iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
16,986 Blog Posts

Gold, Silver Move Higher, But Still Pale in Comparison to the Booming Crypto-Currency Market

Stop making excuses for Gold. It isn’t money and its main attraction as being an alternative to fiat has been supplanted by crypto-currencies, which is backed by both investment banks and venture capitalists (you’re being played).

I find the spurts in Gold/Silver these days to be mostly random occurrences. However, when they occur while I am heavily long, it makes me happy.

It just so happens I have 10% of my assets in GLD and some more in RGLD — both nicely higher for the session.

Here are some other winners in the sectors:

Food for thought: the entire market cap for all of the publicly traded gold stocks in America is $130b. Silver is around $10b. The cryptocurrency market is now valued at $159b.

Last year today, the total market capitulation of the cryptocurrency market was ~$12b.

Not a bubble.

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10 comments

  1. ericbakerbruce

    JakeGint where are you comrade?

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  2. NotGekko

    When the shit hits the fan and we’re surviving the next zombie apocalypse with guns and fortresses, I’ll love watching people try to fire up their generators just to access their ‘wallets’ to pay for ammo. No thanks, silver will buy my bread.

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  3. hedge500

    I still think gold has more in the tank – OA disagrees bc I assume he sees the yen will start moving higher but if the market stages any sort of a real retreat gold where I want to be.

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  4. husaria

    Brass, lead and lead styphnate are useful.

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  5. ironturd

    Gold still the old man’s hedge against dollar-linked inflation. Lagging the euro by a mile, crypto by a lightyear, but it seems to have some psych targets ($1500/oz) that could become quite relevant in the near future with further dollar destruction

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  6. metalleg

    When the US Dollar becomes worthless, Bitcoin and Gold will be at parity relative to the dollar. Both will be untouchable.

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  7. JakeGint

    Da, comrades, long $RGLD until we meet in the Thunderdome.

    ____

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  8. roundwego

    China and India moves the gold price.

    China seams to have over taken Russia as a US threat.

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