Month: February 2015

A Brief Recent History Of Precious Metals Manipulation Investigations

Although terms like “free market” are often used to describe modern life,  evidence of command-and-control markets  keeps finding its way into headlines, most notably with Libor – the rigging of global interest rates (or the price of money) – shocking the world

What fewer know is the consistent investigation by national authorities into the rigging of precious metals prices by major banks.  There have been more than a few. The Department of Justice antitrust division prosecutors investigation into the price-setting process, which was announced yesterday, is merely the most recent. Read More

Precious Metals Manipulation Revisited: Banks Facing Scrutiny By DoJ

Amid investigations and fines levied for rigging markets, major global banks have felt a little pressure on their bottom line. The investigations are not stopping. Despite the fact that European regulators dropped a precious metals manipulation probe, US officials have announced their investigation of no fewer than 10 major banks for the possible rigging of the precious metals markets.

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Dollar Vigilante Ed Bugos On The Next Phase In Gold’s Secular Bull Market & Why He’s No Gold Bug

The following interview is by GoldSilverBitcoin with The Dollar Vigilante’s Ed Bugos. To receive more of Ed’s insights, click here

GSB: Ed, thank you for taking time to do this! 

Ed Bugos: Justin, thank you for having me.

GSB: When did you become a gold bug and why? 

ED: Justin, I first became bullish on gold in the late nineties, about a decade into my career as a stockbroker, as the “cult of equity,” as Bill Gross called it, reached a fever pitch.  Thanks to the Greenspan Put, you could not go wrong.  By the time 1999 came around nobody remembered the last serious decline in stock prices, at least in the US. Read More

Here’s Why Apple Watch Shows People Still Love Gold

The high-end version of the new Apple Watch might set a new record in terms of cost for Apple, which is planning to order over 5 million units of the Apple Watch for its initial run, according to a Wall Street Journal report Tuesday. Half of those will be the most basic model, which are expected to sell for $350. A third of the initial run will be an  as-yet unpriced mid-tier model. Read More

Major Discovery Highlights Gold’s Long History As Money

A major discovery of more than 2,000 gold coins off the north-central coast of Israel could prove to be a part of the largest gold hoard ever found in the eastern Mediterranean, say archaeologists. The discovery highlights the long history of gold as money.

The coins have been identified as dinars, which was the official currency of the Fatimid caliphate that ruled parts of the Mediterranean from AD 909 to 1171. Read More

One Government Has No Problem Confiscating Gold. Is It Yours?

In recent months a lucky Chinese herdsman stumbled onto a 17-pound gold nugget. But there are now questions swirling around just how lucky he truly is as China’s government may force him to turn over the nugget to the state as it is a public “mineral resource.”

The ethnic Kazak herdsman tripped over the gold nugget, which apparently was lying “on bare ground,” while traversing through China’s far western Xinjiang region about three weeks ago. After the local government appraised the rock and investigated the ownership of the nugget, the government decided it might seize the gold nugget, a move that has triggered controversy across China, as legal experts and laypersons alike debate who should get to keep the gold nugget. Read More

Blockchain Girl Janina Lowisz On The BlockchainID, World Citizenship & Marriage and Divorce On The Blockchain

The following interview was conducted by Bitcoinomics.Net with Janina Lowisz, the first “holder” of a “Blockchain ID,” about the Blockchain ID, world citizenship and numerous other topics relating to the BlockchainID. 

What is a BlockchainID?

The blockchain ID was invented by Chris Ellis from World Crypto Network and Bitnation founder Susanne Tarkowski Tempelhof, and makes use of the Bitcoin blockchain and available cryptographic tools to provide IDs that are not issued by nation-states but privately. It is one of the pilot projects Bitnation did so far to show how governance services can be done in a private, voluntary and decentralised way. Today, the blockchainID could be used for online verification, as part of a reputation system to facilitate transactions, for voting, or it could be used by stateless people or in war zones. The blockchainID will be available on in Q1.

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Royal Canadian Mint Releases Latest Coins in Gold and Silver Bullion Series

The Royal Canadian Mint (RCM) has made a splash in the silver and gold investment community as late with many of their limited mintage bullion coins, such as the Wildlife Series and others, including the Birds Of Prey silver bullion coins and the Call of the Wild gold bullion coins, the latest coins of which were recently released. Read More

Consolidation In The Gold Mining Industry As Companies Overextend

There is consolidation taking place in the gold mining industry as the market volatility takes out companies at all levels of the industry, from coin dealers to miners.

Amid a 12-year bull run ending in 2014, $30 billion in debt was taken on by gold miners. The miners which minimized their borrowing are now in a position to buy mines from rivals with weaker balance sheets, according to executives at the Investing In African Mining Indaba Conference in South Africa, which is the biggest gathering of the sorts on the entire African continent. Read More

Gold-Plated Cell Phone Dealers Aren’t Feeling So Bearish

Gold is in style. As Fox news declares, “Forget the fast cars and flashy jewelry.”  It’s about the gold-plated cell phones, a serious luxury item.

gold_phoneIt’s the new way for people to distinguish themselves as one-percenters.  Want to look important? Well, people are doing it the same way they’ve always done it: with precious metals.

“They’re more apt to invite you to your own table or give you an extra bottle or something like that,” according to Fox.

“It is an extreme luxury,” said Alex Wiley, founder and owner of Las Vegas-based Ademov Luxury Electronics,  which turns ordinary electronic devices into lavish devices with precious metals and stones. Read More

Americans Are Stressed Out Over Money, Annual Report Finds

Americans are stressed out. And, perhaps unsurprisingly, they are most stressed over money, according to a new survey. Over 1-in-4 Americans report feeling stressed over money most or all of the time, and most say this stress over money has remained the same as last year (59%) or gotten worse (29%).

