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
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
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
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
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 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.
It’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
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.
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
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
Tommy Thompson, a treasure hunter who discovered a sunken ship with what NPR called “perhaps the greatest loot in history” onboard, was arrested last week in a Florida hotel for having disappeared with the bounty decades ago. Read More
With gold dropping Monday due to news in Greece of the far-left Syriza party winning Sunday’s general election, which resulted in the euro falling to 11-year lows in the wake of Mario Draghi’s fateful decision to implement quantitative easing, the fate of Europe has become ever more uncertain. With a lot unfolding in Europe, the spot gold price at $1,282/20/1,283.00 fell south to $11.20 on Friday’s close, trading within an intraday range of $19. By Tuesday it had climbed $13, spelling out the high volatility of the time. Read More
They cost $300, but these gold-plated XBox and PS4 controllers have sold out.
You might not be playing with them anytime soon, but these pictures are for you to look at.
“The extraordinary new controllers undergo a complex process to achieve a rich, glossy finish. These products look amazing and have outstanding ergonomics,“ColorWare writes about them.
As is made clear in the above announcement, GoldSilver, owned by well-known sound money proponent Mike Maloney, has begun accepting Bitcoin for gold and silver. While not the first bitcoin-to-bullion vendor, GoldSilver’s Maloney has made it clear he supports Bitcoin. He was brought to the coin very much the same way many other precious metals investors were – via Trace Mayer.
It’s not only Mike Maloney accepting Bitcoin now, but also Peter Schiff, who also recently began accepting Bitcoin for gold and silver.
Mike Maloney is perhaps best known for his popular YouTube series, The Hidden Secrets Of Money. For that series, click here.
It’s getting to be Marc Faber time again. Faber shines when economic uncertainty is at a high, as well as when gold is moving up. Both of these things are true today, and Faber has been getting quite a bit of press attention.
“I’m positive [that] gold GCG5, -0.47% will go up substantially [in 2015] — say 30%,” said Faber, Mr Gloom Boom Doom Report, at Société Générale’s global strategy presentation in London on Tuesday. Read More
Gold and silverbugs are starting to think things are changing in the precious metals market, even if most commodities are still a bit off. That demand has increased is typical for December, but prices are higher than they’ve been in quite awhile. Five months in fact. Read More
Many countries are asking for their gold back from the United States. Is this a symptom of a declining empire or merely a matter of convenience for those nations asking for their gold back?
The United States has held onto much of Europe’s gold since the post-World War II period due to perceived stability on the North American continent. Read More
This weekend might have left you wishing you were in semi-numismatic coins as the prices were wildly volatile. First ZeroHedge reported an uptick in the gold price of $190.
Then, when markets opened, metals tanked.
While it is true the Russian central bank has been buying increasing amounts of gold, it is not totally clear what sorts of motivations are behind the buying. Though when one looks at Vladimir Putin’s recent statements, it does become clearer what these might be in order to leverage in an increasingly multi-polar world, moved away from the more dollar-based system.
Forbes thinks it is more likely “a small financial detail, a little wriggle in Russian public policy about precious metals sales.” Read More
Ruth Crowell is modernizing the precious-metals industry. She oversaw the update of the silver fix, which had been around since 1897. Shortly thereafter, she was on to changing the way the world sets the gold price, which had been done the same way for 95 years. The 34-year-old American, who had spent seven years at the London Bullion Market Association after coming on as a temp worker, has become the international trade group’s first female chief executive. Read More
Overnight someone sold 1.2 million ounces of gold and it brought the price of gold down $12. That’s about a billion dollar trade. Here’s the chart showing the liquidation. As ZeroHedge writes,
For the 5th day in a row, “someone” has decided that 0030ET would be an appropriate time(assuming the ‘seller’ is an investor who prefers best execution rather than the standard non-economically-rational share-repurchaser in America) to be dumping large amounts of precious metals positions via the futures market. Tonight, with over 13,000 contracts being flushed through Gold – amounting to over $1.5 billion notional, gold prices tumbled $20 to $1151 (its lowest level since April 2010). Silver is well through $16 and back at Feb 2010 lows. The USDollar is also surging.
