do you own gold? if not, then it doesn’t affect you, unsurprisingly.
Person who decided to sell gold:
Person who decided to buy it:
Completely by chance, I inherited some gold and chose to sell it about a month ago because I didn’t want my emotions to be tied to the market (fear of missing out kind of stuff). I feel pretty great about that decision since this news happened.
It’s always some guy instead of me….
Great job and very healthy decision making!
Market cap and realized losses are completely different things. Reporting a change in market cap as a loss is misleading imo.
This dip might drive some volatility for a bit, but gold and silver are still at crazy high valuation. It isn’t likely to affect you unless you’ve been speculatively buying precious metals and panic sold.
Also, gold doesn’t have a market cap. It’s literally impossible to measure how much there is.
Hell, there are asteroids that have more than we do.
Yeah, ours came from asteroids from what I have heard
We’re all stardust and so is gold.
So I should buy?
Diamond hands!!!11
I thought it came from the bones of the fifth elephant.
edit: Bones. Bones of the fifth elephant. AFAIK they don’t have video in Discworld other than in that one book and that didn’t go so well.
Your comment reminded me of the movie, “don’t look up” and now I’m slightly annoyed
That’s the exact feeling the movie left in me too.
A family member of mine purchased silver at the last historic high around 2011 just before it crashed. I convinced them it was a good idea to sell last Thursday, a day before it crashed again.
“Buy high, sell higher” I guess?
It does affect you, in a sense that this represents volatility, which in turn is usually bad: it means that investors are nervous with policies, markets etc. It is a symptom for the chaos currently fueling the world.
Gold prices falling is usually an indicator of market stability rather than volatility. I suspect the new fed chair pick is the cause for the selloff. Although he seems more like a business-as-usual sort of guy rather than a Trump crony so I don’t know why anybody thinks he will do anything differently compared to Powell.
Probably not directly.
But if I had to guess, this, along with a few other similar markets dropping suddenly, suggest some major actors in the world are liquidating assets to get cash for some reason.
Some powerful global actor suddenly needing a lot of cash suddenly could mean something that effects you.
Russia has been selling off gold for a while. Maybe they’ve ramped up the rate.
Here’s a good, quick summary. Skip to 13:16.
glow1:wave: buying rune gold trim armor set
I have one, you just have to follow me to the wildy and I’ll drop it. There’s too many people here.
Oh man. I was young and naive enough when I started playing RuneScape that I fell for that scam SUPER early. I didn’t have anything worth stealing, but it still felt awful.
I devoted a significant amount of time to crafting steel armor and weapons and giving them freely to new players when they spawned in, because I felt like I would take the evil done to young me and turn it into good.
Yeah, I think we all did once. It was a good life lesson though.
I had an interesting experience with RuneScape. I started my game, left the castle, crossed the bridge, turned left, and a chicken killed a guy who dropped several hundred thousand gold right in front of me.
I got the nepo baby experience.
I can trim your rune set for you, just trade it over
For THAT much gold to have got on the market, somebody big is financing something, liquidating a bunch of their reserves?
Russia’s got African gold as part of its income ( the Africa Corps, formerly Wagner, being their means of harvesting African gold, both directly & indirectly, apparently )… this could simply be them converting from gold to some other kind of asset, in financing their war…
XOR it’s all ditched futures?
The people who pointed-out that it’s all just a 2-week setback, though … consider that the other-way-'round:
that in 2-weeks, gold has CLIMBED that much…
THAT is … terrifying.
World’s bracing for economic-armageddon/collapse/Depression2.
_ /\ _
It was/still is in a bubble. People with a lot of it closed their positions because it was so high. As long as trump continues his same tricks to try and pump the stock market, there’s no reason it won’t go right back up.
No.
Source: just… no.
It doesn’t. It means the dollar is strong and people no longer want to invest in “alternatives”.
Unless you have a bunch of gold, then yeah… it affects you lol
Edit: also, gold doesn’t really have a “market cap”. We would need to know exactly the amount of gold on our planet to calculate a market cap
Maybe the market cap in this graph is the total amount of gold extracted.
That would be my guess. But do we even know that precisely?
We actually have a decent idea, around 219,890 tons.
The gold market cap has always been the approximate amount of gold that has been extracted. While I don’t think anyone can give you an actual precise number, the approximate number is pretty widely known and tracked as we extract more.
The dollar still isn’t much different than it was a month ago. The bet is less on how strong the dollar is than how stable the stock market is going to be in the near future. And apparently people expect a relatively stable stock market.
Either way, this fluctuation doesn’t even matter if you hold gold unless you engage in short-term trading. Anyone with a “sit on it” strategy can pretty much ignore such behavior.
Nah. I bought gold ETFs while back and I’m not worried because it’ll likely continue to increase long term. Those worried are likely ones that day trade and sold in a panic.
I thought you meant NFT for a sec
NFT of a pic of a gold ETF idea.
It’s at the price it was 2 weeks ago. I’m sure lots of gamblers are distraught that it didn’t keep rallying, but it absolutely doesn’t affect real people
Unless they’re planning on buying marriage rings, then this should positively affect them (with a slightly lower, though still absurdly high price)
real gamblers love a drop, that’s when you can finally get good entry. the more the lines go up without any downturn the bigger the next crash will be, there’s no such thing as a soft landing.
look back at the price of anything big back in april…that gap will be filled sometime within the next 3-4 years
Yeah whenever there is news like this you always have to go and check the 1y or even 5y trend. It looks like gold is already rebounding from this…
