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In gloomy economic scenario, gold continues to glitter

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In gloomy economic scenario, gold continues to glitter

By THE NATION

 

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The price of gold contracts in the New York Market rose on Friday night (July 31), amid increase in demand from investors for the metal as a safe haven asset amid concerns about the global economy in the aftermath of Covid-19.

 

 

The Comex (Commodity Exchange) gold to be delivered in December increased by $19.1, or 0.97 per cent, to close at $1,985.9 per ounce. The Comex gold price rose by 4.7 per cent in this week, and 10.3 per cent in July 2020.

 

The highest point the price reached on Friday of $2,005.40 per ounce was too fast for this year, according to those analysts.

 

Analysts said that the gold price was supported by the weakening dollar. The currency this week was at the lowest point in the past two years, dropping by 4 per cent over the last month.

 

Analysts said that another factor to support the dollar was the low interest rate frozen by the Fed.

 

From the beginning of 2020, gold price has risen by 30 per cent.

According to analysts, numerous investors decided to purchase the metal due to their concerns about the Covid-19 crisis, which has infected a total of over 17.5 million people around the world. Total cases in the US was more than 4.6 million, with over 155,000 deaths.

 

Source: https://www.nationthailand.com/news/30392282

 

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-- © Copyright The Nation Thailand 2020-08-02
 

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please the returns on gold are nothing compared to what is happening in the crypto market right now. 

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11 minutes ago, J Town said:

The only problem I have with this is gold is something you can hold in your hand. Crypto is a concept, agreed upon by humans, and that is fraught with danger. My eyes were opened regarding the actual value of a dollar when I read "Debt of Honor" by Tom Clancy where he basically reset the world economy to go back a week. I understand I have a very basic understanding, but I would rather invest in something I can actually see than imaginary ghost coins.

the imaginary gains i have made in the last few weeks are something my bank account has been holding quite nice. 

 

the world is changing my friend. crypto, bitcoin and blockchain are the future of finance and money. get on board or get left behind. 

 

yes gold will always have value but to think that the crypto market is simply imaginary coins is just totally ill informed and makes you look rather silly to be honest. 

 

 

 

 

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14 minutes ago, J Town said:

I would never invest more in ghost coins than I could afford to lose

stop with these totally ill informed statements. the crypto market is so much more than ghost coins. 

 

smart contracts

defi

staking

 

please look into those 3 concepts first as a starting point. 

 

sounds like your dear old auntie made bad financial choices. i am not here trying to convince you bitcoin wont go down again. all assets do that come on. 

 

however facts are facts and over the past 10 years bitcoin has been the #1 performing asset on this planet. period. 

 

heck bitcoin is even the best performing asset this year too

 

 

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2 hours ago, mr mr said:

please the returns on gold are nothing compared to what is happening in the crypto market right now. 

yes .....  that's why i'm looking to cash in my 2000 bitcoins soon.

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16 minutes ago, steven100 said:

yes .....  that's why i'm looking to cash in my 2000 bitcoins soon.

so, you have over 6000000 baht coming. Well done you. 🙂

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5 minutes ago, trucking said:

How do you get this stuff if you have no money ?

easy. take 2 diazepam before you go to bed tonight. 

  • Haha 1

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45 minutes ago, mr mr said:

stop with these totally ill informed statements. the crypto market is so much more than ghost coins. 

A symbol of value is only as strong as people believe it to be. At one time tulips were a symbol of extreme value - and then they weren't. Even gold has no stable value, it has its ups and downs. And while there are physical Bitcoin coins you can purchase, they are not stable nor popular. 

https://www.coindesk.com/10-physical-bitcoins-good-bad-ugly

 

That you get uncomfortable by the term "ghost coins" means that you don't like anyone undermining the collective value of your investment.

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1 minute ago, J Town said:

That you get uncomfortable by the term "ghost coins" means that you don't like anyone undermining the collective value of your investment.

its not that.

 

it shows you haven't spent any time looking at what crypto and blockchain really is. so while you and others basically make a joke about it you only expose your own lack of understanding and knowledge about the whole subject. 

 

defi is decentralized finance which is going to end banks as we know it. smart contracts are going to revolutionize how business deals are made. staking will be a way to get a yearly return on your coins just by simply holding onto them and putting them on the blockchain. some of the returns may shock you when you see what they are giving. 

 

look the general attitude on this thread so far has been to basically make fun of the whole asset class. 

 

keep this in mind. bitcoin in the last 10 years has given a 9million percent return on your investment. 

 

is there any other financial advice people on this thread want to offer up ? 

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1 minute ago, mr mr said:

its not that.

 

it shows you haven't spent any time looking at what crypto and blockchain really is. so while you and others basically make a joke about it you only expose your own lack of understanding and knowledge about the whole subject. 

 

defi is decentralized finance which is going to end banks as we know it. smart contracts are going to revolutionize how business deals are made. staking will be a way to get a yearly return on your coins just by simply holding onto them and putting them on the blockchain. some of the returns may shock you when you see what they are giving. 

 

look the general attitude on this thread so far has been to basically make fun of the whole asset class. 

 

keep this in mind. bitcoin in the last 10 years has given a 9million percent return on your investment. 

 

is there any other financial advice people on this thread want to offer up ? 

As I said earlier, if it works for you, great.

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Gave my two children each a backpack filled with gold and silver when gold was $1,350 per oz and silver $14.50 per oz.

 

I feel certain their futures are more secure with real tangible assets than imaginary digital value.

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3 hours ago, Puchaiyank said:

Gave my two children each a backpack filled with gold and silver when gold was $1,350 per oz and silver $14.50 per oz.

 

I feel certain their futures are more secure with real tangible assets than imaginary digital value.

had those backpacks been filled with ledgers 10 years ago your children would be multi milionaires if not billionaires by now. i'm sure that pales in comparison to what the few pounds of gold and silver have returned. 

 

but hey i am just peter pan what do i know. 

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