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Saturday, October 7 2017

Here’s Why Bitcoin Won’t Replace Gold So Easily

But I don’t think for a second that cryptocurrencies will ever replace gold, for a number of reasons. For one, cryptos are strictly forms of currency, whereas gold has many other time-tested applications, from jewelry to dentistry to electronics.

Unlike cryptos, gold doesn’t require electricity to trade. This makes it especially useful in situations such as hurricane-ravished Puerto Rico, where 95 percent of people are reportedly still without power. Right now the island’s economy is cash-only. If you have gold jewelry or coins, they can be converted into cash—all without electricity or WiFi.

Finally, gold remains one of the most liquid assets, traded daily in well-established exchanges all around the globe. Every day, some £13.8 billion, or $18 billion, worth of physical gold are traded in London alone, according to the London Bullion Market Association (LBMA). The cryptocurrency market, although expanding rapidly, is not quite there yet.

I will admit, though, that bitcoin is energizing some investors, especially millennials, in ways that gold might have a hard time doing. The proof is all over the internet. You can find a number of TED Talks on bitcoin, cryptocurrencies and the blockchain, but to my knowledge, none is available on gold investing. YouTube is likewise bursting at the seams with videos on cryptos.

Bitcoin is up 350 percent for the year, Ethereum an unbelievable 3,600 percent. Gold, meanwhile, is up around 10 percent. Producers, as measured by the NYSE Arca Gold Miners Index, have gained 11.5 percent in 2017, 23 percent since its 52-week low in December 2016.

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Thursday, September 28 2017

Goldmoney Inc. Adds Bitcoin and Ethereum to the Goldmoney Holding

Goldmoney a precious metal financial service and technology company, today unveiled the addition of vaulted Bitcoin and Ethereum as secure and fully-reserved offline investable assets within the Goldmoney® Holding, a major enhancement that allows qualified clients to buy, sell, and exchange cryptocurrencies with nine global currencies as well as gold, silver, platinum and palladium bullion.

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Sunday, September 17 2017

What Crypto-Euphoria Says About Gold

It wasn’t supposed to pan out this way. Goldbugs have been luridly prophesizing the withdrawal of confidence from the monetary system, a monetary system whose basic premise was “trust me”, since France cashed out its U.S. dollars for gold back in the sixties. In fits and starts we’ve been right; that gold is no longer $35/oz speaks to as much. But now there is bitcoin and we all look like schmucks. When the tide went out, it was we who were supposed to get the yellow Porsche. But no the dudes eating our lunch were born twenty years after Nixon closed the gold window, wear headphones and sound more puritanical than we ever did.

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Tuesday, September 5 2017

Mobius Foresees Cryptocurrency Crackdown Sparking a Rush to Gold

Mark Mobius is sensing danger in the explosive growth of cryptocurrencies.

Governments will begin clamping down on digital currencies because of their use in illicit financing, with terrorist groups to drug dealers contributing to their rise, Mobius, executive chairman at Templeton Emerging Markets Group, said in an interview in Hong Kong Monday.

“Cryptocurrencies are beginning to get out of control and it’s going to attract the attention of governments around the world,” Mobius said. “You’re going to get a reversion back to gold because people are going to wonder, can I really trust these currencies?”

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Wednesday, August 16 2017

Gold Investors VanEck Slams Bitcoin While Also Joining Hype

t seems that VanEck is still a firm believer in gold, and perhaps a little worried about the effect of a new digital gold on its primary asset. But they are not foolhardy enough to ignore the investment potential of Bitcoin.

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Saturday, July 8 2017

Bitcoin and Ethereum are 'cannibalising' gold

Investors have cash to burn right now, and based on the astronomical performance of cryptocurrencies like bitcoin and Ethereum, that’s where a lot of it is getting funneled.

This is coming at the expense of gold, says Tom Lee, the managing partner and head of research at Fundstrat Global Advisors. In fact, he thinks that the growing preference for the cryptocurrencies over gold is actually helping contribute to the torrid gains in the fledgling products.

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Monday, June 26 2017

Crypto Currency Percentage Changes

Cryptos doing what goldstocks do...

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Crypto Currencies

I have added in a new section for subscribers covering the Crypto Currencies

There's 1/2 dozen pages which show the top currencies & how they have performed.

It's a Wild West World which seems very similar to speculating in gold stocks. Lots of hype speculation profits & losses.

Prepare to be amazed.

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Tuesday, May 30 2017

My Great Bitcoin Bungle

I am by no means an expert, but have at least owned bitcoins, mined them, and even arb’ed them across various exchanges. I use the word “I”, but in reality, it was with the help of my co-worker, the millennial computer engineer whiz kid that sits beside me. This is the story of my great bitcoin bungle, a tale painful to repeat, but should really be put to paper, so I can forever remember, what a knob I am…

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Sunday, May 14 2017

Blockchain: Gold and Silver Launchpad?

