Value of Bitcoin Reaches All Time High and Beats Gold

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The Mystery and Wonder of Gold Prices

Gold prices are constantly changing, which keeps investors checking the price of this precious metal every morning. Despite this level of speculation, gold continues to be the most popular investment precious metal. For centuries, gold has been a mysterious symbol of value and wealth. Learn more about gold prices and what makes this precious metal coveted by so many people around the world today.

A Brief History of Gold

Dating back as far as 600 BC, gold has been used as money and to preserve wealth. Today, mints produce gold bars and bullion coins for dealers to sell to buyers. The first coins with gold were struck in Asia Minor.

However, gold was used during the period of Grecian history before and during the time of Homer’s life. During the thirteenth and fourteenth centuries, European nations starting minting gold coins rather than their earlier preference of using silver for coinage.

The gold standard for money was used throughout the years of industrial economies in the nineteenth century. Gold certificates and bills were added to this circulating stock of money based on the value of gold. After World War II, the gold standard was replaced by convertible currencies with fixed exchange rates based on the Bretton Woods system.

Starting in 1971, the USA refused to redeem its dollars in gold because excessive government debt and money printing had caused the gold price per ounce in the free market to rise way above the fixed redemption price of gold. Since the dollar was backed by gold up to that point and had gained the status as the most important reserve currency, most other countries around the world had already abandoned their own gold standards and instead pegged their currencies to the dollar.

The financial turmoil and debt problems in recent years have reinvigorated the debate about returning to a gold standard, particularly as gold prices have risen sharply.

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Gold Price: The Pure Beauty and Value of Gold

As an alloy, gold content is measured in carats. Pure gold is 24k. Gold is always considered the most desirable precious metal, even as the prices of certain platinum group metals have been higher. The perception of gold brings to mind wealth and comfort, beyond that associated with stocks, equities and money. Buying gold is a way to diversify risks, as the stock market can be unpredictable. The safest, most reliable play on gold prices is to own physical gold. However, investors also use contracts, futures, and derivatives to build financial portfolios exposed to gold prices.

“The safest, most reliable play on gold prices is to own physical gold.”

The globalist International Monetary Fund (IMF) in Washington, D.C, maintains statistics of national assets reported by countries around the globe. This includes gold holdings. The price of gold is reported per ounce. An investor refers to a 24-hour spot gold price chart. The price per ounce is reported in real-time as 24-hour trading ensues worldwide. Before investors decide to buy gold from a dealer, it is wise to refer to trading charts for AM and PM values – or better yet, reference live global spot prices – to ensure accurate pricing. While is can be impossible to predict the value of future markets, live reports help buyers make a prudent purchase. The use of an online calculator can also be helpful.

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Gold Price and Investment Demand

Commodities are basic goods that can be interchanged with other commodities of the same type in commerce. Gold is not specifically a currency or a commodity. Since it has the features of both, it is best described as “commodity money.” Trading happens on the spot market in addition to the future market used for commodities. Gold is not reliant on a single central bank or government. For this reason, precious metal investments are used to hedge against inflation and financial turmoil.

What is the Gold Spot Price and How is it Determined?

Traders determine the spot price of gold on futures exchanges. Metals contracts change hands in London and Shanghai when U.S. markets are closed. But the largest and most influential market for metals prices is the U.S. COMEX exchange. The quote for immediate settlement at any given time is effectively the spot price.

Spot (paper) prices can sometimes diverge from real-world pricing in the markets for physical precious metals. For example, during periods of extreme stress in markets it may be impossible to obtain physical metal anywhere near the quoted spot price. Premiums on retail bullion products may surge as a consequence. When the physical market diverges from the paper market, wholesale over the counter prices may be more realistic than spot prices.

Why Does the Gold Price Fluctuate?

Excessive money printing tends to drive gold prices up, as there are more currency units chasing basically the same number of gold ounces. On the other hand, the price of gold does not tend to perform as well as compared to other assets when governments are behaving responsibly and living within their means. Geopolitical conflict, mine supply, and demand for gold in jewelry also have a bearing on gold prices.

