Gold and silver prices are down

[DJBrad]

I don’t even know what paper gold is, lol.

It’s like a non fungible token (NFT). Think of an artist who paints a one of a kind painting. Someone takes a digital picture of it and sells it as if its the original but anyone can copy and paste that digital representation even if it has a watermark and claim it is the original. So there you have a derivative version of the former one of a kind painting in innumerable quantities. Paper gold is pretty much the same thing.

 

[76Too]

It’s like a non fungible token (NFT). Think of an artist who paints a one of a kind painting. Someone takes a digital picture of it and sells it as if its the original but anyone can copy and paste that digital representation even if it has a watermark and claim it is the original. So there you have a derivative version of the former one of a kind painting in innumerable quantities. Paper gold is pretty much the same thing.

Sounds shady to me, lol. I’ll stick to physical...I’ll probably lose out in the end by never having invested in crypto, but I just can’t wrap my head around anything I can’t hold in my hands.

 

[NH_Realtor]

It’s like a non fungible token (NFT). Think of an artist who paints a one of a kind painting. Someone takes a digital picture of it and sells it as if its the original but anyone can copy and paste that digital representation even if it has a watermark and claim it is the original. So there you have a derivative version of the former one of a kind painting in innumerable quantities. Paper gold is pretty much the same thing.

The difference with the NFT is that the original has its own unique address on the blockchain, so the art represents that individual address. Think of it like a house has a street number but the title exists on the registry of deeds to show ownership. You can take a picture of the house but that doesn't mean you own it.

 

[Varmint]

I don’t even know what paper gold is, lol.

I won’t be investing in that probably ever, unless my 401k somehow includes it in my managed portfolio?

The entire reason I ever bought precious metals in the first place was not as an investment, but as a potential SHTF currency that can be carried easier than ammo.

My next six months is going to be the busiest ever with regards to prepping and filling my stores once I’m in the new house, then it’s time to ‘batten down the hatches’ and watch the world burn.

Yeah unfortunately the gold futures or spot price (paper gold) doesn’t reflect the reality for individuals who want to buy physical gold.

When retail coin and bar demand skyrockets, the government mints sell out what they have and they don’t increase production and don’t increase orders on the spot market. The private ones might but that takes years. So eventually the demand eases without increasing the price of gold on the spot market.

 

[Rob Boudrie]

The difference with the NFT is that the original has its own unique address on the blockchain, so the art represents that individual address. Think of it like a house has a street number but the title exists on the registry of deeds to show ownership. You can take a picture of the house but that doesn't mean you own it.

With art originally in digital format it is simply being able to say you "own" it and nobody else does. Other than the blockchain thing and ability to sell that number, there is no difference in the possession experience from the ownership experience. It is one of the silliest ideas of creating value out of thin air I have ever encountered - but it seems to be working.

 

[Varmint]

With art originally in digital format it is simply being able to say you "own" it and nobody else does. Other than the blockchain thing and ability to sell that number, there is no difference in the possession experience from the ownership experience. It is one of the silliest ideas of creating value out of thin air I have ever encountered - but it seems to be working.

And a prime example of the insanity that materializes in massive money printing bubbles. The bigger the bubble the more insane the behavior.

 

[NH_Realtor]

With art originally in digital format it is simply being able to say you "own" it and nobody else does. Other than the blockchain thing and ability to sell that number, there is no difference in the possession experience from the ownership experience. It is one of the silliest ideas of creating value out of thin air I have ever encountered - but it seems to be working.

I 100% agree completely. Just this morning I sold an nft I minted for a small profit all because a large twitter personality pumped the project. The art itself is stupid.

However the idea of it is valid IMO. Imagine real estate specifically. The title (NFT) exists on the blockchain, house gets sold from one party to another via a smart contract and the transaction exists on the blockchain as public record. I know we're a long ways away from that, but the possibilities and end use for it are there.

 

[Varmint]

I 100% agree completely. Just this morning I sold an nft I minted for a small profit all because a large twitter personality pumped the project. The art itself is stupid.

However the idea of it is valid IMO. Imagine real estate specifically. The title (NFT) aexists on the blockchain, house gets sold from one party to another via a smart contract and the transaction exists on the blockchain as public record. I know we're a long ways away from that, but the possibilities and end use for it are there.

Yeah it’s like the internet. Early uses like Pets.com were stupid and a bubble, but compelling uses came later.

 

[Rob Boudrie]

I 100% agree completely. Just this morning I sold an nft I minted for a small profit all because a large twitter personality pumped the project. The art itself is stupid.

However the idea of it is valid IMO. Imagine real estate specifically. The title (NFT) exists on the blockchain, house gets sold from one party to another via a smart contract and the transaction exists on the blockchain as public record. I know we're a long ways away from that, but the possibilities and end use for it are there.

