Digital Gold Flight To Physical Gold Coins and Bars
By: GoldCore
GoldSeek.com
Thursday, 18 January 2018
– Latest bitcoin, crypto crash causes gold coin and bar demand to surge
– Bitcoin down 40% from high, Ripple down 50% and Ethereum down 30%
– Ripple and ‘Digital gold’ Bitcoin fall past key psychological price levels
– $300bn wiped from cryptocurrency fortunes in just 36 hours
– New research says that there is ‘Price Manipulation in the Bitcoin Ecosystem’
– Savvy crypto buyers converted their short term gains into physical gold bars, coins
– Bitcoin and Ripple sellers bought gold both for delivery and storage from GoldCore
– Gold ETF holdings rise – Assets in iShares Gold soar to $10.7 b, highest in 5 years
– 95% of cryptocurrencies will go to zero …
30% to 50% price drops in a matter of days and the loss of $300 billion in value is quite a knock for a market that was not meant to be in a speculative bubble.
In just 36 hours the cryptocurrency market has managed to make a fair few people feel very nervous as they watched crypto currency prices fall very sharply.
The two most popular cryptocurrencies (as measured by market cap) saw the biggest losses over Tuesday and Wednesday, this week. Digital gold bitcoin dropped below it’s key psychological level of $10,000, whilst ether also made a drop below the all-important level of $1,000.
The crypto market has been on a tear for the last few months. We are frequently asked by people about bitcoin and whether or not they ‘should’ be getting into it.
Gold is the best way to secure value from crypto volatility
Unsurprisingly many cryptocurrency buyers or investors have been looking at how they can secure their gains. Since early December and continuing in recent days, we are seeing numerous existing and new clients who had seen massive gains in bitcoin, ripple etc diversifying into physical gold. They have been buying both gold coins and bars, for both delivery and storage.
One high net worth British entrepreneur involved in tourism sold a substantial amount of bitcoin and bought kilo bars (gold) for storage in Zurich. Another tech entrepreneur told us he was selling Ripple after having very large profits and a “nine bagger” meaning his initial punt on Ripple had surged nine times. He bought a substantial amount , over 100, of gold maple leaf coins for insured delivery.
Ripple lost 50% of value in one day
It’s not just digital gold bitcoin gains that have people diversifying into gold. In the last two weeks, we have had a few clients who had seen huge short term gains in Ripple diversify back into gold.
They told us they were concerned that the massive price appreciation was unsustainable and they got nervous about it and decided it was a good time to sell and take some profits. This was a fortuitous move given XRP (the Ripple currency) lost 50% of its value on Tuesday alone.
The Rest…HERE