An investor will seek to make a profit, but there is always a risk of loss with any investment. The most successful investors seek updated information daily, each week, and every month before they start to trade, sell, or purchase gold. The published dollar amount rates will constantly change, so buyers will expect to gain and lose along the way. Before investing, check indexes such as the NASDAQ for the latest rates based on the USD. Review the end of the day Commodity Future Price Quotes for Gold (COMEX) and determine the bottom line using online calculators. Rely on facts rather than the opinions of a writer at a blog website, tweets from a social media account you follow or commentary at the office. A random comment may not be valid while facts and figures are verifiable. Rather than making a quick response to a conversation, take the time to do your own research.

What Causes the Price of Gold to Go Up?

A hundred years ago, gold sold for just $20 per ounce. In recent years gold has traded between $1,200 and $1,900 per ounce. That’s a huge move up in nominal terms over the past century. Yet in real terms gold prices today aren’t much different from what they were when they were last quoted at $20 an ounce.

It’s not that gold has become so much more expensive. It’s that the currency in which gold prices are quoted has depreciated so much. (The U.S. dollar has lost nearly 97% of its value since the Federal Reserve was created in 1913.)

Over time, gold’s value in terms of purchasing power stays relatively constant. Of course, there are major cycles wherein gold can gain or lose value dramatically due to supply and demand issues, speculation, or manipulation. But as long as the dollar keeps losing value, gold – the ultimate money – can be expected to ultimately reflect that depreciation by carrying a steadily higher price tag.

What Was the Highest Price of Gold per Ounce Ever?

Gold prices hit an all-time high of $1,900/oz. in August 2020. However, that nominal high wasn’t actually a new high in real terms. The January 1980 peak of $850/oz still hasn’t been surpassed when adjusted for inflation.

According to the government’s own inflation calculator, $850 in 1980 dollars translates to $2,475 in 2020 dollars…and $2,708 in 2020 dollars.

These are low-end inflation adjustments based on a heavily massaged Consumer Price Index. In recent years the CPI has tended to understate real-world inflation, according to many independent economists. So gold could run significantly higher even than the CPI-adjusted figures before making a true new high in real terms.

Gold Price Per Gram

How many grams are in an ounce of gold?

One troy ounce of gold is equivalent to 31.1 grams. Although gold prices are most commonly quoted in ounces, gold bullion is also bought and sold by the gram. Grams can be a more convenient unit for pricing when trading gold in small quantities or using gold for everyday barter transactions.

Better bullion dealers sell gold bullion products by the gram. For example, Pamp Suisse and other well-regarded mints produce 1 gram gold bars. Also, the Royal Canadian Mint produces packs of 1 gram gold Maple Leaf coins.

What is the Dow to Gold Ratio?

The Dow:gold ratio measures how highly valued the stock market is compared to gold. The Dow:gold ratio tends to move lower during both deflationary depressions (as in the 1930s) and inflationary panics (as in the late 1970s). At the bottom of the Great Depression, Dow:gold reached a 1:1 ratio. That same 1:1 ratio was briefly reached again in January 1980 when both gold prices and the Dow Jones Industrials sported an 850 handle.

In 2020 and 2020, the Dow:gold multiple has ranged from 16 to 20. During the next financial crisis, that ratio is likely to collapse in favor of gold. Some gold bugs believe a return to 1:1 parity will happen again.

A 10,000 Dow and $10,000 gold, for example, may seem far fetched today. But during a true panic in markets, one or the other price extremes – or both, simultaneously – could be realized.

Ways to Purchase Gold

Gold products as an investment are typically purchased in the following three forms:

  • Gold Bullion Coins
  • Gold Bullion Bars
  • Gold Bullion Rounds

The weight of gold is measured by troy ounce. Gold can be purchased by the gram, in ounces, or even by the kilo in the form of a gold brick. Since sizes vary from an oz to kilos, direct physical possession of gold is not required. Often this gold is stored in a safe, with a dealer, or at the bank or another facility. Other options include gold certificates, exchange-traded products, gold bullion price derivatives, and gold accounts.

