We come across a lot of readings these days, suggesting that this or that piece of hash code, forged by funny folks on their PCs or even on servers in their employer's data centers, become the next gold standard in terms of a lasting "store of value". Well, the blue arrow in this fairly simple trend channel chart tells you my opinion about that kind of story. Not too far in the future, a lot of guys, whose cash gets burned in crypto space, will learn their lessons & understand what made gold keep its investment grade for centuries.
Don't get me wrong - I love crypto space and all the economic potential looming there. In fact, I expect the occurance of a crypto coin, backed with real gold in the near future. Such a coin, let's call it "Bretton Woods", will become the real challenge for the fiat monetary system. With Bretton Woods' recurrence in crypto space, the blue arrow in my chart will have to be replaced with something more vertical. Now you guys understand why I am pretty bullish about the pair XAUUSD.
Sir, you and me looks like will be the only persons here believing in this idea. If you see for the past few days all the discussion on the forum has been shorting Gold but Gold has been pushing itself up. For me I made my stuff on the ups and lost believing the shorts.
Most of the Gurus have been shorting Gold and getting applause, so wait and watch.
vlenz
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@shafsworld, Maybe the Gurus are right. Maybe we are witnessing some sort of bearish rally, followed by short term-pullbacks to around 1.230 or even worse. But that is not my concern here. My comment focusses on the medium-term (6 months - 5 years) and long term ( > 5y) - perspective of gold as a subject or baseline of monetary value. That perspective remains clearly positive. The more so, as we are being told by astrophysics that forging gold requires the energy of collisions of neutron stars, making gold an extremely rare stuff, not just here on earth, but throughout the universe as we know it.
That's why I like the idea to link the model of crypto currency as a convenient kind of cash in our digital age with a long-standing & trusted baseline of monetary value. Wait and watch - Bretton Woods coin is being prepared ;-)
shafsworld
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@vlenz, Thanks noted your point. Have you seen the rise of Gold today.
Most of the Gurus have been shorting Gold and getting applause, so wait and watch.