SELLING OUT OF PRECIOUS METALS & BUYING BITCOIN…. Very Bad Idea

There is a new trend by individuals in the alternative media community who are now selling out of precious metals and buying into Bitcoin and cryptocurrencies. While this may seem like a good idea, especially when Bitcoin and the cryptocurrencies reach new all-time highs, it is likely a big mistake. Now, I am not saying that individuals shouldn’t invest in cryptocurrencies. Rather, it’s a lousy idea to sell all of one’s precious metals holdings and put it all into Bitcoin and cryptocurrencies.
Recently, Sean at SGTReport published a short video in which part of the headlined was titled as ‘SILVER BULL CAPITULATES.’ In the video, Sean explains how past frequent guest and precious metal analyst, Andy Hoffman, has sold out of all his silver and is now only in Bitcoin and gold. Andy explains in his interview on Crush The Street that he sold all of his silver this summer as he really has no interest in it. He goes on to say, ‘Because, in a digital age, I just don’t believe people are going to store thousands of pounds of silver hoping that the gold-silver ratio is going to come down.’

This post was published at SRSrocco Report on NOVEMBER 21, 2017.


NOV 21/GOLD RISES BY $5.10 AND SILVER IS UP BY 7 CENTS/A MONSTROUS 21,428 EFP’S TRANSFERRED OUT OF THE COMEX AND LANDS AS A FORWARD IN LONDON/SARA CARTER; PROOF OF CLINTONS AND OBAMA IN URANIUM O…

GOLD: $1282.00 UP $5.10
Silver: $17.00 UP 7 cents
Closing access prices:
Gold $1280.70
silver: $16.97
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
SHANGHAI FIRST GOLD FIX: $1287.34 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1280.10
PREMIUM FIRST FIX: $7.24
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SECOND SHANGHAI GOLD FIX: $1288.21
NY GOLD PRICE AT THE EXACT SAME TIME: $1279.95
Premium of Shanghai 2nd fix/NY:$8.26
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LONDON FIRST GOLD FIX: 5:30 am est $1280.00
NY PRICING AT THE EXACT SAME TIME: $1280.55
LONDON SECOND GOLD FIX 10 AM: $1283.30
NY PRICING AT THE EXACT SAME TIME. 1283.30
For comex gold:
NOVEMBER/
NUMBER OF NOTICES FILED TODAY FOR NOVEMBER CONTRACT: 1 NOTICE(S) FOR 100 OZ.
TOTAL NOTICES SO FAR: 1053 FOR 105,300 OZ (3.375 TONNES)
For silver:
NOVEMBER
0 NOTICE(S) FILED TODAY FOR
nil OZ/
Total number of notices filed so far this month: 884 for 4,420,000 oz
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Bitcoin: BID $8198 OFFER /$8224 down $30.00 (MORNING)
BITCOIN : BID $8206 OFFER: $8235 // down $22 (CLOSING)

This post was published at Harvey Organ Blog on November 21, 2017.


Asian Metals Market Update: November-21-2017

Disappointed is the word. Yes gold and silver fell as investors switched to bitcoin. In the short term the inverse correlation between gold and bitcoin will continue. This failure of gold to break past $1300 will result in more and shorter selling at higher prices. Silver continues to range trade. It will break free from the $1660-$1740 trading range and form a new range very soon. Political issues from the Eurozone failed to impact the euro as investors focused on economic fundamentals. News will be the key.
Gold, silver and copper December futures are expiring in ten days time.

This post was published at GoldSeek on 21 November 2017.


Doomsday Preppers Are Switching From Gold To Bitcoin

The gold versus Bitcoin debate is complex, nuanced and still in its embryonic stages when put into the perspective of gold’s known 2,700-year use as money versus Bitcoin’s very modest eight-year track record.
From a pure investment perspective, as the following Bloomberg chart shows, Bitcoin has obviously ‘wiped the floor’ with its esteemed rival and, no doubt, has absorbed a considerable volume of funds that otherwise might have found their way into gold investments.
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One subset of gold investors, which is both over-stated and over-ridiculed in the mainstream media, is the ‘preppers’, or those preparing for a catastrophic disaster to occur in the future by stockpiling food, ammunition and ‘durable’ methods of storing their wealth, etc. We clarify the term “preppers” because it is not common parlance in many European countries. While some allocation in gold was basically ‘de rigeur’ some years ago, the prepping community is increasingly turning to Bitcoin, as Bloomberg reports.