For example, contributing to a gold or precious metals IRA is another way to invest get and exposure to the gold price and the physical metal itself. The IRA custodian allows more diverse investments. The IRA holds physical bars or bullion as well as paper assets. Gold self-directed accounts can also include other types of retirement accounts. Precious metals that can be held in these IRA accounts include gold, silver, palladium, and platinum. It is required these metals held inside of an IRA are in the form approved by the IRS for this purpose.

Types of Gold Bullion?

The three main types of gold bullion are bars, rounds, and coins. Each type come in a variety of sizes. Bars may range from a single gram to 100 ounces each. Rounds and coins are commonly sold in 1 ounce and fractional sizes.

The main difference between a round and a coin is that the former is produced by a private mint while the latter is produced by a government mint. A government-minted gold coin typically has a legal tender face value attached to it (which is considerably less than its intrinsic metal value).

Specialty products such as jewelry and collector’s items are generally not considered to be bullion. Bullion investors should avoid collectible (numismatic) coins that carry high premiums over spot prices.

Is Gold Bullion Traceable by the Government

In almost all cases, no – dealers do not have to report the transaction to the IRS or other federal agencies.

There is one extremely rare exception. For a disclosure requirement to be triggered, BOTH of the following conditions have to be met:

  1. The transaction is (or related transactions are) larger than $10,000 in size.
  2. Payment is made using actual cash (i.e. Federal Reserve notes) or with two or more cash instruments (defined as money orders, cashier’s checks, or traveler’s checks) which total more than $10,000.

Personal checks, debits, bank wires, and credit card payments are NOT considered cash or cash instruments. Therefore, purchases using them do not trigger disclosure by a dealer regardless of the amount.

How to Invest in Gold

From beginners to educated investors, it is easy to invest in gold. Before signing a contract or purchasing any gold product, prices should be calculated and clearly quoted. Verify all costs and fees before you commit to buy anything. Ask questions and remember that time is of the essence. While you should never feel pressured, the price of gold rises changes every minute so expect to be asked to make a commitment to lock in your price.

Whether you have hundreds or thousands to spend, this savvy financial asset is accessible to everyone. Call Money Metals Exchange for a free expert consultation today. The process is discreet, secure, and beginner-friendly. Investing in gold is a cost-effective, simple way to create a safe-haven for your assets. Money Metal Exchange is with you every step of the way as you discover the mystery and wonder of owning gold. Contact us today to find out more about investing in gold and other precious metals!

Storing Physical Gold Safely

It’s good to take a two-pronged approach. First, store some of your gold at home in a well-concealed safe for immediate access in case of emergency. Store the remainder of your gold in a secure, insured bullion storage facility. Insist on segregated gold storage to avoid co-mingling your bullion with that held by other customers.

Safe-deposit boxes at banks are generally not suitable for bullion storage. Some banks have policies that explicitly prohibit gold bullion. Plus, your gold would be at risk in the event the bank goes under or gets raided by government agents. You don’t want your gold tied into the banking system, even indirectly.

Untouched Bitcoin Volume Reaches All-Time Highs — Two Major Factors at Play

In This Article

The amount of Bitcoin BUY NOW (BTC) which has not been transferred in more than five years has reached a new all-time high. This statistic is coupled with overall stability in the price of Bitcoin when compared to the majority of altcoins, leading to a number of suggestions for the cause.

A million bitcoins remain in the possession of its elusive creator, Satoshi Nakamoto We don’t know much about the founder (or founders) of Bitcoin — Satoshi Nakamoto — as he pretty much disappeared. More . New statistics, however, show that as of July 19, there is a total of 3,847,859 BTC that has remained untouched for more than five years. A number of conjectures about what these statistics actually mean for the Bitcoin network as a whole have been offered.

Bitcoin Transitioning to a Store of Value

Many industry insiders have long argued that Bitcoin is a store of value (SoV) asset similar to gold. With mathematical scarcity, the coin represents a potential hedge against economic chaos. The increasing amount of nonmoving coins could validate this argument as a shift in this direction.