The mainstream is alit with stories covering gold and silver now that each has fallen through any semblance of resistance. CNBC is leading the charge, having published six stories in the 24 hours preceding 4:30pm PST on Tuesday. The six stories are as follows:
Gold and silver’s lower prices are not a sign the bull market is over. Instead, it is a sign that the US dollar is experiencing relative strength because other things are falling. For instance, the New Zealand central bank just finished off its biggest sale of the Kiwi in 7-years, but that is nothing compared to some other events, like protests for Democracy in Hong Kong, which is causing a selloff in the Hong Kong dollar and renminbi for US dollars. With more bullish news for the US dollar hitting the wires, it is uncertain when gold and silver will stop their slide.
Myriad speculators agree: silver is oversold. Traders and analysts point to a completely out of whack gold-and-silver ratio to explain this fact.
Overnight September 28 the gold-silver ratio was approximately 69.72. That means, for every ounce of gold, you could purchase 69.72 ounces of silver. At the end of August the ratio was 66. The ratio is above its 10-year average of 57.
This is a change from the usual.
Historically, the ratio has been much closer. Read More
Alibaba Group had a huge debut with its shares beginning to trade at $92.70, up over 36% from its IPO price of $68. That increase on the New York Stock Exchange raised the company’s total market value from $168 billion to over $220 billion. Alibaba had raised $21.8 billion in its hotly anticipated IPO, the largest in US history, dwarfing Facebook Inc’s IPO.
The price of bitcoin has fallen from its $513 price of one month ago to as low as $381.17 on Friday. This week alone the crypto-asset fell from $513 to $381. Read More
Mainstream press pundits are themselves surprised at the bull market the world has seen in stocks, and many are beginning to note that, soon enough, investors themselves will grow wary about investing in the stock market.
The price of gold bullion since March has come down approximately $100 per ounce, and since 2011 the price has fallen from nearly $2,000 an ounce to its current price of approximately $1,300. The story is similar for silver, which fell from its high of $49 in April 2011 to today’s price of $19.50. Many analysts on mainstream press have indicated that the gold bull market is through, but the evidence points towards the contrary. Read More
Provident Metals, a well-known gold and silver bullion dealer, announced that they would start accepting cryptocurrencies for payment for coins, bars and even survival supplies in 2014. The firm began by accepting Bitcoin, Dogecoin & Litecoin.
Provident Metals began August 25 2014 accepting Bitcoin, Dogecoin and Litecoin for payment on all gold and silver bullion and other products available at ProvidentMetals.com.
“The value of cryptocurrencies and precious metals are market driven, and they both appeal to forward-thinking investors,” said Provident Metals CEO Joe Merrick of the decision. “This integration was logical because many of our customers are proponents of alternative currency, and it’s our job to respond to their needs.”
ProvidentMetals claims one main reason why they chose to accept cryptocurrencies is because of customer requests. The requests increased after Provident began sponsoring NASCAR driver Josh Wise, who is sponsored by Dogecoin.
In fact, customer requests played a large part in the decision to accept cryptocurrencies, particularly after Provident began sponsoring NASCAR driver Josh Wise, who is also sponsored by Dogecoin.
Provident Metals COO Jake Haugen, said that Dogecoin community led the company to take the dive… “… it was time for us to recognize the effect cryptocurrencies are having on the marketplace.”
“Our goal is to provide our customers with new and progressive payment options that work to their advantage.” Haugen said.
According to Provident Metals’ website:
Provident Metals is a leading dealer of gold and silver bullion as well as other investment grade precious metals, along with a growing selection of food storage and other survival goods. The bullion dealer is also a proud NASCAR co-sponsor with Dogecoin. Provident Metals customers enjoy access to a secure online ordering system, or can call (800) 313-3315 weekdays between 8 a.m. and 6 p.m. CST. Visit http://www.providentmetals.com/ for more information.