This post was published at Zero Hedge on Nov 20, 2017.


New Gold-Backed Debit Card Launched In Partnership With MasterCard

In recent years, there has been a major debate about the respective merits of gold versus Bitcoin, even though many, not all, gold bulls are also supporters of the latter. Gold advocates generally view favourably Bitcoin’s inherent characteristics of decentralisation, finite supply and ability to operate (so far) outside of the usual interference by western central banks. Having said that, the launch of Bitcoin futures on the CME in the coming weeks could lead to naked shorting of ‘paper Bitcoin’ by any parties, including central banks and large commercial banks, who deem capping of the Bitcoin price necessary. As we discussed last week in “Financial Times: Sell Bitcoin Because The Market Is About To Become “Civilized”, this could align Bitcoin with one of the major issues which has held the gold market hostage for years, time will tell.
While many gold investors remain entrenched in the view that gold will (eventually) prove to be the better store of value, one thing many would acknowledge is that Bitcoin is likely to evolve into a superior means of payment. However, that could be in the process of changing.
A fintech start up is partnering with some financial heavyweights to create a payments system backed by physical – not paper – gold. According to the Financial Times.
The world’s oldest currency is being brought into the digital age with the launch of a debit card and app that will allow people to pay for goods in gold. Fintech group Glint has teamed up with Lloyds Banking Group in the UK and MasterCard to create an app that enables people to load credit in various currencies, which can then be used to buy a portion of a physical gold bar. Customers use the app at the checkout to select whether to pay in a currency or gold, before transacting with their MasterCard.

This post was published at Zero Hedge on Nov 21, 2017.


NOV 20/ANOTHER RAID ON GOLD AND SILVER AS PROMISED/MASSIVE AMOUNTS OF GOLD EFP’S ISSUES WHICH MEANS STHAT THERE IS NO GOLD TO BE DELIVERED UPON AT THE GOLD COMEX AND FOR THAT MATTER A HUGE AMOUNT…

GOLD: $1276.90 DOWN $19.70
Silver: $16.93 DOWN 45 cents
Closing access prices:
Gold $1276.90
silver: $16.93
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
SHANGHAI FIRST GOLD FIX: $1296.26 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1291.40
PREMIUM FIRST FIX: $4.86
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SECOND SHANGHAI GOLD FIX: $1294.99
NY GOLD PRICE AT THE EXACT SAME TIME: $1290.90
Premium of Shanghai 2nd fix/NY:$4.39
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LONDON FIRST GOLD FIX: 5:30 am est $1292.35
NY PRICING AT THE EXACT SAME TIME: $1291.50
LONDON SECOND GOLD FIX 10 AM: $1286.20
NY PRICING AT THE EXACT SAME TIME. 1286.30
For comex gold:
NOVEMBER/
NUMBER OF NOTICES FILED TODAY FOR NOVEMBER CONTRACT: 1 NOTICE(S) FOR 100 OZ.
TOTAL NOTICES SO FAR: 1052 FOR 105,200 OZ (3.372TONNES)
For silver:
NOVEMBER3 NOTICE(S) FILED TODAY FOR 15,000 OZ/
Total number of notices filed so far this month: 884 for 4,420,000 oz
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Bitcoin: BID $8100 OFFER /$8125 up $412.00 (MORNING)
BITCOIN : BID $8222 OFFER: $8247 // up $534 (CLOSING)

This post was published at Harvey Organ Blog on November 20, 2017.