“The amount of Bitcoin (BTC) supply that has been untouched (i.e. not transferred) for at least five years recently reached an all-time high. This potentially signals that BTC is increasingly becoming a store of value, as opposed to a medium of exchange.”

Satoshi initially described and offered Bitcoin as a currency, or medium of exchange (MoE). However, the decentralization of the network protects the asset from fluctuations due to political or economic unrest. A shift toward SoV from MoE indicates a bullish future.

Human Error at Play

However, in response to the Store of Value argument, crypto Twitter regular Tuur Demeester pointed out that five years is a long time to hibernate and that there is a very good chance that the majority of these stagnant coins have simply been lost.

I’m not so sure… 5 years without updating your cold storage method is a long time in Bitcoin. Imo most of these coins are likely lost.

Demeester’s analysis would suggest that human error has caused the stasis of most of the untouched coins. Interestingly, he points out that the lack of updating one’s cold storage in more than five years only furthers cements the hypothesis that the coins are lost.

Losses Are Gains

Such losses have far less of an effect on the Bitcoin platform since they do not represent a change in thinking for the community at large. At the same time, losses nearing four million bitcoins only increases the scarcity, cutting the total theoretical supply from 21 million to about 17 million.

Such a supply decrease should increase the price per BTC since the demand is determined by market forces. Evaluating exactly how many coins are actually lost, however, would be a nearly impossible task.

Whether the coins are being stored for their value or have been lost may never be known. Nevertheless, increasing numbers of untouched BTC does limit liquid supply in the marketplace, and in turn, overall scarcity.

Do you think the increasing number of untouched bitcoins comes from loss or from HODLers When traders think about cryptocurrencies, they focus more on how they can profit from the price swings. But, what happens. More ? Will these factors have any significant impact on the price in the long term? Let us know your thoughts in the comments below!

One Year Ago Today: Bitcoin Reaches All-Time High

Last year on this day, Bitcoin reached its all-time high price of $20,000 – before its parabolic advance was broken, sending the original cryptocurrency into a bear market.

As Bitcoin reaches new one-year lows, the first ever cryptocurrency’s previous all-time high is starting to feel like a distant memory.

December 17, 2020: Bitcoin Reaches All-Time High

Since its creation, investing in Bitcoin has been one long rollercoaster ride that typically results in significant gains for those that can hold the original cryptocurrency designed by Satoshi Nakamoto for long enough.

After the Mt. Gox hack and subsequent insolvency, Bitcoin was stuck in an arduous, two-year-long bear market that left many investors and traders scorn. Worse yet, many believed that the cryptocurrency was doomed forever and would be known as nothing more than a failed technology experiment that never quite lived up to its potential.

However, in early 2020 things started to change. In February, BTC’s price surpassed its previous all-time high of $1,149 (according to CoinMarketCap data), and started a steady climb upwards and showed no signs of slowing down.

Throughout the year, Bitcoin rebounded strongly from a number of corrective crashes, but continued its ascent in price steadily. It wasn’t until October when Bitcoin first broke $5,000 when the mainstream media began buzzing about the previously unheard of financial technology. Stories began to circulate of investors that struck it rich by buying new asset at far lower prices, which sparked a wave of greed across the globe.

Within a month, Bitcoin had nearly doubled in value, and was the talk of many family dinner tables during Thanksgiving . Following the holiday, the cryptocurrency’s price went fully parabolic, smashing through $10,000. Not even three weeks later, as hype over Bitcoin Futures took hold over the market, BTC doubled in value yet again, reaching its all-time high price of $20,000 on December 17, 2020.

December 17, 2020: One Year Later

Today, the leading cryptocurrency by market cap is trading at $3,400 and investors are currently celebrating the new price level as part of a relief rally, following twelve full months of price decline that culminated in Bitcoin painting a fresh yearly low of $3,125.

