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I do not understand why such news would cause gold price to go up... What Trump is clearly aiming for is to replace gold with cryptocurrencies - that's why his

I do not understand why such news would cause gold price to go up... What Trump is clearly aiming for is to replace gold with cryptocurrencies - that's why his recent moves to have his own coin, allow crypto in 401(k), push toward "crypto dollar", and now trying to limit gold inflow to US with tariffs. If this goes as planned then gold will become less relevant in global monetary system, so it should go down, right?

Ancalagon 1y ago
expected increase in scarcity - supply and demand
- Detrytus 1y ago
  Yeah, silly me. Futures are very short-term instruments, not concerned about what this news would mean a few years from now.
  - futuredan 1y ago
    Not really, each has a delivery date and last day of trading. You can buy a contract for next March if you want. Hence the name.
akomtu 1y ago
I have a simpler explanation: he's bought a bunch of bitcoins and uses his position to inflate its price. If it's true, at some point he'll decide to cash out and announce that he will make bitcoin illegal to drop its price back. Maybe he'll repeat this cycle a few times.
metalman 1y ago
shipping gold is essentialy free right now, so the "tariff" is a hint that MOVING gold will get extra expensive, making the gold in various places worth more, possibly much more and Trump is most definitly, a, gold bug with a magic toy