‘The Currency Of The Apocalypse’? Doomsday Preppers Flock To Bitcoin As It Surges Past $8000

Once upon a time preppers would hoard gold and silver in anticipation of the meltdown of society, but now Bitcoin is becoming the alternative currency of choice for many in the prepping community. On Monday, Bitcoin hit an all-time record high as it surged past $8,200, and it has now gone up nearly 50 percent in just the last eight days. As I have admitted previously, one of my great regrets is not investing in Bitcoin when it first started, because we have never seen a meteoric rise quite like this. Bitcoin hit the $5,000 mark for the very first time just over a month ago, it is up more than 700 percent so far this year, and it is up almost 40,000 percent over the past five years. At this point Bitcoin has a market cap of over 130 billion dollars, and many believe that this is just the beginning.
At one time many preppers were quite skeptical of cryptocurrencies such as Bitcoin, but now that is starting to change in a major way. The following comes from a Bloomberg article entitled ‘These Doomsday Preppers Are Starting to Switch From Gold to Bitcoin’…
‘Not too long ago, people in the prepper community were actively warning against crypto, and now they’re all investing in it,’ said Tom Martin, a truck driver from Washington who runs a social-media website for people interested in learning skills to survive disaster. ‘As long as the grid stays up, people will keep using bitcoin.’
In addition to gold, silver and stocks, Martin invests in bitcoin and peers litecoin and steem because they’re easier to travel with, harder to steal and offer better protection in the event of the kind of societal breakdown that would unfold if a fiat currency like the dollar collapsed.

This post was published at The Economic Collapse Blog on November 20th, 2017.


Gold Versus Bitcoin: The Pro-Gold Argument Takes Shape

Sound money advocates who love the concept of cryptocurrencies but don’t want to abandon precious metals have been trying to clarify their thoughts of late. Risk Hedge just helped, with a comprehensive statement of the pro-gold position. The following is an excerpt. Read the full article here.
All the Reasons Cryptocurrencies Will Never Replace Gold as Your Financial Hedge Despite what the crypto-evangelists will tell you, digital tokens will never and can never replace gold as your financial hedge. Here are six reasons why.
#1: Cryptocurrencies Are More Similar to a Fiat Money System Than You Think.
The definition of ‘fiat money’ is a currency that is legal tender but not backed by a physical commodity.
It’s clear that cryptocurrencies partially fit the definition of fiat money. They may not be legal tender yet, but they’re also not backed by any sort of physical commodity. And while total supply is artificially constrained, that constraint is just… well, artificial.

This post was published at DollarCollapse on NOVEMBER 19, 2017.


Money and Markets Infographic Shows Silver Most Undervalued Asset

Money and Markets Infographic Shows Silver Most Undervalued Asset
– Silver remains severely under owned and under valued asset
– Entire silver market worth tiny $100 billion shown in one tiny square
– ‘All of the World’s Money and Markets in One Visualization’
– Must see ‘Money and Markets’ infographic shows relative size of key markets: silver bullion, gold bullion, cryptocurrencies/ bitcoin, largest companies, 50 richest people, Fed balance sheet, currency, stocks, property, cash, debt & derivatives
– Small allocation by investors and world’s richest will see silver surge like bitcoin
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by Visual Capitalist
Millions, billions, and trillions…
When we talk about the giant size of Apple, the fortune of Warren Buffett, or the massive amount of global debt accumulated – all of these things sound large, but they are actually extremely different in magnitude.
That’s why visualizing things spatially can give us a better perspective on money and markets.

This post was published at Gold Core on November 20, 2017.


Asian Metals Market Update: November-20-2017

I have seen very big moves in global financial markets in ‘Thanksgiving week’. I will be cautious this week. Silver gets the best week to rise and zoom. I expect short covering with every rise in gold prices. Speculation that some hedge funds are exiting crude oil long positions is preventing the rise. A strong US economy implies more guzzle for fuel during holidays.
Crude oil is not falling due to the crisis in Saudi Arabia. There is media speculation that developments in Saudi Arabia can result in crude oil prices doubling over a period of time. Further chances of US dollar dumping by Opec is also catching investors. Bitcoin and crypto currencies are now the future means exchange. Paper currencies are now the past. Americans will control the crypto currencies in the near future but their grip will not be the same as that of the US dollar. Gold will be the only key means of exchange between central bankers and large investors.
The political crisis in Germany should also be bullish for gold. The German chancellor declaring its failure to form a government can put the Eurozone into further crisis. Currency markets will be very volatile and will be dependent (too a large extent) on the political scene in Germany.

This post was published at GoldSeek on November 20, 2017.