Post
Topic
Board Economics
Re: Buy 1 ounce gold. End Giant Bank's $15,000,000,000,000 cartel
by
SolomonSollarsNSense
on 03/09/2018, 12:04:38 UTC
Pointless to "buy gold". All these banks and giants you speak off can do 10 times what any single person here can, in the blink of an eye. They don't even need access to physical gold. One phone call or email can get them any amount of paper gold via Comex probably at a deep discount too. No one cares that they're not even 1% backed by physical gold. That's how bad it's gotten for gold, and that's what futures could do to Bitcoin one day, who knows?


Kind of like bots on a crypto exchange then.

Paper gold is leveraged at over 500:1 to real gold, this has suppressed the price.  At some point the number of people wanting physical delivery will increase then the house of cards will fall.
Let's not even forget that central banks have prodigious pricing power in the gold markets which makes it totally centralized anyway and they both play an important role in gold price with International Monetary Fund. What I am implying is that, gold also have some of its own great disadvantages if you are banking so much on it as an investment. Also, based on some of the things the OP said in few lines above me, I still do not see how bitcoin has failed as a digital currency after just few years, unless he is trying to wipe his mind on how it has not failed.