The survey was conducted by the American Psychological Assn.’s annual survey of stress in America, which was issued this past week. According to the survey, the stress has paralleled the nation’s unsatisfactory recovery. 36% of the poor report they feel stress over money all or most of the time. Among those living in households with income over $50,000, half as many, 18%, report they feel chronic financial stress. Read More

Ancient Microbes Formed Earth’s Biggest Hoard of Gold

There have been some big breakthroughs in the world of science lately regarding how gold was formed in the early earth atmosphere.

We think mankind does most the work when it comes to extracting gold from the Earth, but it could be that Nature is the true workhorse. The gold miners during the California Gold Rush mined came originally from igneous rocks, where it was sparsely distributed among other minerals. Erosion over time freed the gold and concentrated it as water carried away lighter particles.

That is not the only way for gold to become concentrated enough to be of value. Another way entails the movement of water, heated by magma deep below the surface, dissolving and carrying minerals – like the gold – as it rises through rock. As it cools and traverses fractures, which act as little highways, the dissolved minerals “precipitate out to form rich veins.”

South Africa’s Witwatersrand Basin is among the world’s best gold deposit.  The Vaal Reef deposit, for example, has produced three thousand tons of gold or $100 billion at today’s prices. Geologists still debate, to be sure, about how gold got there – riverine placer or hydrothermal precipitation are the two options outlined above.

Gold is discovered in layers within materials which once acted as ancient sediment laid down by rivers, however these rivers flowed roughly three billion years ago. The deposits have become metamorphic rock in the intervening period.

There are clues that suggest the gold had precipitated, which could have taken place hundreds of millions of years later as hydrothermal fluids flowed through the deposits. So you have a case for hydrothermal deposition, too.

A new paper published in Nature Geoscience, written by ETH Zürich geologist Christoph Heinrich,  submits a third possibility that could explain everything. Heinrich’s explanation centers on that three billion years ago held a much different earth environment than today’s. This period was “after the origin of microbial life but before the oxygenation of the atmosphere.”

As Ars Technica writes,

The hypothesis is built on the idea that voluminous eruptions of flood basalts that occurred in the area at the time would also have ejected a lot of volcanic gases—namely sulfur dioxide and hydrogen sulfide. Both those compounds would get into the river by riding in raindrops, with the sulfur dioxide forming sulfuric acid. The gold in these deposits is accompanied by a lot of fool’s gold (pyrite), which is composed of iron and sulfur, but very little of other iron-containing compounds. That would make sense if the water was loaded with sulfur, which grabbed the iron and then precipitated.

The volcanic rock that was weathering and eroding beneath the falling rain and flowing river water then would have contained diffuse gold. The acidic, low-oxygen, high-sulfur water it was exposed to during eruptions would have been good at dissolving gold—conditions you wouldn’t see today.

Downstream in quiet pools, that gold-laden water (at a concentration of maybe a part per billion) would encounter mats of living microbes, dead organic matter, or methane. Chemical reactions with that organic carbon would steal the gold atoms from their water-soluble partnership with hydrogen and sulfur, precipitating out the metal. And in fact, we do see what looks like gold precipitated onto microbial mats in these deposits.

After it precipitated, bits could break free and roll around, smoothing off rough edges. The end result would be something that looked a bit like a placer deposit and a bit like hydrothermal precipitation, which would explain why these rocks have been such a puzzle for geologists.

The volcanic eruptions weren’t constant, so the gold transport would have occurred in pulses. That massive Vaal Reef deposit, for example, could have accumulated over a million years, assuming a decade-long eruption every ten thousand years.

Heinrich does point out one observation that is problematic for his hypothesis: some trace element and isotopic data that suggests the particles of gold are older than the sedimentary rock it calls home. That shouldn’t be the case if the gold was precipitating in the way he’s proposing. However, there’s some uncertainty in those measurements that still needs to be worked out.

If the idea is right, this 3 billion year old bonanza only exists because of some special circumstances. An oxygen-free atmosphere and caustic rain downwind of massive volcanic eruptions sounds pretty unfriendly to life like us, but unfazed microbial life snatched and hoarded the gold liberated by that rain. All we did was dig up their buried treasure.

Regardless, it is interesting to read about the biological, chemical and physical originations of gold, which has been used as many.

School Employees Discover More Than $200K in Cash and Gold in Lockers

While cleaning out lockers in a school in India, employees uncovered hidden cash and pure gold – a fortune worth in excess of $200,000.

Per the “Clean India” campaign, the Kendriva Vidyalaya School near western Indian city of Ahmedabad was being cleaned when workers discovered the stash inside five unused lockers in the staff room, according to The Hindu website. Read More

Gold Investors Bullish On Gold & Silver Bullion Based On January US Mint Sales

Sales numbers (brought to the internet by CoinNews.Net) of US Mint American Eagle and American Buffalo sales increased in a big way in January with the newly dated 2015 bullion coins selling in quantity and attracting investors and collectors thanks to volatile gold and silver prices during the month of January. Many bullish sentiment has been expressed in recent months in regards to gold, and investors are nervous about a stock market that looks topsy-turvy. Read More

Just How Much Silver Is In The Super Bowl Trophy?

Silver and gold have been a big part of history, right alongside sports. And that is why it makes sense that many of the world’s most important trophy’s in sports. Yesterday we saw the end of Super Bowl XLIX, and everyone has spoken about the controversy swirling around Pete Carroll’s late decision which might have cost the Seattle Seahawks their second straight Super Bowl. Read More