Many nations have recently called for a new multi-polar regime for global governance. The very core of such a notion betokens one thing; namely, the disuse of the US dollar. Not only have Russia and China called for such a “New World Order” but so to have US allies like France, South Korea, Brazil and India. This has major implications for what Washington can do in the world and at home. Washington depends on demand for the US dollar, and that demand is fading. This comes at a time when programs like quantitative easing have resulted in more dollars circulated than ever before. Well, these will be repatriated over the coming decade as nations like China and Russia trade for oil in renminbi or another currency. Read More
“Last year was crazy, and then we said we have to do something,” Miguel Vias, the director of metals products at CME, said.
In 2013 gold prices fell 28% with silver falling 36% representing the largest slumps for both metals in more than three decades. After bullion fell to a 34-month low in June, the yellow precious metals saw its volatility reach the highest levels since 2009.
CME, considering applying daily price limits on gold and silver, are looking to mellow out the wild volatility seen in the precious metals markets over the last few years. There is precedent for this, as CME currently has limits for various futures contracts across commodities, like energy, agriculture, as well as as financial products. As yet, it has not introduced limits on precious metals.
CME’s major concern is the high level of buying and/or selling and the associated price fluctuations. “We don’t have price limits in gold and silver. That’s something that we are looking into,” Vias said.
The suggestion comes as allegations about high-speed frequency traders rigging markets via dark pools and off-book exchange trading. One of CME’s major concerns are the trading programs that could push the market higher or lower all on their own.
Through the first four months of 2014, COMEX gold futures volume decreased 10 percent from one year ago. Turnover in silver contracts increased about 7.5 percent.
Gold and silver futures are the most-traded commodity contracts behind crude oil and other energy products.
The frequency of wild price movement has only increased in recent years and so the exchange introduced circuit breakers in order to prevent cascading stop orders that could make price movements larger.
But not everyone supports setting limits on price movements.
“I think the breaks in trading are good, but I wouldn’t support fixing price moves,” said one U.S. trader.
Other analysts, like Bix Weir, claim this is a new stage in gold and silver price manipulation.
The moves by the CME could be seen as evidence that big movements are coming in the gold markets, what with geopolitical turmoil and emergency Fed meetings taking place, as happened this week. CME runs the COMEX, and many speculate the COMEX is actually short gold and silver, and thus any movements to the upside could hurt it, causing it to default on its obligations.
At any rate, the decision seems to come on the heels of the CME acknowledging that markets are manipulated via high speed computer programs.
[heading]Russia Prefers Gold To US Paper[/heading]
The United States (US) and the European Union (EU) have threatened sanctions against Russia, but even these efforts have seemed lackluster, as namely Europe seems reluctant to step on Russia’s toes. In the meantime, Russia has made moves to tighten its relationship with emerging world superpower China, causing those two nations to move towards closer trade and sometimes trade that circumvents the US Dollar altogether.
Since the Ukraine crisis worsened this year Russia and China have worked closer together, but there are some things Russia is not interested in selling to China, and what they are might be very telling for investors. Read More
[heading]Why The Gold Industry Is Packing Up & Leaving Western Nations[/heading]
Wealth is draining out of western nations, and there’s good reason. Record levels of debt, institutionalized corruption, fraud and so on have left financial markets looking towards the east, and gold is no exception.
A new trend has emerged in the gold market, one which might have implications for an ongoing power shift in global geopolitics. Basically, eastern markets, led by China, want more influence on the gold market. Traditional power center, London, might not be ready to cede power, but does it have a choice? More western nations have little control over precious metals. For instance, record levels of debts preclude the purchase of further gold stockpiles. Palladium is controlled by Russia and the platinum market is in turmoil in South Africa. Read More
[heading]These Banks Are Getting Sued For Manipulating This 6,000 Year Old Form Of Money[/heading]
The New York Times published a piece on May 5 entitled “Banks Sued On Claims Of Fixing Price Of Gold,” which goes into detail about a bunch of gold price suppression lawsuits in New York. The article goes over the 40-minute hearing in which lawyers for over twenty plaintiffs met in a Federal District Court in Manhattan so as to coordinate their lawsuits against the five banks which steer the London Gold Fix. Read More
[heading]Gold Mine For Sale In Bitcoin[/heading]
One gold miner is selling his gold mine, but don’t offer him Federal Reserve Notes – he prefers bitcoin…
An unknown parent company of a Yukon, Canada, gold mine is for sale on high-end bitcoin-specific marketplace BitPremier for the asking price of $2m in BTC, potentially the highest priced bitcoin sale ever on record.
