Via The Daily Bell

Is Gold On Its Last Legs? … I am about to make a bold call on the future price of gold . Clearly, no one knows the future, but I firmly think that the preponderance of the evidence points toward dramatically lower prices for the yellow metal over the next 24 months. In fact, I expect gold prices to drop below $1,000 per ounce by October 2018. -Nasdaq

More nonsense about gold. It never ceases. Now we are being told that the blockchain itself will erase the value of gold, which has probably existed for 10,000 years or more.

The idea here is that the blockchain provides such security that something like gold, with millennia of perceived value is going to be deemed unnecessary.

Once value can be ascertained via technology, the need for actual money metals will be removed.

More:

Gold May Even Become Obsolete ... The world is embracing new ways to create and transfer value. Ancient stores of value, such as gold, are quickly being made irrelevant by technology. One technology in particular, Blockchain, is the manifestation of high-tech creating its own means of value transfer from one user to the next. The Wall Street Journal defines blockchain as " a data structure that makes it possible to create a digital ledger of transactions and share it among a distributed network of computers. It uses cryptography to allow each participant on the network to manipulate the ledger in a secure way without the need for a central authority." ... The structure of blockchain transactions makes it unnecessary to even know whom you are dealing with when conducting commerce, and still have full trust in the transaction itself. Advanced algorithms are used to verify and confirm transactions, thereby creating a historical record ... Blockchain technology is still in its infancy, lacking a fully realized application and having only a minor overall economic effect. However, its existence may signify that gold is on its way to becoming irrelevant in the future economic reality

The article points out that bitcoin users benefit from blockchain’s “full trust.” Of course, we know, too, that there are plenty of problems with bitcoin, as we long-ago anticipated. To place one’s full trust in bitcoin is surely a mistake.

The article makes other points about gold’s impending demise. Most significantly it points out that gold (and silver) must be in for price erosion based on inevitable higher interest rates. This is because professional traders and institutions tend to sell gold when the dollar’s “value” accrues against gold.

But tracking short-term price movements regarding money metals doesn’t make much sense in this day and age. The world itself is being destabilized by conscious forces supporting increased internationalization.

Whole populations are being merged in Europe, and soon in the US via forced immigration. Economies are being destabilized, war is being fomented. Domestic insurrection is being surreptitiously encouraged.

In this environment, parting from gold and silver – money that has proven value – because of rate fluctuations seems questionable indeed. The Fed, for instance, has been threatening to raise rates significantly for years. The result: one tiny, upward tick.

Blockchain is an intriguing technology that has proven its validity with bitcoin and is being applied to numerous other industrial areas. But to make the leap that it will now begin to replace gold as trusted money is a truly ludicrous assumption.

Likewise, the idea that one ought to part with gold and silver because the dollar is on its way up against gold. In fact, the dollar, too, is being undermined by impending globalism. The plan apparently is to create a basket of currencies to take the place of the dollar. The world needs to be “evened out” and that includes currencies. The yuan is being promoted.

Conclusion: Gold (and silver) remains what it has been all along, a trustworthy store of value that is liquid and accepted around the world. There is a reason that Indian women where their wealth on their persons in the form of jewelry. They know exactly where it is at all times and have access to it. That’s a form of practical prosperity.

Why Blockchain Will Render Gold Worthless



