It can also be physical-ized, but what's the point of explaining that to you.
You can try to explain it, but -
1.) I still won't give a flying fuck what you say
and
2.) You've already reinforced my original point. Sooo...proceed.
And the US mint is reporting over 800,000 silver eagles were sold yesterday.
http://www.usmint.gov/mint_programs/american_eagles/index.cfm?action=sal...
You have to wonder how long paper can hold out over physical.
Longer than you can stay solvent
The market can stay irrational longer than you can stay solvent.
This applies to leveraged cocksuckers only. It doesn't change a thing for all the physical stacks in strong hands.
apparently longer than we all thought! These fucking cockroaches have a few tricks up their sleeves.
I wonder why silverbugs are addicted to hopium of this kind. The silver bubble has burst! Nuff said!
With the value of the USD in the hands of Bernanke and the EUR in the hands of Draghi, and the rest of the Fed EU Commission circuses, what I want to know, is why do you put any faith in anything else. I told you before, I don't mind the snide remarks from you. What I do mind is that when the truth hits, you will vote for "Hope". As in I hope that somebody will grab from the goldbugs and give some to me, because I was a know it all, but still, I am entitled to what others have put away when I was too busy being a smartass.
ohhhhh ok, I'll take your word for it. You seem to be "all there".
eiginvalid: all sarcasm and no evident substance backing his predictions.
Until one relizes he's a malevolent insider to the decisions to naked short markets using capital from the production of debt obligations imposed on the taxpayer by the Fed.
Then just sell yours. Oh, wait...you don't have any...
Do you even know what the word bubble means?
Those are March sales transferred to April. The mint is to some extent trying to play down the demand lately.
How long? 700 million oz/year mined, and 300 - 500 million recycled. So coin demand's only using about 20% of the annual supply, even if 800,000 are sold every day of the year. Paper can hold out for a LONG time, especially since the owners of the paper market also write the rules of the game.
and that might be true if coins were the only demand for silver. If I´m not wrong, this is also only US coin sales, not Canadian, European etc (which, granted, are likely a lot lower than silver eagles)
.
I estimate that 800,000 were sold in the last week of March. So that is something like 160,000 a day for a five day week. But that is just one outlet, in one granted, big, but only one country. 800,000 a day world wide is pushing it, but it works out to 204,000,000 oz over a 255 day year basis, which still reasonable for global investor demand. I don't know if it is a game changer but it is certainly significant, and the price certainly does not reflect demand.
Then again what options have you?
Cash? The USD is getting dumped from international trade. The EUR is a mess turning into a bigger mess. Other currencies? Yen? NO WAY. Yuan? If you can get it, China is even slacker than the Fed whenever feel like it.
Bonds? Haircuts. Artificial zero interest rate environment. Long term a very negative interest rate environment. Did I mention the barbershop?
Equities? No contact with reality there.
The PM market may suck right now, but, it sucks less than any other option. Plus, if you hold it, you can't get bailed in. Another new factor to consider.
ANOTHER POSITIVE:
It allows an individual to opt out of the BS system of thievery and deceit. If for nothing else, it has value for what it does NOT represent.
I refuse to participate as much as I can in everything deemed worthwhile on this silly planet of ours... get me out of here!
Isn't the virtuality of bitcoin the big downside?
And to me it's too much of a cashless society that the criminals in charge want to implement.
Don't know what to do yet.
LEARN, if you give a damn.
What in a fuck you think I'm doing?
I'm just skeptical about it.
You don't hold it you don't own it. That's my major motto.
Correct, when fraud is the status quo, possession is the law. Some of the best programmers I have known went to work for the banks and CIA. They have tremendous resources at their disposal, you tell me who is behind this push to an electronic money system backed by nothing when the paper system, backed by nothing, has failed. Supply lines are begining to fail, sell paper and electronic money, get physical, it's going on sale.