It would probably end the "title theft" that occurs by document forgery and would be good for that sort of thing. The problem is "ownership" of something freely duplicated and that you cannot sell copies of (for both practical and legal reasons). It's like buying a deed to an acre on Pluto, and similarly useful.

 

[DJBrad]

Lol, you guys summed it up quite well. I agree with all of you. Now let me buy a bouquet of tulips and get my shoes shined for dinner.

 

[DJBrad]

Just found

It’s little battles that lead to ultimate victory .

 

[Rob Boudrie]

Just found

It’s little battles that lead to ultimate victoryView attachment 589880View attachment 589882.

Too bad it wasn't a 1916-D I found a $1 bill on the ground today. Since it was not worth more than $3.00 I did not have to turn it into the police the be held for the rigtful owner to claim it.

 

[enbloc]

Too bad it wasn't a 1916-D I found a $1 bill on the ground today. Since it was not worth more than $3.00 I did not have to turn it into the police the be held for the rigtful owner to claim it.

With the old bills and coins showing up... I always wonder who's Grandma got pilfered...

 

[enbloc]

 

[yogi]

Rough start to the week

 

[Varmint]

Rough start to the week
View attachment 590077

Anything above $1900 is just a healthy consolidation.

 

[Varmint]

Gold went straight to the $1900-$1920 battleground, why wait? Need to avoid weekly and monthly closes below $1900.

 

[DJBrad]

Gold went straight to the $1900-$1920 battleground, why wait? Need to avoid weekly and monthly closes below $1900.

Just a matter of time plus suffering.

 

[Win]

I'm surprised and confused by this price action but what else is new

 

[Varmint]

I'm surprised and confused by this price action but what else is new

Possible truce talks and also Fed rate hike tomorrow, so we don’t really know what the Fed will say. I think no trader wants to buy gold above $1920.

 

[Win]

Possible truce talks and also Fed rate hike tomorrow, so we don’t really know what the Fed will say. I think no trader wants to buy gold above $1920.

Ah that makes sense. I guess I'm more of a collector than anything else. I'm not so price sensitive since I'm not looking for an immediate return.

 

[richc]

I'm surprised and confused by this price action but what else is new

A lot of recent price action was a flight to safety. Feels to me like some think the Russia/Ukraine situation is better than many of us feel.

 

[Win]

A lot of recent price action was a flight to safety. Feels to me like some think the Russia/Ukraine situation is better than many of us feel.

Well we are the gun owning, PM hoarding, preppers

 

[Varmint]

A lot of recent price action was a flight to safety. Feels to me like some think the Russia/Ukraine situation is better than many of us feel.

I think in these markets it mostly just “buy what’s going up, sell what’s going down.”

 

[clampett]

I think in these markets it mostly just “buy what’s going up, sell what’s going down.”

From your past posts I know that you are big on mining stocks. Do you own any Hycroft stock? I just read that a movie theater chain just bought a 22% stake in the company, and the stock is expected to soar.

I wonder where a movie chain got the funds for this purchase. I thought they were broke because of the pandemic shutting them down for so long.
Did our Government bail out the movie theaters?

 

[Varmint]

From your past posts I know that you are big on mining stocks. Do you own any Hycroft stock? I just read that a movie theater chain just bought a 22% stake in the company, and the stock is expected to soar.

I wonder where a movie chain got the funds for this purchase. I thought they were broke because of the pandemic shutting them down for so long.
Did our Government bail out the movie theaters?

I saw that, AMC has like $1.8 billion in cash from when their stock went ballistic from reddit meme trading, and are investing in a distressed gold miner.

I don't own Hycroft, I don't really own any producers except a few junior early stage producers, and through my GDXJ position.

I don't really own producers cause there's so many things that can go wrong with an actual mine. I prefer junior explorers and developers whose job is more simple - find the gold and prove it's economical. They don't have to worry about mine accidents, worker strikes, flooding, oil prices etc.

 

[Varmint]

After a monster day, I'm back where I was two days ago.

 

[Win]

The traders are beginning to annoy me.

 

[richc]

Gold and silver will go up and go down. When somebody is buying somebody is selling. It just is.

We all bought for a reason. The fundamental reasons we bought not only are intact, but have expanded. The shit going on in Russia and the Ukraine is major among them. Our government continuing to increase the deficit at an unsustainable pace is another.

And for good measure the Chinese and Saudi's seem to be making moves to at best hurt the petrodollar, and at worst to replace the petrodollar. That will have devastating consequences to the global value of the US dollar, and make gold even more attractive.

Think of these movements in the context of sex. You go up, you go down, you go up, you go down. Each movement has incremental benefits. But that last slam dunk explosion is what we really want.




Rich

 

[enbloc]

^^^