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Email this8:44 pm
October 17, 2018
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Norman1 said
One can make a tooth filling out of gold. Can't with bitcoin.I can transfer ownership and value of an ounce of gold to someone in a few seconds, without involving a third person, by just handing it to her. No public record. Can't do that with bitcoin.
Need to have a third party accept my request to transfer the bitcoin, from my wallet to and her wallet, and record it in the blockchain. Right now, that takes about 20 minutes at least. Transfer is then public.
Norman1 said
One can make a tooth filling out of gold. Can't with bitcoin.I can transfer ownership and value of an ounce of gold to someone in a few seconds, without involving a third person, by just handing it to her. No public record. Can't do that with bitcoin.
Need to have a third party accept my request to transfer the bitcoin, from my wallet to and her wallet, and record it in the blockchain. Right now, that takes about 20 minutes at least. Transfer is then public.
That's where I see the problem ahead for gold holders when governments all transition to digital currency.
7:15 am
August 10, 2018
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If/when Governments pivot to digital currency, it will just become another form of Government fiat destined to be devalued and collapse due to Central Bank manipulation. Gold backed digital is probably the endgame that will restrain Government Central Bank printing abuse. Gold amounts cannot be manipulated.
10:21 am
September 11, 2013
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Oscar, by "digital currency" do you mean cashless society, i.e. digital dollars, or do you mean cryptocurrencies? Different things to me.
And how do you see this as negative for gold?
10:08 pm
December 29, 2018
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The easiest and cheapest way to hold a gold investment is iShares Gold Bullion ETF (CGL) hedged or (CGL.C) unhedged. The gold you buy here is actually real gold stored in Scotia Bank faults in Toronto and there is no storing fee. I read somewhere if you buy enough of it, you can have it delivered at home. I always say, keep it simple.
8:12 am
October 17, 2018
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Bill, yes I was referring to cashless society and in that scenario it would be harder to transfer ownership privately. And that would make it a less attractive investment because when you sold it you would be subject to taxation on any gains.
11:35 am
September 11, 2013
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I see. But if you sell gold at a profit privately or "publicly" makes no difference, either way the gains are subject to tax.
5:40 am
February 20, 2018
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"Gold’s value is underpinned by the notion that other people believe it to be valuable, it is also vulnerable to anything that threatens that status. I think thousands of years of history give it solid support, but it is possible that the rush to bitcoin could disrupt it." WSJ
6:23 pm
February 20, 2018
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Dallas Mavericks owner Mark Cuban said that the team will continue to accept bitcoin and other cryptocurrencies because “we know that replacing Gold as a store of value will help the environment.”
6:08 am
August 20, 2019
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Reply to Bud's recent comments.
In the flow and ebbs, everything has it's own cycle.
Environment DOES NOT matter. It's always about Power, and Influence. Everything else is propaganda.
7:25 am
December 7, 2011
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Bud said
Dallas Mavericks owner Mark Cuban said that the team will continue to accept bitcoin and other cryptocurrencies because “we know that replacing Gold as a store of value will help the environment.”
Tesla CEO Elon Musk said that the car company would no longer accept bitcoin to purchase its vehicles.
WSJ, Cuban, Musk, etc. I absolutely don't care.
I have my gold and very happy.
8:01 am
September 11, 2013
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Winnie, I agree. Cuban, etc are just virtue-signaling re the environment (he's probably got one of the largest carbon footprints of all the humans) because it's good for his bank accounts. Once the power grids go down gold will be cool again, just like it has been for thousands of years all over the place.
8:29 am
April 6, 2013
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With Bitcoin transactions fees hitting US$15 and higher, one might as well get a bank draft.
No waiting around for 20 minutes to an hour afterwards for the transfer to get recorded in the blockchain.
7:51 am
December 7, 2011
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From Bank for International Settlements (BIS) very good news about physical gold.
Basel III rules move physical gold from being considered a Tier-3 asset to being considered Tier-1, which allows physical gold in bullion form to be counted at 100% value for reserve purposes. Gold in unallocated paper contracts will no longer be considered an equal asset.
10:57 am
September 11, 2013
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Winnie, the Basel lll rules change info has been out for a while now, didn't really see a dramatic effect on gold price - ? Is there more recent development?
2:19 pm
December 7, 2011
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Bill, from June 28, 2021 Basel III rules will require banks to hold unencumbered physical gold valued at 100%. Unallocated paper gold receipts will not be considered equal assets for the purpose of evaluating financial strength.
I don't know if gold price will change.
I'm not an expert at all, just physical gold amateur collector.
According to the precious metals expert, central banks will revalue the dollar price of gold soon. They know better, but anyways I'm not listening to any experts.
I'm just happy, that from June 28, 2021 physical gold will be considered Tier-1 asset.
6:05 pm
September 11, 2013
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Yes, I understand physical gold reserves will be valued at 100%, I've no idea if that makes physical gold more or less desirable to banks, etc, seems to me price fluctuations' effects now will be magnified for physical vs receipt gold.
I don't get why receipt gold is valued differently, but whatever. But I agree, Tier 1 sounds better than Tier 3. Guess we'll see what happens.
6:13 pm
April 6, 2013
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I don't think it makes a difference to banks as they don't keep their regulatory capital in gold.
Unless they do loans in gold instead of in dollars, the banks would be foolish to keep regulatory capital in gold.
Regulatory capital needs to be at least a certain percent of their assets that includes their loan book. If the loan book is in Canadian dollars, regulatory capital is kept in gold, and gold prices fall, then the bank would fail to meet its minimum capital requirement.
8:24 am
February 20, 2018
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Perhaps gold dealers fell behind crypto by not using technology to make their currency more easily tradeable for example real time debit cards allowing for smaller transactions at fast food restaurants.
8:04 am
April 18, 2022
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New respect for Gold what is it telling us fell below 1800
11:12 am
August 10, 2018
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AllanB said
New respect for Gold what is it telling us fell below 1800
What it tells me is that the western economies are close to collapse, and so the paper gold manipulation is working in overdrive to drive down gold price. This is so the general public doesn't get the idea that it is precious metals time to shine. They are basically trying to protect their fiat.
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