The price tag for the gold mine is more than 3,000BTC. This price includes the gold mine itself, all its associated assets, including $1 million worth of actual mining equipment, the rights to one mining property and the lease agreement to a seperate mining lot. Read More
[heading]Ecuador Transfers Gold To Goldman Sachs For Cash[/heading]
Ecuador’s transfer of over half its known gold reserves to Goldman Sachs Group Inc. for three years, in order open up cash for the South American nation, will see the central bank sending 466,000 ounces of gold to Goldman Sachs, worth approximately $580 million at current price levels. The nation expects to get the same amount back three years from now in exchange for the cash. Ecuador, in return, will receive “instruments of high security and liquidity” and anticipates to earn a profit of $16 million to $20 million over the three years for lending her gold.
The central bank did not detail additional terms of the transactions, including feeds or financing costs paid to Goldman Sachs. Five years ago Ecuador defaulted on $3.2 billion in bonds. The recent move with Goldman Sachs comes as the South American nation must meet a budget deficit of approximately $4.94 billion. In April, President Rafael Correa said he planned to sell approximately $700 million of foreign debt this year in the country’s first international bond sale since Ecuador’s 2008 and 2009 default. Read More
[heading]Austria to audit gold reserves at the Bank of England [/heading]
Austria wants to make sure the Bank of England has its gold still. As the most recent signal of European Union member suspicion of one another, one wonders if the Union can overcome the tension between member states.
Last year when Germany’s central bank, the Bundesbank, said it plans to ship home all 374 tonne of gold it stored with the Banque de France in Paris, as well as 300 tonnes held in Manhattan by the US Federal Reserve, by 2020, it had already had issues seeing its own gold, and come under scrutiny about its foreign gold holdings.
One year later, the Federal Bank of Germany had only brought home 37 tonnes of gold.
A paltry 5 tonnes came from the US, with the rest coming from Paris. The US Fed holds 45% of the total 3,396 tonnes in German gold.
AUSTRIA TAKES NOTE
Austria has taken note. So it is sending a group of auditors to the Bank of England, where it keeps 150 tonnes of its gold worth more than $6.2 billion. According to Goldreporter. de only 17% of Austria’s 280 tonnes of gold reserves are held inside her borders.
Apparently under public pressure the Austrian accountability office has been forced to send the delegation to verify the bullion held in London vaults.
“I acknowledge the request. Any grocery store is obliged to do inventory once a year. It is the only way of getting rid of these unreasonable allegations”, Ewald Nowotny, Governor of the National Bank of Austria tells Trend.
The Federal Reserve Bank of New York holds 1,536 metric tons of German gold – that is, nearly half of Berlin’s reserves. Owners were not allowed to see their gold until 2007, “following numerous enquiries.” Bundesbank staff members went to see the facility, but they only made it to the anteroom of the German reserves….
Auditors made a second visit in May 2011. This time one of the nine compartments was opened, Gold bars there were densely stacked, and some were weighed. But this part of the report has been censored due to Federal Reserve Bank of New York request.
“I would like more transparency on the issue,” says Bundesbank board member Thiele.
In a bid to calm questions which have arisen regarding Germany’s gold reserves, the Bundesbank looks to bring back and analyze 150 tons of gold from abroad over the next three years.
Will Austria suffer the same, drawnout fate as Germany? Stay tuned to the GoldSilverBitcoin Blog to learn more.
Be sure to check out the beautiful 24k Austrian Gold Philharmonic today. It is among one of the most recognized gold coins in the world.
Peter Schiff’s Euro Pacific Precious Metals has begun to accept Bitcoin transactions, not because Peter Schiff likes Bitcoin per sae, but because it is a great opportunity to give Bitcoiners an avenue to divest themselves from their Bitcoin holdings.
