Posted on 08/07/2021 4:27:14 PM PDT by JudgemAll
News Bites Why did gold price drop 2% today? More downside coming? Gareth Soloway on metals, stocks, Bitcoin David Lin David Lin Friday August 06, 2021 15:56 Kitco News
Gold price saw its biggest single-day drop today since June on the back of a strong jobs report.
Everyone is selling gold to buy Bitcoin ?
bitcoin up 8% today
How many bitcoins can you hold in your hand?
A very little bit
My bank let’s me buy gold but not bitcoins, so I bought gold.
How many bitcoins can you hold in your hand?????
Well virtually none. ;>)
“Is this jobs report any accurate? I don’t know how they calculate it, but people I know who could work and do not are quite many still, getting that $700 a week for free.”
Eventually when stimulus, unemployment, and PPP expenditures are tapered down or eliminated. A better economic picture will emerge.
Right now our country seems to really value the nonessential(demands from ignorant grievance groups) as opposed to the essential. (Agricultural, Industrial, & Financial Civilization)
It will take some time to work things out.
All of them ?
This sounds like a trick question.
Can you hold the full faith and credit of the US government and federal reserve in your hands?
the only reason fed reserve notes have value is belief and the willingness of the US government to encourage that belief with deadly force.
My guess: Some major players are selling off metals and moving money into crypto-currencies.
Are you in Canada ?
I was unaware that you could buy gold from banks in the usa
I wonder if some people still believe that a bank has federal reserve notes on hand to cover withdrawals from all depositors?
BTC is up mainly due to China cracking down on mining. Many machines confiscated and destroyed. I saw one image of a steam roller mashing them layed out on the ground.
It is temporarily up, may be a good time to sell if anybody still has some.
Next stop for BTC is $0.
It’s like the Social Security “lockbox”. (They really think we’re stupid!)
I am sure they do, probably not physical ones, but certainly digital ones.
but if all depositors decided to demand all of their assets from a bank then the taxpayer makes up the difference up to fdic limits from what I understand.
If so, they’d be wise to check out the differences between precious-metals backed crypto (XRP?) versus fiat crypto (BTC). Their entire investment may be at stake.
Gold seems to move with “real” interest rates. If the 10 year is yielding above inflation, gold goes down. If 10 year is below inflation, then 10 year goes up. For whatever reason, the paper gold market believes the Fed when they say inflation is transitory, and couple that with the surge in interest rates on Friday (due to unemployment report) and gold sold to off. I think it’s a buying opportunity myself.
Most people use plastic anymore, so no problem.
No matter where the funds come from, the depositors will be made whole, what is the alternative?
Clueless Joe lied about New Job creation - July numbers were high because people were returning back to previous jobs. Some were getting off unemployment benefits which messed up the numbers.
The numbers on both are heavily manipulated, and often by (or for) the same people.
I put little actual faith in either number.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.