Loading ...Remember the old Gold Eagle days? We had a big private, uncontrolled speculative bull market in Uranium. Then the “news” mentioned they are going to put Uranium on the futures market.
I immediately posted my prediction, that Uranium prices would be controlled and go lower, and it happened. In my opinion, the futures market is a governor on commodities.
People love to bet and gamble, and with no outside control, the price can go to totally ridiculous heights. If the bean counters (commodity governors) are not happy with the price of something? They just call J P Morgan or Goldman and tell them which way to bet.
Evidently this bit coin thing is private separate, and wild totally unregulated by outsiders, a betting frenzy, can create prices that have no reason or logic. Tulip mania I guess was like that.
Re Gold, even with the “governor” attached to the price, Gold still a respectable price pushing $1,300. Imaging no control? My guess? $2100/oz minimum. Using a factor of 15 times for inflation, and the black market price of $140/oz around ’71-’75.
Before we were allowed to own it, 1975, our fake US Gov’t was giving our gold away to foreign nations at $34/oz, when it was trading privately at $140.