I honestly don't consider myself a "gold bug" but I do believe that in the near to mid term future we will face catastrophic events. When it happens tangible things will shine. I do believe we are very close to a cashless society and as soon as we get there and the " honey moon" so to speak is over the powers that be will start to enforce some things on the population which will make a lot of people unhappy. Social and natural problems will bring resources to a brink. If you have food, water and the means to defend it good. If not, the next best thing is metals (gold/silver) which I think can keep you and your family for a while until a new order emerges. As a currency and futures trader I'm very aware of the fact that I can't predict the future. I can't imagine 10 more years without a cashless society, but I may be wrong. If I'm wrong, well, gold and silver do not rust and are tangible assets that stand up very well against inflation etc, so for me having some physical gold is a safe insurance.
Lars Seier Christensen, Chairman of Concordium, the next-generation decentralized world computer, is one of them. "In the longer term, I am bearish on bitcoin as I believe it does not have the necessary characteristics of a longer-term valuable asset and, eventually, that reality will catch up”
Well, as I stated before. I believe cash will be phased out soon. Bitcoin may be regulated and accepted by the government, or maybe the FED will issue its own virtual coin or something else, I don't know. Cryptocurrencies offer some huge advantages but the trade off in my opinion is lethal !! We already live in a semi cashless society. Online banking and direct deposit implanted years ago were just another step in the big scheme. I trade online. I pay ALL my bills online and use my cards for everything else. Even the toll is payed via electronic devices. I have no coins in my car. To be honest I can't remember very well the time I actually touched a 100 dollar bill. In a few years when they eradicate cash completely people will barely notice. Thats how subtly they are ( and act) in their schemes. Than after a period of "grace" where all will go well, they will start to impose more and more financial "burdens" on people. When the fruit of your work, your wealth, is not tangible they can impose what ever they want. You either accept or they cut you off from the network. People will go from wealth to poverty in a matter of seconds. And it can be applied to individuals or a group with pretty much no extra effort. Some groups will revolt, of course, social unrest will raise etc.....etc...and etc. No need to say that when things go down the drain precious metals raise to the sky in black markets etc, beyond elites regulations etc. Thats my bet. Am I right? Time will tell.
First, let me just say that sure your knowledge of anything crypto related, is substantially better that mine. And yes I understand the 2% active fund charge, not to mention that the trust instrument trades at a roughly 25% premium to the underlying asset. But if the market is a forward looking mechanism, and institutions and banks are willing to pay for other unrelated securities that are clearly dramatically overvalued, I have a very difficult time wrapping my head around the fact that the aforementioned wouldn't at least dip there toe's in the water in BTC. There is also a problem with scale, and now the IRS notices in the US. That being said, I have traded GBTC in the past and at one point over a 2 month period, it was my best performer. The Big money just doesn't seem to think there is much of a future in BTC currently.
Schiff would have my respect if he, even once, made a Gold bear short call. Back in 2014 he said about stocks (NOT Gold) I hate U.S. stocks but I'll never short them. For whatever reason, who cares. But a trader does NOT only go long ... no matter the trading instrument. A buy and holder with blinders on does. Or a Shill.
But thats exactly the difference between a speculator and an investor. You can't handle trading and investing with the same philosophy. Anything you don't physically own ( take delivery or whatever) in this business is prone to be margin called. If you buy actual physical gold/silver as an investment you can ALWAYS go long. Of course WHEN you buy it, will make a huge difference on the TIME TO PROFIT relation. I would say the same principle applies for stocks and real state ( or even forex if you somehow take delivery) but on those instruments it gets a little more complicated. Stocks can go to zero ( even if you own it) real state can technically go to zero also. If I take delivery on my Euros, inflation can technically corrode it to zero. Thats where gold and silver shine ( pun intended) because it will NEVER go to zero and in due time it will bring a profit.
Agree. But I prefer to listen to traders (and especially not broken record shills). That's why I post on a ummmm trading website after all.
US Federal Reserve Launching Payment System, Crypto Bulls Nonplussed https://cointelegraph.com/news/us-federal-reserve-launching-payment-system-crypto-bulls-nonplussed