Gee. Now who can tell me which of the above are controlled by a paper-based futures market which bears no relation to supply and demand of the underlying, and which one has the Govt. not gotten around to 'Regulating' yet?
Well the central banksters certainly can't have this hobbling their efforts to carry out 'god's work'....Must Destroy Bitcoins.
You can easily place bets on JPM fixing the Silver price...
Of course the governments are not interested in looking into price fixing in PM's, China, Russia, and others love this, BUY, BUY, BUY..
Good day, Cheers my Friends
.... How?
"Volatile" food and energy prices were removed from the equation, nevermind that those prices are up 4 times wages the last decade or so.
i'm not buying the bitcoin bullshit. doesn't smell good.
What if the bitcoin was fabricated by the CIA disguised as a Japanese computer engineer. Perfect cover to smash it at some point and eliminate all attempts of alternate exchange mechanisms.
Destroy bitcoins, supress gold and silver, Legislate small farms out of existance and foist the dollar upon the rest of the world.
China, Russia where are you? I never ever thought that I could say something like that. But.....
Edit: Time to buy my farm in South America
Another moron.
Go to Google and read about the very likely identities of the authors.
I said that the precious metals bubble had burst but gold and silver bugs refused to believe me.
Crash, silver!
Die, silverbugs!
The painful moans of silverbugs is the nicest music to my ears!
So what are you buying, BTC at $100+?
Eigenvalue is the shittiest troll I've come across in all of my internet life.
You are swearing because you are wrong and losing money. Poor silverbugs!
I make my own money with paper and crayons....thank you very much.
You are such a silver bug. Keep talking it down, maybe the price will drop more.
No...Silver is a bit oversold now. We could face a V-shape bottom.
Nipples for everyone!
I dunno.....I hear the Euroland fairy is coming with the ultimate solution. Maybe we should get rid of our real money.
I bet you hoard jizz stained Paul Krugman photos
Of course Charles Nelson Reilly would say something like that.
I didn't know there was a market for those btw.
Get your PMs at another discount here!
Just hope they never go after BitCoin futures at the CME....
Been very frustrated with gold and silver. Strong hands through the past 1.5 bad years, but thinking of checking out and getting some Bernanke Bucks.
Talk sanity into me.
If you're so concerned, you can hedge your physical position by shorting the paper.
Btw, don't be too concerned with the "paper price" of gold. Mind that there are actually two separate assets being traded here, and both affect the paper price in different ways.
I'll tell you my theory, maybe this helps propping up your sentiment :-)
I like to divide the paper price in two areas of control. The upper level is controlled by paper trading, and thus is highly volatile, and easy to manipulate.
But once the price goes low enough, it hits physical territory. When we're in backwardation for too long (or close to), the cartel stops their manipulation because of the risk of breaking the COMEX, and they're no longer in control. This is the only time we have a real market for physical gold. Any attempt to break through support will be rejected violently by true market forces.
Notice how no significant manipulation took place in March 1 - March 11 period? This matches the period when GOFO rates were lowest in the year. Also matches with significant decreases in GLD stack. As GOFO went up, and the price went up and became more "paperish", the cartel felt again that it could bring it down.
However, notice that with each fall, the "hard limit" is a bit higher. Compare it with the 2011-09-26 low of $1532. On last Feb lows, the closest they could get is $1554.
So I think looking at the paper price is a bit misleading cause it makes you think gold is going down when it actually isn't. The end game of course is when there's a run on the paper bullion, and all paper holders (attempt to) get physical. In the meantime they draw these funny up & down graphs whose only purpose is scaring people away from the real thing.
We see now Fiat burning in greater numbers, desperate to keep the "Wealth Engine" running. Bitcoin will continue to grow, as will Gold and Silver, over the long run.
It wasn't the Mayan Apocalypse, it was the MONEY Apocalypse.
http://bestbitcoinsites.wordpress.com
We see now Fiat burning in greater numbers, desperate to keep the "Wealth Engine" running. Bitcoin will continue to grow, as will Gold and Silver, over the long run.
