Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Seeker Closing Report: Gold Dips While Silver Holds Steady Again
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 6 21 2018
By: Ira Epstein

Contrarians See Opportunity in Negative Sentiment
By: Stefan Gleason

Gold's Relative Strength Index Indicating a Bottom Is Here
By: Michael Ballanger

Peter Bell and Mickey Fulp: Saskatchewan and Taiga Gold
By: Peter Bell and Mickey Fulp

Basic Materials Seem to Be on Sound Footing with Home Construction Boom
By: Frank Holmes

Silver Could Provide Great Opportunity To Bank And Grow Stock Market Profits
By: Hubert Moolman

Gold Close to its Downside Target
By: Przemyslaw Radomski, CFA

Should Investors Worry about Trade Wars or Fed?
By: Arkadiusz Sieron

How to Trade in Silver
By: Chintan Karnani, Insignia Consultants

 
Search

GoldSeek Web

 
Would You Trade Bitcoin for Gold?

By: Rick Ackerman, Rick's Picks

 -- Published: Friday, 8 December 2017 | Print  | Disqus 

The bottle-rocket trajectory of bitcoin’s rally has required me to put out increasingly ambitious Hidden Pivot targets several times each day. Currently I am using 18436 to project a top of some sort, although I hesitate to suggest it will be THE top. Actually, I’d be happy merely to see BTC pull back from that number for more than a few hours — as long as it has taken for this vehicle to obliterate Hidden Pivot resistances that we might have expected to contain the jubilation for a few days if not longer.

This evening, BTC has plummeted nearly $2000 since peaking several hours ago at 17171, a new record. Most of those who have benefited from the cryptocurrency’s breathtaking climb are not traders, just hoarders who may be starting to wonder whether it’s time to get off.  But how? The best way for them to take profits would be to convert bitcoin to cash or to buy something ‘real’ with bitcoin. Something like physical gold — about as real as investables get. At one point on Thursday afternoon, a single bitcoin could have purchased ten St. Gaudens $20 double eagles — and then two more later in the day when bitcoin peaked at 17171.  Would you do that deal? Of course you would.

Coin Dealers Not Leaping to Do the Trade

So why isn’t everyone swapping bitcoin for gold? Well, even if they wanted to, they’d have a tough time finding coin dealers eager to take the other side of the trade. If it were otherwise, the price of gold futures would be rising, not falling as it has for the last month.  Bitcoin hoarders can be forgiven for thinking they’ll make much more money by staying in bitcoin than if they convert their digital lucre to bullion. Realize that the price of gold has been languishing for more than four years near $1250 since peaking in 2011 just above $1900. Even so, can there be any doubt that at some point in the future, bitcoin speculators will regret not having swapped their digital money for gold or some other tangible asset? Even with bitcoin’s value rising a thousand dollars or more per day, this seems like a no-brainer to me. If you don’t subscribe but want to join in the fun, click here for a two-week free trial to Rick’s Picks, including access to a 24/7 chat room that draws great traders from around the world.

 


| Digg This Article
 -- Published: Friday, 8 December 2017 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2018



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.