Person who decided to sell gold:
Person who decided to buy it:
Here’s a good, quick summary. Skip to 13:16.
Gold and silver are investments that people make when they are afraid of the future. Nuclear war, hyperinflation, etc. Inflation has been a massive concern lately.
One of the bigger reasons that gold and silver are crashing is that Trump picked Kevin Warsh to be the next head of the Federal Reserve, which controls interest rates, which impacts how much money people save vs spend. Lots of implications on inflation, stock market, etc.
For the last few months, he’s been trying to take control and force the Fed to make short-term gain, long-term get-fucked policy, and gold and silver markets have been shooting up because of it.
Warsh is seen as a relatively intelligent/moderate pick instead of the expected redcap crony, who has a reputation as being an inflation hater, so gold/silver is crashing out.
Completely by chance, I inherited some gold and chose to sell it about a month ago because I didn’t want my emotions to be tied to the market (fear of missing out kind of stuff). I feel pretty great about that decision since this news happened.
It’s always some guy instead of me….
Great job and very healthy decision making!
Market cap and realized losses are completely different things. Reporting a change in market cap as a loss is misleading imo.
This dip might drive some volatility for a bit, but gold and silver are still at crazy high valuation. It isn’t likely to affect you unless you’ve been speculatively buying precious metals and panic sold.
Also, gold doesn’t have a market cap. It’s literally impossible to measure how much there is.
Hell, there are asteroids that have more than we do.
Yeah, ours came from asteroids from what I have heard
We’re all stardust and so is gold.
So I should buy?
Diamond hands!!!11
I thought it came from the bones of the fifth elephant.
edit: Bones. Bones of the fifth elephant. AFAIK they don’t have video in Discworld other than in that one book and that didn’t go so well.
Your comment reminded me of the movie, “don’t look up” and now I’m slightly annoyed
That’s the exact feeling the movie left in me too.
For THAT much gold to have got on the market, somebody big is financing something, liquidating a bunch of their reserves?
Russia’s got African gold as part of its income ( the Africa Corps, formerly Wagner, being their means of harvesting African gold, both directly & indirectly, apparently )… this could simply be them converting from gold to some other kind of asset, in financing their war…
XOR it’s all ditched futures?
The people who pointed-out that it’s all just a 2-week setback, though … consider that the other-way-'round:
that in 2-weeks, gold has CLIMBED that much…
THAT is … terrifying.
World’s bracing for economic-armageddon/collapse/Depression2.
_ /\ _
A family member of mine purchased silver at the last historic high around 2011 just before it crashed. I convinced them it was a good idea to sell last Thursday, a day before it crashed again.
“Buy high, sell higher” I guess?
It’s at the price it was 2 weeks ago. I’m sure lots of gamblers are distraught that it didn’t keep rallying, but it absolutely doesn’t affect real people
Yeah whenever there is news like this you always have to go and check the 1y or even 5y trend. It looks like gold is already rebounding from this…
Unless they’re planning on buying marriage rings, then this should positively affect them (with a slightly lower, though still absurdly high price)
real gamblers love a drop, that’s when you can finally get good entry. the more the lines go up without any downturn the bigger the next crash will be, there’s no such thing as a soft landing.
look back at the price of anything big back in april…that gap will be filled sometime within the next 3-4 years
I own physical gold. Gold price is back to what it was 2 weeks ago. I’m fine. Was fun seeing it go up though.
Probably not directly.
But if I had to guess, this, along with a few other similar markets dropping suddenly, suggest some major actors in the world are liquidating assets to get cash for some reason.
Some powerful global actor suddenly needing a lot of cash suddenly could mean something that effects you.
Russia has been selling off gold for a while. Maybe they’ve ramped up the rate.
It does affect you, in a sense that this represents volatility, which in turn is usually bad: it means that investors are nervous with policies, markets etc. It is a symptom for the chaos currently fueling the world.
Gold prices falling is usually an indicator of market stability rather than volatility. I suspect the new fed chair pick is the cause for the selloff. Although he seems more like a business-as-usual sort of guy rather than a Trump crony so I don’t know why anybody thinks he will do anything differently compared to Powell.
It was/still is in a bubble. People with a lot of it closed their positions because it was so high. As long as trump continues his same tricks to try and pump the stock market, there’s no reason it won’t go right back up.
glow1:wave: buying rune gold trim armor set
I have one, you just have to follow me to the wildy and I’ll drop it. There’s too many people here.
Oh man. I was young and naive enough when I started playing RuneScape that I fell for that scam SUPER early. I didn’t have anything worth stealing, but it still felt awful.
I devoted a significant amount of time to crafting steel armor and weapons and giving them freely to new players when they spawned in, because I felt like I would take the evil done to young me and turn it into good.
Yeah, I think we all did once. It was a good life lesson though.
I had an interesting experience with RuneScape. I started my game, left the castle, crossed the bridge, turned left, and a chicken killed a guy who dropped several hundred thousand gold right in front of me.
I got the nepo baby experience.
I can trim your rune set for you, just trade it over
Poor gold, must be a bummer
No.
Source: just… no.
