@ RealBitcoin, wrong again -
Ah c`mon thats a tiny percentage, it's like saying that bitcoin faucets drive the bitcoin economy (when its obvious that the venture capitalists & startups do).
They put a few miligrams of gold in each chip which is tiny tiny and insignificant.
7% of gold market cap is far from tiny an makes bitcoin's total cap look insignifanct
Gold has only 1 major use, jewelry, which will stay for long term, but that factor is severely overhyped. Gold could be much much lower if CB weren't hoarding it, because jewelry users dont really care about gold price, they care about appearance.
51% of gold market cap with demand spread over the globe
They dont care if gold is 1$ or 1000$, just like if you put a string around your neck with some emblem on it, it maybe cost you 5$ for that amulet, but its only for appearance, not for investing purposes.
Apart from CB hoarding and a few gold bugs, not many other guys are interested in investing. So thats like <1% of the population (not a good trend guys!)
suggest you check the above chart - wrong again.
And if you think in the % of the population interested in gold is insignificant what is the % interested in Bitcoin, 0.000000000001% ?
What people spend on gold teeth is worth more than the total market cap of bitcoin lol
Ah c`mon thats a tiny percentage, it's like saying that bitcoin faucets drive the bitcoin economy (when its obvious that the venture capitalists & startups do).
They put a few miligrams of gold in each chip which is tiny tiny and insignificant.
7% of gold market cap is far from tiny an makes bitcoin's total cap look insignifanct
Gold has only 1 major use, jewelry, which will stay for long term, but that factor is severely overhyped. Gold could be much much lower if CB weren't hoarding it, because jewelry users dont really care about gold price, they care about appearance.
51% of gold market cap with demand spread over the globe
They dont care if gold is 1$ or 1000$, just like if you put a string around your neck with some emblem on it, it maybe cost you 5$ for that amulet, but its only for appearance, not for investing purposes.
Apart from CB hoarding and a few gold bugs, not many other guys are interested in investing. So thats like <1% of the population (not a good trend guys!)
suggest you check the above chart - wrong again.
And if you think in the % of the population interested in gold is insignificant what is the % interested in Bitcoin, 0.000000000001% ?
What people spend on gold teeth is worth more than the total market cap of bitcoin lol
Alright then I was a bit wrong, so that gives intrinsic value to gold, splendid.
However I still disagree with the gold price. If that is all what gives value to gold, then perhaps gold should be = to silver.
Why? Because silver fulfills the exact same demands as gold, yet silver has a considerably lower price.
There are 10 billion ounces of gold and 66 billion ounces of silver, so following your logic GOLD should be: SILVER PRICE * 6.6 = 15.38* 6.6 =101.58 $ / troy ounce (and that is only if the silver price is not overspeculated as well, which it is)
And its 1100$ due to cental bank hoarding, so it seems to me as if, only the hoarding and speculative bubble gives this extra boost to gold.
So roughly, the speculators in both commodities have drove the price really up, and they don't really make any sense.