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Jakelax

Bitcoin vs Silver/Precious Metals

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Does anyone else think that the rise of bitcoin has led to the drop in silver and gold? I have seen a lot of articles saying that bitcoin is the new gold and I think people are buying into it. I personally have some money into bitcoin because I think it is going to keep going up. But I think that it will crash sooner or later and as soon as that happens I feel the price of precious metals will go up because investors will realize that they want the hard assests, something they can hold and something that is not as volatile. Anyone agree or disagree?

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Bullion sales for gold and silver have taken a huge nosedive this year, pretty much everywhere and especially in the US. I agree, it's related. The crypto's are very seductive and give a buzz, and instant gratification with 24/7 action, going on the exchanges, modifying your wallet between all the alt coins, some desktop wallets even do the exchanges for you. And of course, a seemingly never ending upward trajectory. What's not to fall in love with. The world is a casino and we're open all the time. By comparison bullion can't give the same kicks, it remains stagnant for very long periods. The process, too, by where you eventually hold the physical metal is lengthy and boring by comparison. I'm sure many are transferring at least some percentage of the recent profits from their crypto to buy gold, though. That would be sensible. But getting back to those yearly figures, obviously not in a big way. As for bitcoin crashing? Have to say personally, i don't see it. Despite all the warnings of a dangerous bubble, i think it is still finding its level, not on course for a collapse. But i'm a traditionalist metals guy, so what do i know. One thing i do know, spot is down and metals are cheaper so a little bit more for my buck. Happy days.

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A good time to pick up pm. Crypto s are ultimate lure for speccy & incognito loving money. Plus could be the Herald of a new way financial arrangements. Whether pension & investment funds get into them will be interesting to see. All about confidence. ( mutual emperor's New clothes or genuine peer to peer backing who's to say😉).

Edited by Moi

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Cryptos have picked up the gamer crowd.

I do feel that bitcoin stole the rally we were supposed to have... so the comex sells paper gold... and yet a digital series of numbers has more value?  That is insane.

The crypto crowd is taking on traits of a cult or fringe religion.  It is all fun until someone pokes an eye out.   A few years ago- I had a farm- crops- livestock- you name it- I had an enormous farm on farmville

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