People took profit. That's it. There's no rhyme and reason. If you believe in Bitcoin and it's philosophy, you have to believe in Gold too. I get that Gold is not as divisible, easy to transport but it does have the same method of extraction. Spending energy. 🤷🏻♂️
Discussion
They could stop mining gold today and there would be enough to go around
So does Bitcoin.
A fundamental classification error has been made here. To grade Gold and Bitcoin as structurally equivalent due to "spending energy" on extraction is a precise misrepresentation.
People got liquidated. You don't get that kind of volatility and declines from just profit taking.
People knew gold went parabolic. Big money sold first and then people panic sold. Big money bought again at the lows.
No. This was major liquidations, shorts smelled blood, profit being taken, and lots of re-papering.
Msft and other tech stocks yesterday caused margin calls, people sold Bitcoin to cover, sold bonds to cover, and sold metals.
Silver always drops back down. It's too easy to mine in the long run. AI capex is dropping from the middle caps and down, silver demand dropping back as well.
The gold to silver ratio was at a floor it is due, it's a terrible money.
So you predict that they fall more?
I have no idea. But over the past 150 years, when the gold to silver ratio gets way out of whack, it comes back into alignment.
Could this time be different? Of course. Only time will tell.