After Bitcoin’s parabolic advance was broken, a massive correction down to $5,800 occurred in February, but quickly rebounded over $10,000. That rally failed, as did three additional rallies that all ended in progressively lower peaks, forming a descending triangle – a bearish structure with a high probability of further price breakdown.

As the massive descending triangle reached its apex, the cryptocurrency fell through the repeatedly tested price floor at $6,000 that had been acting as seemingly unbreakable support, sending its price plummeting another 40%. Bitcoin has now lost over 80% of its value from its all-time high last year.

Tony Spilotro

I’m Tony Spilotro. I’m an avid Bitcoin supporter and maximalist due to my distrust in society and concerns over privacy, but also a strong believer that XRP could end up being the most disruptive altcoin on the market. I’m an.

Will Bitcoin Reach an All-Time High?

There couldn’t be a better start for bitcoin to a brand-new year. After reaching a low of $153.90 on the 11th of January 2020, from a previous all time high of $1,163 on the 24th of November 2020, the currency has been slowly rising and…

There couldn’t be a better start for bitcoin to a brand-new year. After reaching a low of $153.90 on the 11 th of January 2020, from a previous all time high of $1,163 on the 24 th of November 2020, the currency has been slowly rising and rising, with its value appreciation accelerating considerably over the past week, adding $250 to one bitcoin since Christmas day.

The immediate explanation may be that classic cup and handle over the long term weekly period. What caused it no one can really say for certain except that demand has considerably increased relative to supply, but why?

The primary explanation is probably monetary mismanagement in countries as diverse as China, India, Brazil, Venezuela, Nigeria and elsewhere. As I revealed in a previous article, internet searches for bitcoin are at or near all-time high in all of the above countries, except for China which has only seen a spike. In combination, their GDP is far higher than even America’s, thus may be a sufficient explanation by itself.

However, it is just one explanation with many other potential reasons such as the far greater awareness of bitcoin in the west generally and America in particular. During the past two years since bitcoin hit that low of $153, it has been mentioned in popular TV shows, constantly mentioned to explain blockchain technology in every publication one can imagine, including many from household brands, as well as finding itself in tweets from celebrities or semi celebrities.

The effect has been that now, as far as awareness is concerned, bitcoin has gone mainstream in the west. This is easily shown by going to Times Square, as some producers did. Apparently, most ordinary people have heard of bitcoin. Thus, bitcoin is no longer considered a fringe thing. Instead, the word randomly comes up when someone says, for example, that they bought a game from steam, normalizing and integrating the bitcoin option.

A New Friendly Administration

Another reason may be the fact that bitcoin has suffered considerably under the Obama Administration. His policies gave us IRS’s unjustifiable double taxation, New York’s disastrous BitLicense, and requirement for bitcoin and Fintech companies to effectively become banks and regulated as such if they wish to operate in a streamlined fashion across all of the United States.

The Trump administration, if indications prove to be correct, will likely follow a very different approach. His many supporters, including some of the more vocal or famous ones, happen to be bitcoiners too. Furthermore, he has given a senior position in his cabinet to a bitcoin supporter. But, more importantly, although bitcoin has appeal across the political spectrum with blockchain technology having bipartisan support in congress, it does appeal more to conservatives on an ideological level as they lean towards giving more freedom to the market.

The best way to illustrate it is the approach of UK’s conservative government. They, uniquely, consider bitcoin similar to any currency for taxation purposes when used as a currency. More significantly, they have not just rhetorically supported the blockchain space, but set up a monetary fund of some £30 million to encourage blockchain innovation and the Fintech industry generally. On wider regulation, for a testing period called a sandbox, they allow companies to throw out the rule book completely, trusting the very capable entrepreneurs with using common sense and general decency in the pilot stage of launching their product. All this has earned the conservative government one of, if not perhaps the only achievement one can easily recall, the crowning of London as Fintech Capital of the World.

Studies, however, suggest that the United States has the most talent and most demand for blockchain technology. A similar approach in America is likely to have far bigger effects for this entire space considering its vastly bigger scale to UK’s. Therefore, anticipating a far more friendly administration, sophisticated investors may have decided that bitcoin now has some considerable upside.

