Debt Ceiling Effects On Gold and Silver

It appears our heroes have saved
us.
http://mobile.reuters.com/article/topNews/idUSBRE98N11220131016?irpc=932

 

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They are exactly who we thought they were. We need to crown them.
We ask for savior and they come an saved us.

 

Yay, they saved us from themselves.

 

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After the 'save', gold seems to be headed up this morning.. Hmmmm...

 

Someone said manipulation earlier right??? Funny how this is panning out.

 

Why would the debt ceiling debate have any significant effect on prices, when it is obviously a farce? (They will raise it, as usual).

PMs are long-term investments, which is why the bears may be right for many years to come. Eventually there will be a global monetary reset, and when this happens the PM bulls will be vindicated. It is a question of timing, not which side is categorically right (or wrong).

 

Even if there is a "monetary reset", why are you leaping to the conclusion PM "will be vindicated"? Why would the younger generation choose something as antiquated as a metal over something like bitcoins?

I think PM bulls better pay attention to bitcoins. I think they are drawing away a lot of demand that traditionally would have been buying PM and instead are buying these. Security is a huge point. Even though the US has taken the "wallet" of the Silk Road founder, they still cannot access his bitcoins. PM, they can simply take away.

 

Just like any other electronic item on the net, it can be hacked and has been multiple times. PMs represent the physical protection that people know can not be hacked and stolen away. You will now make the argument that someone could steal the PMs from you as well. To keep on topic, it would be much harder to do then tapping onto a computer and being wiped out in a milasecond.

 

How is stealing traditional PM's harder than hacking into a bit coin account??? I am not saying it is impossible, but Bitcoins are very secure and to my knowledge, have never been stolen through hacking, yet every day of the week, folks get their physical PM's stolen.



To put this into perpective. I am an IT professional with a lot of skill in the digital world, but if I were to try to steal Bicoins, I could not do it. Yet, if I really wanted to steal PM's, I don't believe I would have much trouble with that

 

I'll answer medoraman's post when I am more free, but regarding Bitcoins and hacking, there have been numerous cases of hacking attacks and theft. I am not an IT professional, but I did flirt with the hacking world for some time, and with trojans and vulnerabilities within the exchanges, and possibly other routes, it seems it can be a very lucrative area for some hackers.

See: https://bitcointalk.org/index.php?topic=83794.0
Also: http://www.geek.com/news/new-trojan-wants-to-steal-your-bitcoin-wallet-1392215/

Actually, it would be a lot easier for even an amateurish hacker to steal personal identities and digital money than doing it in the real world, IMO.

P.S. I remember when an IT guy who was setting up my home network claimed it was invulnerable to hacking attacks. I then dabbled in hacking and now laugh at the conversation.

 

It will interesting to see if the FBI gets to Ulbricht's Bitcoins.

 

That was my point. You have some of the best computer experts in the world unable to open a digital wallet over the course of months. Sounds a lot more secure than holding PM in my house somewhere. How long do you think it would take for the FBI to find and confiscate his money if it were in PM? A few hours?

I am simply saying it appears a lot of people who distrust governments, who in the past probably would have been PM buyers due to this fear, are now investing in bitcoins instead. This is a lot of demand that normally would have raised PM prices that is simply not there anymore.

 

I don't know what to believe about Bitcoins. One side will say this and other side say that. This will be a good test. If they do get them, the Bitcoin vs PM scenario may flip 180 degrees. And if they can't, the world's central bank freak show will be chewing carpet. If your not heavy on either side it's win either way.

 

The Silk Road founder was a very tech-savvy individual who, apparently, left authorities with enough clues outside of the Tor network to pin him down. The average person, however, utterly lacks the technical know-how to make their Bitcoins (assuming they even grasp the concept of a cryptocurrency) fully secure. The reality is that Bitcoins are being stolen all the time.

P.S. The Bitcoin vs. PM dichotomy has become, IMO, overly simplistic and fallacious.

 

It's true that younger generations may be hesitant to invest in a metal, but they may be enthusiastic about jumping into a currency backed by a metal. Ron Paul has many college-age supporters, BTW. In fact, my admiration of Ron Paul and sound money may be related to the fact that I am much younger than most here.

I see gold playing a bigger role in the next monetary system, but then again, that's just my assumption.

[On a second thought, younger generations may be more willing to invest in metals because they may be more willing to recognize the dangers of unbacked currency as inflation kicks into high gear.]

 

They'll may even see the danger of an unbacked currency as they ponder how we we got a 17.7 Trillion national debt.

 

Maybe they will. From personal experience I believe some of yoru generation will realize it, but the rest will be sheep, simply "wanting theirs", and not caring how its obtained. I was like you 20+ years ago not understanding how people were not recognizing the danger of our debt and how inexpensive PM was. I did what I could do by buying silver, but most of my generation didn't bother.

 

I'm a simpleton when it comes to computer stuff so please excuse me if this is a dumb question: If they can hack DOD computers, why can't they hack Bitcoins?

 

I think people someone make statements on here without any backing of what they just said, but expect people to say he must be right. Everyone has their own view points on what they feel comfortable investing in. The problem is if you don't agree your considered a fool or uneducated. Most people that invest have some sort of clue. Bitcoins is another form of a investment not many understand or know about, but also has had a large number of scares when it has come to be a secure investment. Remember the same people that designed this idea can be the same type of people who can take from it.