BTC down 10% just now - Why?

[deaddog]

Why does nobody ever answer the question about the fundamental value of gold when I ask them?

They always give evasive answers.

What is the fundamental value of anything?

The value of gold to me is that I can hold it. It will have a market value and I can use it to exchange for goods and services if the internet goes down.

I can keep a supply of gold under my bed. It is shiny and easily recognised. An ounce of gold will have the same value in any currency. Inflation hedge.

If my countries currency is devalued for whatever reason there will be a world price for gold. I believe that is the fundamental value. Given the choice I would rather hold physical gold for the next ten years than any crypto currency.

 

[tsznecki]

What is the fundamental value of anything?

The value of gold to me is that I can hold it. It will have a market value and I can use it to exchange for goods and services if the internet goes down.

I can keep a supply of gold under my bed. It is shiny and easily recognised. An ounce of gold will have the same value in any currency. Inflation hedge.

If my countries currency is devalued for whatever reason there will be a world price for gold. I believe that is the fundamental value. Given the choice I would rather hold physical gold for the next ten years than any crypto currency.

Another evasive answer.

If you are going to respond to me with non answers and opinions rather than valid points, then I will keep throwing the original question back in your(and anyone's) face.

What is the fundamental value of gold? If gold has a fundamental value, it should be easy for you(or others) to answer no? Why is it so difficult LOL?

 

[d08]

Another evasive answer.

If you are going to respond to me with non answers rather than valid points, then I will keep throwing the original question back in your(and anyone's) face.

What is the fundamental value of gold? If gold has a fundamental value, it should be easy for you(or others) to answer no? Why is it so difficult LOL?

Hundreds of million of Indians wearing it to show off wealth and feel good about themselves is not enough?

 

[tsznecki]

Hundreds of million of Indians wearing it to show off wealth and feel good about themselves is not enough?

So you don't have an answer either. I think that's what 5 posts at least since I asked and no one can answer?

All these responses about why there could be value but nothing stating here is the actual hard number value.

 

[SunTrader]

So because people have held gold for 1000's of years without it gaining much in value other than that is hard to destroy and is shiny - it is not speculative, yet in modern times trades 24x5x52 around the world because traders believe "they can make a killing". Got it.

 

[Cuddles]

I think it's Turkey ban.
erdogan just banned it.

Cryptos will live longer than erdogan...

that's the only negative news I saw and some rumor on twitter that the feds were going to penalize some banks for laundering tho that could be just FUD. Seems like an over correction seeing how it's fucking turkey.

 

[SunTrader]

Hey goldbuggers look back to August of last year. Gold dropped 9.71% in 3 trading days Aug 7th to Aug 12th.

Chit happens. All the time. That is what markets do, when you least expect too.

Take the anti-crypto blinders off.

 

[Millionaire]

Hundreds of million of Indians wearing it to show off wealth and feel good about themselves is not enough?

From a jewellery perspective the price of gold comes down to how much people (who are into jewellery) are prepared to pay for a shiny piece of rare metal that can be turned into jewellery.

It comes down to peoples wages (especially the wages of people who like jewellery). The more these people get paid the cheaper gold looks to them, and the more they will buy.

Same with house prices, house prices come down to what people earn (how large a monthly payment they can afford). Except nearly everyone would like to own (rather than rent) at least one home.

Bitcoin, you don't even get a nice piece of rare shiny jewellery for your money.
You don't get anything at all, your hope is some bigger idiot will take it off your hands for a higher price.

 

[Apologetik]

Another evasive answer.

If you are going to respond to me with non answers and opinions rather than valid points, then I will keep throwing the original question back in your(and anyone's) face.

What is the fundamental value of gold? If gold has a fundamental value, it should be easy for you(or others) to answer no? Why is it so difficult LOL?

You ask a question that economists stopped asking almost 100 years ago....

But Marx and Smith might have posited a labour theory of value, others could adopt a capital value theory or some hybrid. The business answer would be nothing has value other than what someone else will pay for the item.

I am more nihilistic, nothing has value (ultimately) and the hedonist in me treats all objects (and sometimes people) as having use (usury) value.

At their core, one would hope, items would be valued at least above the cost or production/extraction/mining costs...but we know that is not true.

Fair warning I own crypto, gold, silver, and guns and the only ones I value are silver and guns (they look pretty and I like to play with them), the other two I could not give a hoot about and am waiting for the greater fool to relieve me of them (at least crypto weighs less).

 

[Fain]

• BTC down 10% just now - Why?
• Took 2 minutes or so.

More sellers than buyers it seemed.