Global governments, having previously removed metals' backing from the currencies they print, now attempt to force their citizens into holding only digital paper currency "wealth." How ironic it will be, if by these very actions, the ultimate effect turns out to be the unleashing of new demand waves for digital metal – redeemable for physical gold and silver.

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Saturday, March 4 2017

How bitcoin reached parity with gold

Would you rather have one bitcoin, or a single ounce of gold?

The answer used to be obvious. Even at the climax of the legendary 2013 rally, bitcoin was never able to reach unit-for-unit parity with gold.

However, since an off-year in 2014, the enigmatic cryptocurrency has steadily climbed in price to take the title of the best-performing currency in both 2015 and 2016. And today? After continuing its rally into 2017, the price of bitcoin has now passed this arbitrary, but psychologically important measure of parity with an ounce of gold.

How did we get here so fast?

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Friday, March 3 2017

Bitcoin Reaches Parity With Gold

For the first time ever (based on Bloomberg data), Bitcoin is trading at parity with an ounce of gold.

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Saturday, February 25 2017

Good As Gold (Again)? Bitcoin Soars To New Record Highs

Bitcoin topped $1200 overnight for the first time, bringing it ever closer to the price for an ounce of gold...

As Bloomberg notes, a ten-day rally for the cryptocurrency has narrowed its gap with the precious metal to the smallest on record.

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Sunday, January 8 2017

Are Bitcoins now more valuable than gold?

The price of Bitcoin seems to have exceeded the price of gold for the first time; however, this comparison is completely arbitrary. Gold is measured in weight, while Bitcoin, much like currency, is an abstract form of money and can only be measured in units of itself. One Bitcoin is worth a lot more than 1 gram of gold, but a lot less than 1 tonne. Despite Bitcoin’s stellar performance in 2016, the size and depth of the cryptocurrency market is dwarfed by the $7 trillion gold market. Gold remains the only true global money with a size and volatility comparable to that of fiat currency.

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Wednesday, January 4 2017

Bitcoin: The Top Performing Currency For a Second Year in a Row

Bitcoin is no stranger to extreme fluctuations.

For each of the last four years, the cryptocurrency has either been the best or the worst performing currency – with nothing to be found in between.

Luckily, for those that follow the digital currency closely, those fluctuations were mostly pointed in an upwards direction for 2016. The currency finished the year at $968.23, which is more than double its value from the beginning of the year.

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Sunday, October 30 2016

Bitcoin Is Soaring: Up Over 10% In One Week On Chinese Buying Spree

Since then bitcoin has tripled, and over the past two days has broken out sharply to the upside once again, now over 10% higher in the just the past week. The latest round of buying took place overnight with major bids emerging from China, which have taken the price of bitcoin on the most popular US trading platform, Coinbase, to $725 as of this writing.

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Saturday, August 6 2016

Hacked Bitcoin Exchange Says Users May Share $68 Million Loss

After suffering a crippling hack earlier this week, Hong Kong-based bitcoin exchange Bitfinex said it may spread the loss among its users, including ones not directly impacted by the hack.

“We are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions,”

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Wednesday, August 3 2016

Bitcoin Price Crashes After Exchange Admits Security Breach, Over $60 Million Stolen

Bitcoin prices are crashing on extremely heavy volume - down over 30% in the last 2 days - after Hong Kong-bassed Bitcoin exchange Bitfinex halted all trading after it discovered a security breach. As CryptoCoinsNews reports, the theft of 119,756 bitcoins has now been conclusively confirmed which makes it the largest theft in bitcoin’s space since MT Gox.

Representatives from the exchange told CoinDesk engineers were seeking to uncover issues at press time, though the company had confirmed roughly 120,000 BTC (more than $60m) has been stolen via social media.

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Tuesday, August 2 2016

Are Bitcoin and Gold Prices Correlated?

Bitcoin has been called 'digital gold', but does this mean the two markets behave similarly?

This relationship has been top of mind for industry observers for some time, as media coverage has often championed the idea bitcoin is a new 'safe haven' asset.

But while some market observers have claimed there is a correlation between bitcoin and gold, members of the digital currency trading community disagree. Further, some have collected data they believe shows this relationship is speculative at best.

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Wednesday, July 13 2016

Brazil: Bitcoin Surpasses Gold Trading

Globally, gold is still an asset with higher volumes than bitcoin. As claimed by the London Bullion Markets Association, the average daily value of gold transfers is roughly US$ 20 billion, whereas bitcoin trades amount to over US$ 1.5 billion.

Such market data as well as recent developments indicate bitcoin is increasingly being perceived as a new safe-haven asset, to which investors can resort in times of crisis. In short, it is a genuine competitor to gold. The big difference is the thousand years track record of gold against just seven years of bitcoin.

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