What the hell happened to 07 GP prices?

[YoHoJo]

I know since it's new due to inflation prices have been slowly falling since it came out, but it seems like in the last 2 weeks or so it has fallen HARD, is there any reason for this specifically?
Some really good bot/method or some kind of dupe/glitch?

 

[Prisses21]

Main possible reason would be the demand on supply. And as far as Bot users within 07 has been increasing recently.

 

[joj0r]

more ppl are farming o7 gp >more gp on the market >lower prices

 

[Nytrix]

It fell pretty steep in last 48hours. It started decreasing slowly then just plummeted. Tbh it's probably because people saw a slight decrease in price and decided to dump mass stock for cheap to minimise risk.

 

[YoHoJo]

Main possible reason would be the demand on supply. And as far as Bot users within 07 has been increasing recently.

more ppl are farming o7 gp >more gp on the market >lower prices

Thank you two for your answers, I appreciate it, but the shock the price has expeicned recently can't just be explained by a shift in supply/demand , that just slowly and steadily decreases the price over time, but in the last week or so it really really fell fast.

It fell pretty steep in last 48hours. It started decreasing slowly then just plummeted. Tbh it's probably because people saw a slight decrease in price and decided to dump mass stock for cheap to minimise risk.

Yes it did! Hmm welp that's so dumb of them, it's been slowly falling for a long time, no need to make it fall faster than it already is! The slow steady fall was just fine, unless some crazy new method is being abused/botted or a dupe was found there is no reason for such a steep drop, but the market is the market, and we'll just have to deal with it. I doubt it will go up anytime soon though, just going to keep falling as it should.

 

[Miles]

More People have more money?

 

[Miami Viced]

Too many bots

 

[Rinestone]

staking,gold farming all bring more and more money into the game

 

[Prisses21]

Tbh I recently check playerauctions and also noticed that the prices also drops. I haven't visited the site for a 2 weeks now, so this is surprising for me

 

[Yenthe666]

^ Time to learn English. (just kidding ya)
And for Yohojo its because of three combinations most likely.

1. A lot of people want to make money with RS.
2. The number of players have dropped slowly the last years.
3. There is too much money in game (atleast for EOC) and this is what is slowly happening to '07 too..

That'd be my answer. Some sides apply to EOC, some to '07 but thats probably the main 'driver'.

 

[ThenoisyJaguar]

More money enters the game and it gets easier to find. More people are leveled up/playing and making easier money. When price starts to go down everyone sells to minimize losses. And as our good friend nytriz said, it crashes hard.

 

[YoHoJo]

I'm an economics Major, I know the principles of Supply, Demand, and Inflation, and those alone are not the reason for the hard crash recently.
GP has been falling a few cents a week until just last week or so when it feel around 30c-50c all of a sudden.

As far as I can see(and theorized by Nytrix) there was probably just a scare all of a sudden/for no reason and people overreacted about the inflation rate :/

 

[HotColdRush]

staking,gold farming all bring more and more money into the game

Staking moves money around in the game , it generates nothing.

And yeah , prices are falling because more and more GP in flooding into the game and less people are buying it.

 

[uselesspoop]

and there are no rares ( or items which require let's say 500m to buy) therefore there is an excessive demand for gold. Banana notes

 

and there are no rares ( or items which require let's say 500m to buy) therefore there is an excessive demand for gold. Banana notes

Increased demand would make the price go up, all else equal. It's not doing that though, that's why Yohojo is asking the question of what's going on.

 

[ASAPgang]

It could be that all the major gold shops/websites are trying to compete with each other, they see one website do it and everyone follows like a sheep. I could guarantee majority of sythe gold shops base their prices around the adverts here on sythe.
In all honesty, if no one changed their prices the prices would stay stable for many years to come?

 

[Xier0]

People keep saying "More gp is being produced every day so the price goes down"

No offence, but no shit Sherlock.

The thread is about the last 2 weeks, not 07 in general. Of course the value will continually decline, however, last week's price drop can just be attributed to how long it stayed at 1:18-1:20.

There was a gap in the RWT prices for 07 and EoC. A player stood to profit much more by exchanging his 07 to EoC at Coin Swap fc before selling, because of the low RWT price of 07. Finally, that caught up with the users who were doing that for large amounts of gold, and the in game exchange rate dropped closer to the RWT rate of 07 gold.