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April 02, 2018, 12:29:51 AM

For those of you comparing gold to bitcoin, don’t.  

The gold price is suppressed because gold is too easy to mine with modern mining techniques. Gold has a supply problem, there is too much of it.  We have mined far more gold since 1950 than we have in all of history, and that has flooded the market.

Quote
The best estimates currently available suggest that around 190,040 tonnes of gold has been mined throughout history, of which around two-thirds has been mined since 1950.

Source:  https://www.gold.org/about-gold/gold-supply/gold-mining/how-much-gold-has-been-mined

Further there are too many planned mine expansions.  A single planned mine expansion in Australia (BHP Olympic Dam) would yield 15,000 tonnes of gold and 90,000 tonnes of silver.  That’s almost 10% of historical global supply from a single mine. No market can absorb that type of new supply without collapsing the price.

So ignore the 4th dimension conspiracy bullshit, because the author doesn’t know how supply and demand works in the gold market.

Bitcoin is scarce.  Gold is as common as dirt.
Not to mention the very real threat of synthetic gold becoming dirt cheap with breakthroughs in either the synthetic process itself or energy (nuclear fusion), or future asteroid mining. I wouldn't bet on metals for the next decades as a safe haven.

I'm not sure why people all go to nucleosynthesis and asteroid mining when presenting these arguments. The gold industry hasn't even made it economically feasible to do deep sea mining or just digging deeper. We haven't even pecked the surface of our own planet. I would imagine going down deeper  into the crust and maybe even starting to go into the mantle would be way cheaper than flying back and forth to some asteroid.