Bye Gold, Hello BTC, until...

Discussion in 'General Precious Metals Discussion' started by barsenault, Nov 1, 2017.

  1. barsenault

    barsenault Well-Known Member

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  2. barsenault

    barsenault Well-Known Member

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    Blood in the streets...let it continue...more opportunity for us to buy gold and silver on the cheap...yippeeee
     
  3. bron.suchecki

    bron.suchecki Well-Known Member

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    Yep, this is what I've been hearing as well. Many of the "goldbugs" were really "dollarbugs", didn't really give a stuff about gold, just thought it was the way to make big money and be rich. As a coin dealer you'd have to be aware that the dollarbugs were a big component of your demand but maybe the dealers thought those customers were rusted on and would keep the faith (in $10,000 gold).
     
  4. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    To hell with bitcoin and all other cryptos backed by nothing. I'll keep stacking silver at this super low price knowing my skyrocket day will come sooner rather then later.
     
    Last edited: Nov 2, 2017
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  5. Peter

    Peter Well-Known Member

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    Don't understand it.A vulgar maniac in the Whitehouse,a dick head in North Korea pushing nuclear war.
    A major economic crash around the corner.
    And people don't buy security.
    Why?
    People who buy Gold rather than Silver
    are buying security rather than hoping for big gains.
    Maybe people are afraid,and not buying anything.
     
    Last edited: Nov 2, 2017
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  6. SilverDJ

    SilverDJ Well-Known Member

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    And when will that be?
    I must have missed the crash.

    [​IMG]
     
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  7. barsenault

    barsenault Well-Known Member

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  8. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    How relevant are coins and small bars in the scheme of things, if we added all the mall bars or coins from all the mints around the would it would be less than 50 to 100 tons per annum compared to annual output of 2500 tons.

    Even if not a single retail investor bought gold coins or 1 ounce bars or smaller, doubt a single mine will close or even have much affect.
     
  9. goldpelican

    goldpelican Administrator Staff Member

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    One thing that would be hurting mints and refiners is the amount of secondary market gold being circulated - buybacks are through the roof as people exit precious metals to chase returns from cryptos. It's very noticeable. Large buyback inventories are then sold into the retail market, reducing the dealer's demands for new stock. Savvy buyers that continue to buy metal are generally buying the lower premium items anyway, which creates demand for the secondary market items. We just end up selling a lot more pre-loved gold rather than minty-fresh gold.

    So retail sales aren't terribly impacted, buybacks are up, and wholesale purchases of new inventory from mints and refiners are WAY down.

    My main worry is about crypto holders facing capital losses or wipeouts when the next crash comes, and not having the capital to get back into gold they sold out of. Never hurts to take some money off the table while you're ahead and park the profits back in metal for preservation.
     
  10. Peter

    Peter Well-Known Member

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    It might just be follow the leader stuff.
    People buy when others buy,and sell when others sell.
    But as others say,we don't set the price of gold.The World big boys do.
    So if it isn't premium stuff,just Metal value,no worries.
     
    Last edited: Nov 4, 2017
  11. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    Unlike you I won't worry about any crypto holders being wiped out when the next big crash happens. Teaches them a big lesson for selling their PMs for digital illusions of wealth backed by nothing.
     
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  12. Altima

    Altima Well-Known Member Silver Stacker

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    Strange, I managed to double my stack just by riding the wave. Not sure what you mean by teaching us a lesson. Don't forget that most of us were PM bugs first, then crypto came along. Just that some people have trouble accepting something so new and revolutionary.
     
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  13. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    As long as it doesn’t crash to below $1 many people are smiling :)
     
  14. alor

    alor Well-Known Member Silver Stacker

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    only with the secondary markets can we get all the past generations stuffs :)

    unless we must use crypto to buy certain things, then we are not forced into it

    such as paying for the ransom wares :rolleyes:
     
  15. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    You were smart or lucky for riding the wave and doubling your stack. I think many/most (ex stackers) will stay all in crytpos continuing chasing bigger gains until it all collapses big time on them.
     
  16. JulieW

    JulieW Well-Known Member Silver Stacker

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    My risk aversion keeps me away from things like Cryptos and Tattslotto. Good luck to those who play the casinos, but real money and real assets are the path for me.
     
  17. dragafem

    dragafem Well-Known Member Silver Stacker

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    thats only shows how easy the your mind can be manipulated and steer away from the stuff once you believed the stuff which is around since Day One but we are all happy for you :)
     
  18. Altima

    Altima Well-Known Member Silver Stacker

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    Are you really happy for me though? Doesn't sound like it by the tone of that statement. But I completely understand your position cos I was once like that back in 2010-2016. If I had been more open-minded, I could be retired by now at the age of 30.

    Anyway, just curious to see if how far Bitcoin will go, but what's certain is that the blockchain technology behind it is revolutionary (nobody can doubt that) and that will forever change the we way we do things in future.

    Oh yeah, I though this would be appropriate to post:

    [​IMG]
     
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  19. dozerz

    dozerz Well-Known Member Silver Stacker

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    nobody on a pm forum is going to be happy about the new crypto taking its customers and profit.
     
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  20. Altima

    Altima Well-Known Member Silver Stacker

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    That's understandable, but isn't there such a thing called "Asset Diversification". It's as if someone is all in PMs and nothing else, not even cash/stocks/bonds/real estate/crypto/ whatever else.
     
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