Wow, a reasoned, balanced comment. How nice!
Interesting that prices of bullion coins have held up very nicely in Sterling and Euro, see the American Eagle as an example
Stocks: Invest what you can afford to lose
PM's: Invest what you cannot afford to lose.
Bitcoins? Meh. Jury still out on this one for me....looks to be blowing off a pop.
The price of PMs doesn't concern me in the near future as much as if the real physical stuff is available at all.
My late (first) Bitcoin purchase on Friday is still doing OK, but I am ususally a top-buyer.... so be warned.
HaHa, but I did also buy 50 litecoins for shits and giggles on Friday, and they just punched through $2 a coin so thats nice :)
Dude......how does it feel to be so bloody rich?
Marvellous :)
Not been so excited since I got my first kilo of physical gold ;)
bitcoin clearly exposing comex hologram
great post TO RUIN THE REST OF MY DAY!!!
Free Land of the USSR
Homo Sapien Gambleus....the new human animal....consumed with get rich quick schemes, lotto tickets, stocks, options, derivatives, leverage, bitcoins, ipo's, etfs, swaps, synthetic cdo squared....jesus fucking christ what mass insanity has befallen everyone?
You need money to survive and working for it sucks.
Only if you're lazy...
The best indicator that the TBTF banks and financial institutions aren't holding as much PM as they claim is that they are allowing the price to fall. Who torpedoes their own stash unless it isn't really there?
"they are manipulating the price to fall" There. Fixed it for ya.
Also, the dude who flogged me the BTC on Friday, said today that he is not selling anymore at the moment as he expects the price to rise in the near future...... now where have I heard that before..... Veblen anyone??!
Is physical going on sale? That's a good thing. No complaints here. Not sure about trading a paper promise for an electronic promise. Might be time to sell the latter for some more physical.
We should test the earlier lows and see if it holds at $1,535/oz/. Central banks cannot convince you to keep your money in bank accounts, but they can punish you if you decide to hide PM under the mattress. We are still no closer than 5 years until China releases the true amount of gold reserves in their central bank. Nobody will be defending the gold bug until then. Five years!
How many smack downs will it take to motivate some genius hacker to find some interesting central bank - investment bank emails discussing control of the gold price?
No need for that. It is a fact. In reality, I wish they wouldn't, because thereafter they would make it legal to control it. It's like someone disclosing to you that Santa Claus does not exist.
I'm wondering if worsening conditions in Europe, rising unemployment, etc. is helping to hold gold down. Europeans need to raise Euros so they can go to the grocery store?
The silver smack down might make sense because the ETFs were so damn way over bought; way more shares sold than bullion stored to back it up. All that paper silver exiting the system has got to hurt the price.
Just speculation on my part. Anyone want to comment on my thoughts?
No, it's simply US Dollar Index, the dollar is strengthening.
People are getting their money out of the UK, out of Euro Zone, out of Yen and into US dollars.
Gold won't take off in USD till the US is shown to be just as fucked up as Japan, the Euro Zone and the UK. (shouldn't be too long now)
In the mean time, Gold is on sale for Americans.
Okay, I'll buy that.
BIG GOLD SLAM !!! SALES NEAR YOU ENDING SOON ! BY JUNE MAXIMUM...
bitcoin will get hammered soon enough from the bernake and company, can't have money flows in anything but equities! loooks like a train robbery about to happen!
Maybe it will, but it hasn't yet. If you bought 24 hours ago and sold now, you would have made a neat 10%.
well what do you know...
another perfectly normal dump right at/aorund the NY rotten to the core Open....
good thing i bought only 10 oz's last friday doin the dollar cost averaging trick and in anticpation of some more sociopathic banker bullshit this week given the global dEbt paradigm continues to swirl aroUnd the shitter............................FUCK YOU BERNANKE.....
off to my dealer when he opens this morn.....MORE SILVER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!