Friday, November 15, 2013

Peter Schiff: Bitcoin Is Not Gold GLD, GDX

Bitcoin Heist And Jim Rickards On Taper, Janet Yellen and Gold GLD, MUX, TNR.v, GDX

  "In this very interesting episode RT is reporting about the hunger for the FIAT Currencies alternatives and how it is driving the Bitcoin Bubble, but it is not The New Gold or even close to it - as we have written before. New security concerns are reported with the cryptocurremcy and Jim Rickards dissects the Currency War situation in the ECB, BOJ and FED race to the bottom. You will find out why Janet Yellen can not Taper and what is behind the Gold and why Gold Standard is still valuable option even today. 
  After our yesterday US dollar chart observations it has fallen out of bed so far today - maybe somebody already has received Janet Yellen's testimony for tomorrow's nomination hearing."

Claims: "Bitcoin Is Broken", "Security Vulnerability" - Bitcoin site is hacked, with $1million of the virtual currency stolen.

"Bitcoin potential fair value is of 700 ounces of Gold" - Not So Fast - it is Not Gold or even close to it. There will be a lot of opinions about Bitcoin and its stratospheric rise. Its wild gyrations of valuation show the appetite for the alternatives to FIAT currencies and ... another Ponzi Scheme in the making fuelled by speculators. Do not be too alert on this one thou: as FED's issued US Dollars are maybe even worse. Everything will be ended in a bubble one day - before it you can play and make some money.
  But we definitely have a very big problem when somebody is coming out - as ZeroHedge reports - with valuations for Bitcoin based on comparing Gold vs Monetary Supply in existence and then compares the potential "Bitcoin fair value" to 700 of ounces of Gold!?"

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