Peter Schiff Shared: Investors are figuring it out. The Fed will tighten monetary policy enough to prick the bubbles in speculative assets and bonds, but not enough to slow inflation. So, investors are dumping momentum stocks, Bitcoin, Treasuries, and U.S. dollars, and buying value stocks and gold.
How does the community look at this opinion from Peter? A bit contradictory. Gold’s sensitivity to rising rates is well documented so tightening in all shapes and forms will hurt gold too albeit — I agree — to a lesser extent. For a simple reason — gold has delivered nothing in the last decade while Bitcoin massively did!
Gold is sensitive to real, not nominal interest rates. Real rates are falling even as nominal rates are rising. So, gold should be rising.
NGL at the start of the pandemic I bought gold. Then realized people were buying #BTC Instead… the rest is history.
Gold was also 1100 dollars in 2015. Since then, it has added 4T dollars to its market cap. Bitcoin’s total market cap is 0.8T.
Stop mining gold. There is enough of it mined. Fix the supply and save the environment.
Yeah, but it doesn’t work like that, as long as there’s a price incentive, sell price>producer price they’re going to poison the environment.
We COULD require far less pollution by forcing mining companies to be bonded and insured to fully remove the pollution they cause. It would increase the cost of mining gold, but since 90% of gold is bought for investment/jewellery anyway, it would have a minimal economic impact.
Maybe but not feasible… Mercury is pretty hard to recover from Amazon rivers and indigenous land … Illegal mines all over. And that’s the main problem probably, thousands of illegal mines protected by corrupt officials. And opened because of demand… IMO, there’s no solution.
Yeah, Mercury is hard to clean up. So, you require regular testing and fucking huge bonds for clean-up with criminal penalties for violation of guidelines. Every additional barrier increases the cost of mining, similarly increasing the cost and complexity of bribing officials.
Soo good I sold my gold, bought 4k$ worth BTC, sold that at 60k, bought back my gold, and enjoyed a 14x on it, gold does miracles, if you sell it then invest in something that can bring to the table, like $BTC! Not to mention them altcoins. Peter, Peter, your time is up.
Yeah, because I will worry about the value of gold when I am trying to survive in a dystopian world. Oh, wait I won’t cause it would be just as useless as a computer coin.
It is easy for gov to take away your gold (they already did it in past), but there is no way how can they take away your bitcoin and despite people like Schiff (and others with no understanding of bitcoin), no gov can shut down bitcoin network without shutting down the whole internet.
I have more faith in digital currencies than gold when we hit a certain dystopian level. I just want to find out in what dystopian world gold is useful in.
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