[JumpCrisscross]

> gold shares a lot of properties with Bitcoin, and therefore should be considered a sham by most of HN

Gold and gold buggery are separate. Gold and silver have deep precedence as money. They're also useful commodities. Gold buggery involves retail investors disproportionately allocating to gold as a buy-and-hold asset, often with emotional attachment. Those buying crypto because it's going to free the world or whatever resemble the latter.

[lexapro]

Central banks definitely don't own gold because it's such a useful commodity. Are central banks gold bugs?

[JumpCrisscross]

> Central banks definitely don't own gold because it's such a useful commodity. Are central banks gold bugs?

Are central banks retail investors? Are they buying gold to "to free the world or whatever"? No [1]?

Gold and silver have deep precedence as money. This leads to them trading as haven assets, i.e. their price rises when financial conditions deteriorate. Bitcoin doesn't. It trades as a risk asset, i.e. its price falls when financial conditions deteriorate. This could change! But that's true of literally every thing traded.

[1] https://www.bis.org/publ/work906.pdf

[ipaddr]

"Gold and silver have deep precedence as money"

Bitcoin has that rep as well.

[JumpCrisscross]

> Bitcoin has that rep as well

No, it doesn’t. The evidence is crypto trading as a risk asset. People believe it could one day trade as a haven asset, but that hasn’t happened yet. Not close.

[tim333]

>Central banks definitely don't own gold because it's such a useful commodity

It's proving quite useful to Russia's central bank which is selling gold to China as many of its other reserves have been frozen.

[aaaaaaaaata]

> gold buggery

This could be an interesting thread in itself.