Apparently Kevin Krim ran this story briefly on CNBC - before it was pulled - and he suffered the consequences of irritating the Elite Bankers
In pure theoretical terms Peter is spot on.
Pragmatically speaking, people are hedging the gold suppression with cryptocurrencies.
Peter is a multi-millionaire, he can afford to sit on his piles of precious metals.
People like us are being compressed by the market manipulators. We cannot hold our PM's indefinitely. Cryptos are a good hedge.
If we get right down to it, an unscrupulous person could make money under almost any market conditions. Without moral accountability, one could most definitely profit from trading in Bitcoin. But then, one could also profit from trading in the current standard fiat currency as well.
However, when considering a hedge, I would point out that even if you aren't considering the ethics, if you're choosing to spend your wealth on something as a hedge you're always going to be better off with durable commodities than something like Bitcoin or other fiat currencies. It doesn't matter if you're spending a few thousand dollars on a hedge, or a few billion.
You mention that Schiff is able to sit on his precious metals, unlike those of us who have not attained his level of wealth. Well, sitting on it is exactly what you do with a hedge. That's the point of a hedge. You're not hedging if you're constantly trading, are you? So comparing Schiff sitting on gold, which, yes, may be deliberately depressed, to sitting on Bitcoin isn't really a valid comparison when discussing hedges is it? I mean, how long would you sit on a Bitcoin hedge? You can sit on your gold virtually indefinitely. That's what makes it such a great hedge. There's no rational argument to make for Bitcoin in comparison, is there? Maybe I'm missing something. Please, sincerely, fill me in if I am.
putting together a new personal blog. ...really to document what I am doing codewise, and also just to communicate thoughts on various issues.
I am using Octopress + Site44 as my blogging platform, and it is pretty much perfect in my book...
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