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 Replies: 5,643 / Views: 459,593 |
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Pillar of the Community
United States
4333 Posts |
Bitcoin is a digital entity and has nothing to do with precious metals.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
3343 Posts |
One of the major claims made for bitcoin is that it replaces fiat currencies. That's one of the claims made for precious metals too.
Bitcoin hasn't done anything of the sort - yet. If it were really a fiat currency replacement it wouldn't be rising at 500% a year. Currencies are not inflating at anywhere near that rate, in terms of purchasing power.
The other similarity between bitcoin and PM's is scarcity. If the bitcoin price ever stabilizes, I think it will perform like precious metals, and will draw investors away from metals.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Pillar of the Community
 United States
3789 Posts |
Bitcoin has nada to do with gold or silver.
Bitcoin is a completely different financial asset, in fact the SEC, if memory serves me properly puts it it in a commodity category.
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Pillar of the Community
United States
3343 Posts |
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Valued Member
United States
174 Posts |
Maybe I'm just to old, but I wouldn't touch Bitcoin.
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Pillar of the Community
United States
3343 Posts |
Neither will I, until it gets past being a speculative commodity.
Bitcoin offers only a unique number. It is less valuable than a MBS, which at least contains a "promise to pay". It is not backed by anyone or anything other than trust in that number having value to some other speculator.
My point is merely that bitcoin draws speculators away from metals. They can pump-and-dump their money on bitcoins for now. But they'll be back.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
11/07/2017 10:18 am
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Pillar of the Community
United States
3789 Posts |
gold and silver.... YAWNNNNNNNNNNN
Palladium is more my speed.
Range bound at BEST.... maybe next year will be the big break out year for the PMs. we will see.
For now, lots of great places to park you money (for along time now really)... other than gold and silver.
Shorter term, would be interesting if gold goes below 1250s
Silver, will it move below the 16.20s?
Be interesting IF that lower end on both metals breaks, where is support from there OR do they test those ranges and bounce again in into the upper end of the range..
watching...
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Pillar of the Community
United States
3789 Posts |
shorter time frame, gold and silver, silver especially, is not looking hot.
more fire works could come next week.
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Pillar of the Community
United States
3789 Posts |
Just a side note here, silver miners look like death, some already starting to hit 52 lows...
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Pillar of the Community
United States
3789 Posts |
Observation for today-
while gold and silver have managed to just chop around and do nothing, I spotted something interesting that caught my eye this AM.
FNV made the 52 week high list today, first gold miner to hit yearly highs in a while, while gold has just been trapped range bound. Considering gold has been range bound, the chart is very impressive in FNV and it would appear to be in strong hands.
Conversely, silver miners are looking like death, some hitting 52 week lows and going lower.
This does go along with my point however, that gold is really where the money is at in PMs, for now, NOT in silver, which is just really poor mans gold. Perhaps at some point silver catches up but that remains to be seen.
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Pillar of the Community
United States
5833 Posts |
If silver goes lower, then more miners going to shut down, this may cause silver to go back up?! Unless no one want silver, in this case please send them my way.
I forget that there's always paper silver, so will not see physical silver go up anytime in the near future.
Edited by macmercury
11/15/2017 10:46 pm
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Pillar of the Community
United States
3789 Posts |
There is a time and place for everything.
Right now, we have been seeing inflows into equities around the world.
Gold and silver are not getting this money flow. Silver looks horrible in terms of price action, while gold looks OK, nothing to really get excited about.
Who knows what the future is to bring? I certainly cant predict the future. Gold and silver need more time to decisively show where they are going.
Maybe by this time next year, gold and silver will be acting dramatically different, time will tell.
Still, keep an eye on whats strong. Look at FNV, this is one of the prettiest charts among the gold miners, its up because there are buyers in this equity.
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Pillar of the Community
Australia
852 Posts |
There is speculation that copper may go higher with a number of investors punting on the future markets for a 50% increase before 2019. Supposedly the potential demand for electric cars and trucks may cause this with over 100lbs of copper per car. If copper goes up then the miners will bring into production lower grade ores and mines. If that happens then byproduct silver production will increase. What will that extra silver do to the silver price? Whatever happens I'll keep adding some to my stack as I don't trust fiat and I don't trust bitcoin (especially as the advances in computing power will lead to the ability for hackers/governments to crunch their way into whatever security features current cryptocurrencies have within a decade).
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Pillar of the Community
United States
1205 Posts |
I distrust the stock markets, way more than I distrust the blockchain system. Ether, THAT's a different story, some dig problems 2x this year.
As far as Gold, I'm still long on my mining basket from years ago, took profits on some, more silver than gold, and, don't see any big breakthru for 12-18 months.
BEST thing I did this year was sold my Goldmoney holdings, and plopped into crypto...returns are making much, much more $$$ than I ever imagined, and, NO taxes(yet), NO 3 day settlement..24/7 trading. Dreading taxes on my miners, all I can hope for is enough gain to just pay, and move on.
The safety lies in putting your "coins" in a offline wallet, I use a ledger nano-s...you can steal it, and still couldn't break in...
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Pillar of the Community
United States
1205 Posts |
1 more opinion, I don't see electric cars making it, the kids these days will NOT be able to handle waiting for a full charge. If I was much younger, I'd put a big chunk of change into hydrogen fuel cell. Clean, fairly cheap to produce, and, once filling stations built, will kick electric's ass.
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Replies: 5,643 / Views: 459,593 |
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Posted 11/06/2017 5:27 pm
