RE: POG8 Jan 2021 19:47
scott309 - I'm not saying the gold drop is justified or will last (you may have misunderstood me). However that doesn't mean the US Treasuries news wasn't the catalyst for it to head south, and in these times of algos (as you say), reactionary traders, and so on and so forth, moves can be fast/sharp, even if not fundamentally justified.
anon3 - Any of us would be lying if we didn't say we'd love to have banked rises of the Tesla/BTC scale. Money for literally nothing - especially in the latter instance ;) However, ultimately, their rises could easily have died a death at any moment in the past, and tanked. Or it could happen tomorrow. As you say, these things have happened in history, with tulip-mania. I think an II or two buying is not unexpected. You could even put much of this years rise down to the US government literally giving people cheques of $1200 or more to everyone! If 1% of them didn't need it and decided to put it into bitcoin...that alone would have been nearly $4bn of bitcoin buying! There's been stories of at least one NFL player asking for half his salary in it - that'll have prompted some more buyers almost certainly etc. I imagine during the Tulip bubble there would have been the equivalent of many of these things, with some financiers buying, or prominent people buying, fueling it further. Ultimately, the more people into it, the more people you'll have promoting it....because they know if it stops rising fast then really it has little value again. All of them are going to say they're holding forever.....because if the narrative was that it's just a short term thing then it becomes a race to sell first and there's literally nothing to prop up the price because it's a worthless string of numbers.
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