Central banks have been buying gold at a record pace \ stacker news ~news

Central banks have been buying gold at a record pace www.axios.com/2024/01/31/central-banks-buy-gold

2746 sats \ 27 comments \ @Turnspit_Dog 31 Jan news

Wait until it comes out that another country has been secretly buying bitcoin. It’s only a matter of time.

Meanwhile the US is selling Bitcoin.

Which will be looked back on as one of the MANY signs that lead to the downfall of the US, unless they turn things around in the next administration.

40 sats \ 2 replies \ @kepford 31 Jan

However unlikely it is entirely that one US gov agency is selling bitcoin while others are buying it. I doubt it because why would they, but it is possible. Most governments are not monoliths. They are massive bureaucracies full of illogical inconsistencies.

44 sats \ 0 replies \ @KLT 1 Feb

Completely. So many governments across the world. I would be shocked that none of them aren’t stacking BTC within the next 10 - 15 years.

10 sats \ 0 replies \ @orangecrush 1 Feb

Not that unlikely. US loading up on bitcoin would signal dollar weakness when dollar hegemony is the basic platform on which all US foreign and domestic policy is based.

40 sats \ 1 reply \ @gmd 1 Feb

considering how much is wasted in gov spending you think a tiny position as a hedge could be justified…

109 sats \ 0 replies \ @KLT 1 Feb

I thought about that yesterday too. I guess them selling bitcoin is a signal to other countries that it’s worthless, thus keeping the illusion of the dollars strength. Them keeping bitcoin would signal that it’s worth holding, which of course they don’t want to do.

10 sats \ 0 replies \ @anon 31 Jan

El Salvador has joined the chat

0 sats \ 0 replies \ @tomlaies 31 Jan

If it did already happen, it would have been leaked.

96 sats \ 7 replies \ @elvismercury 31 Jan

Bitcoin bulls want to know: If you can easily buy a commodity on the stock market, in ETF form, does that drive demand for the commodity itself? The answer, judging by the past three years in the world of gold ETFs, is a clear no.

62 sats \ 2 replies \ @grayruby 31 Jan

Paper gold market is massive. We don't need to worry about this happening in bitcoin until the paper market is maybe 5x what it is now.

50 sats \ 1 reply \ @Turnspit_Dog OP 31 Jan

Costco is trying to get some gold holders on board... would that be a GHODLer?

https://www.costco.com/1-oz-gold-bar-pamp-suisse-lady-fortuna-veriscan-new-in-assay.product.4000186760.html

10 sats \ 0 replies \ @grayruby 31 Jan

Yes, a friend of mine texted me about this when he was at costco a couple weeks ago. Their price over spot is not bad actually and it is costco so one would imagine they have worked with a reputable vendor who has verified it's real and pure.

I don't stack gold anymore but I would consider it if I did.

10 sats \ 3 replies \ @Turnspit_Dog OP 31 Jan

Devil's advocate.... do most people that want to buy gold an older generation because that is what a store of value has been for generations? Newer generation does not see gold the same way as a store of value as the newer generations.

So does this directly correlate to BTC ETF's? Dunno... just a random thought.

10 sats \ 2 replies \ @026180d3a3 31 Jan

Gold is inherently valuable to most everyone as it is a precious metal and there is therefore not a lot of it. (Still, there is a bit of it). BTC doesn't have any intrinsic value beyond a digitally derived market.

0 sats \ 1 reply \ @DiedOnTitan 31 Jan

What is the "intrinsic value" of the SWIFT network? Or the Internet for that matter?

0 sats \ 0 replies \ @026180d3a3 31 Jan

It only has agreed upon value among those who use it. Could say it is a "derived value".

40 sats \ 0 replies \ @phatom 31 Jan

The People's Bank of China alone bought 225 tonnes of gold in 2023, worth some $15 billion at current prices. Its current holdings now stand at 2,235 tonnes and represent about 4% of its international reserves.

When China is buying something this much it tends to sway in their favour

1 sat \ 0 replies \ @OriginalSize 31 Jan

But have they been taking delivery? Is Germany still trying to get their gold from New York or did they finish that?

0 sats \ 0 replies \ @TomK 1 Feb

I studied ancient history and philosophy as a 2nd studies after economics. I really love bronze age culture until today!

0 sats \ 0 replies \ @jgbtc 1 Feb

They're planning to get into the electronics business after hyperbitcoinization.

0 sats \ 0 replies \ @oliverweiss 31 Jan

You don’t?

0 sats \ 0 replies \ @fiatbad 31 Jan

Gold is so dumb.

0 sats \ 0 replies \ @stooge 31 Jan

Too bad for them :)

0 sats \ 0 replies \ @piecover 31 Jan

Good for them

0 sats \ 0 replies \ @Coinsreporter 31 Jan

And what do they do with that? Nothing actually they should buy Bitcoin instead.