Why is gold doing so shitty?

[TimtheEnchanter]

thing is, in order for the gold price to go up, someone has to buy it...and I don't mean retail. It has not happened so far although we've seen basically perfect conditions for gold: Inflation, war and a global pandemic. If that doesn't boost gold, I don't know what will

Again, when and if dollar crashes, gold will shine, and then and ONLY then...people will run on coins/bars of shiny and silver, platinum etc.

 

[themickey]

Again, when and if dollar crashes, gold will shine,

I used to believe that once. Gold is a cultism.
There is no reason for gold to shine other than from believers.
Gold is worthless as a commodity.

 

[savoir]

***There is no reason for gold to shine other than from believers.***

Gold is shiny with or without believers. I have some Krugerrands. Don’t have enough to make a difference but they look real nice.

 

[Ed48]

Gold performed exceptionally well in the 1970s and also did very well in the 2000s.

Maybe the 2000s were its last hurrah, and it's now consigned to history.

 

[TimtheEnchanter]

I do not own any gold but it Gold Futures were up $23 today

 

[themickey]

I do not own any gold but it GLD is up $23 today

In reality, there is nothing to see from a long term perspective.

 

[themickey]

I do not own any gold but it Gold Futures were up $23 today

Bitcoin up 4.36% atm, it could go up 100%, I still wouldn't buy it.

 

[jrocco]

First of all, have you ever realized how much money there is out there and how little gold?
If e.g. China invested their 2021 trade surplus into the annual gold production of every country there is, they'd still be left with 70% cash while completely cornering the gold market.

In addition, they would have to ship it to China where it needs to be stored. If they wanted to pay with it, they'd have to ship it again. It's totally impractical and unrealistic that we ever go back to a gold standard.

I mean for this exact reason, the gold standard has been dropped. There isn't enough gold and there are better ways to spend trade surplus than into physical metal.

Ha! Ha! Ha! Boy! Are you deluded.

 

[jrocco]

Why the hell then store gold if trying to undermine the price?

Although the Federal Reserve does not own any gold, the Federal Reserve Bank of New York acts as the custodian of gold owned by account holders such as the U.S. government, foreign governments, other central banks, and official international organizations.
The United States Bullion Depository, often known as Fort Knox, is a fortified vault building located next to the United States Army post of Fort Knox, Kentucky. It is operated by the United States Department of the Treasury. The vault is used to store a large portion of the United States' gold reserves as well as other precious items belonging to or in custody of the federal government. It currently holds roughly 147 million troy ounces (4,580 metric tons) of gold bullion, over half of the Treasury's stored gold. The United States Mint Police protects the depository.

Were you trying to make a point?

 

[MrMuppet]

Ha! Ha! Ha! Boy! Are you deluded.

Hahahaha boy, how do you like your long gold position?