Gold Investors Divesting?

And yet another reason may be gold. It has not behaved as it should. Instead of responding to geopolitical uncertainties by rising, it has gone down. The primary reason, in my view, may be because people are beginning to realize that in such situations gold is of actually little use, compared to bitcoin in any event. It wouldn’t help entrepreneurial Venezuelans, for example, to export some food or medicine or machinery to produce either. Gold, of course would have maintained the value of their wealth far better than their worthless currency, but it could not provide even that function to the Indians whose gold was confiscated by an ostensibly democratic government which, in secrecy and unilaterally, declared part of their currency utterly worthless and gold now a property of the state with no apparent parliamentary or wider debate.

To both, bitcoin would have and perhaps has provided not just a store of value, but also an easy means of exchange. Now, with exchanges across the world and services that instantly convert bitcoin to analogue money or the latter to bitcoin, anyone can pay anyone. The Venezuelan, therefore, might actually get some food and not starve while also not just retain but increase their wealth, at least for the past two years.

It may be that gold investors are beginning to realize this superior functionality as well as perhaps realizing that a shift to bitcoin may now be the primary choice during uncertainty as there is a highly significant inverse correlation between bitcoin’s price and that of gold since September 2020. Bitcoin has risen by somewhat more than gold has fallen, suggesting perhaps a divesting of gold investors to bitcoin, precipitating the inverse trajectory of both.

Is Bitcoin About to go Mainstream?

All four of these significant events, taken together, suggest that bitcoin, regardless of what price does, is nearing the tipping point, a stage whereby it moves from just early adopters to the wider market.

Bitcoin has arrived here by finding many niches, with the main one being as a hedge, but also for international transfers, both purely monetary, such as Epiphyte which can send analogue currency internationally to any bank account for two cent by using payment channels, and potentially for international trade, especially from and to countries that are suffering from high inflation, such as Brazil, Argentina, Nigeria and Venezuela.

Another niche market may be teenagers and more widely individuals who do not have a bank account, especially in the developing world. While they surf the internet, with its reach having significantly increased especially following the adoption of smart phones, they are usually unable to purchase anything, which led to PayPal’s original popularity. The problem is, PayPal now charges hefty fees of $40, $50 or more depending on amounts. It further lacks privacy and, of course, it can shut down your account at any point not to mention that it requires registration and the main way of using it is through a bank account.

We all know of the controversial market where bitcoin acts as true money, performing all functions of store of value, means of exchange, and, uniquely, unit of account. Considering Switzerland’s end to its long-standing banking secrecy, that might be a new and perhaps equally controversial rising market for bitcoin. Somewhat less controversial may be the grey market. That is, things which are not illegal, but you might not want them in your bank statement, such as poker.

As these markets familiarize individuals with bitcoin and incentivize them to gain some, other markets, wanting to satisfy their growing number of customers who have bitcoin, may likewise begin to familiarize with the currency until eventually, potentially, it becomes just another symbol alongside Visa or Mastercard.

Will Bitcoin Reach All Time High?

All of the above is, of course, speculation. I’m not a financial expert, none of this constitutes advice and you rely on any of it solely at your own risk and discretion. Moreover, I don’t have a crystal ball so cannot say, but if it does reach all time high and maintains a price above it, bitcoin would have surpassed gold parity which is likely to be a significant psychological threshold not just for bitcoiners but the wider world as the currency finally announces its arrival at the world stage.

At that point, central banks will realize they are significantly constrained as any mistake they make would only accelerate bitcoin adoption, further undermining their goals. At that stage, bitcoin would have achieved one of, if not its, main aim– providing stable money by keeping in check its management through competition by private money in line with Hayek’s suggestion:

The past instability of the market economy is the consequence of the exclusion of the most important regulator of the market mechanism, money, from itself being regulated by the market process…only competition in a free market can take account of all the circumstances which ought to be taken account of.

Images from Shutterstock. Chart from TradeBlock.

Last modified: January 26, 2020 12:01 AM UTC

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