“Bitcoin offers tremendous benefits as a medium of exchange for both our domestic and international customers. A wire transfer of fiat funds can be slow and expensive for the customer, and credit card fees are too high to absorb at the low premiums we offer,” said Michael Finger, Director of Marketing at Euro Pacific Precious Metals. “Not only does BitPay’s service make business sense, but we are excited about giving owners of bitcoin the opportunity to inexpensively and reliably convert any excess holdings into precious metals rather than back to fiat currency.” Read More
[heading]What Were On Those 500,000 Acres In New Mexico Obama Just Made A National Monument Anyway?[/heading]
Barack Obama just made the Organ Mountains-Desert Peaks region the largest national monument created during his presidency.
On Wednesday the President signed a proclamation to turn half-a-million New Mexico acres into a national monument protected from development.
And so now the Organ Mountains-Desert Peaks National Monument now represents the largest national monument created under the Obama Administration, twice the size of the Rio Grande del Norte National Monument, which is also in New Mexico. Read More
[heading]Americans Prefer Gold Over Bitcoin[/heading]
It should come as no surprise that Americans choose gold over bitcoin, as there is a long history of gold in human civilization. And bitcoin has only been around five years…
Nearly half of US citizens know what bitcoin is. Still, only 13% would choose to invest in bitcoin over gold as an investment vehicle, according to a new survey.
The poll of 2,039 adults 18 and over was conducted by Harris Interactive along with a financial management company named Yodlee. Read More
Is it truly the beginning of the end of precious metals manipulation or has the London silver fix been mostly symbolic for years? Although it is tough to know from the vantage view many of us find ourselves, there have been a lot of helpful hints along the way…
As humanity awakens to the power structure, markets have been scrutinized like never before. The precious metals market has been among the most scrutinized, if not least publicized. Most people who suspect precious metals of being manipulated believe that ALL MARKETS are manipulated, to be sure, meaning the entire economy is nothing but an illusion based on fiat – the belief of the dominant group.
But somethings have historical precedent. The precious metals’ sectors long and storied history put it at the center of the global economy. Most people, sadly, don’t know this. Read More
[heading]Despite Ukrainian Chaos, Kiev Still Wants Gold[/heading]
Allegedly one month ago, under the cover of darkness, Ukraine put its gold reserves onto a plane and shipped them to the US for safekeeping. (they should have asked Germany first about this)
Though this story is not confirmed, amid the chaos in Ukraine, the gold market keeps coming up. And for good reason…
Sure, Ukraine owes Russia massive gas debts and sizeable bond maturities pending. Nevertheless, the first thing Ukraine will spend its International Monetary Fund loan on is gold…one billion dollars worth of gold, in fact. This is a continuation of a trend in Ukraine. Read More
All markets are rigged. But this is the story of one market in particular – the gold market. For a long time the price of gold has been fixed in London, and increasingly people are starting to question this process.
In its article “Banks Sued On Claims Of Fixing Price Of Gold” The New York Times highlighted the gold price suppression case. Traders and activists have been crying foul for years regarding the price of gold, arguing that it is rigged like energy prices have been by companies such as Enron and JP Morgan, and LIBOR. At the beginning of this week, on Monday, these arguments got a new audience: a federal court. Read More
The US government doesn’t want people in so-called “high-risk” industries to have access to the banking system.
This includes everyone from gun shop owners, to bitcoiners to marijuana dispensaries and even porn stars!
But what the Department of Justice is overlooking is the simple fact that people will turn to gold, silver and bitcoin instead of the banking system. Bitcoin does not discriminate. Read More
[heading]Gold Demand In China Will Rise 25 Percent Over Next Four Years[/heading]
Everyone has heard the murmurs regarding increased gold demand. Most people think that those buying gold are a bit crazy. In the US, just a small chunk of the population – less than 1% probably – have bought gold.
In China, the story is must different. Read More
[heading]Gold Price Lower After Easter Holiday[/heading]
After a price rise and signs of bullishness, gold has fallen to a two-and-a-half-week low due to thin trading after the Easter Holiday.
Gold’s price was hurt in part by technical selling after it could not hold the $1,300 an ounce level with many people foreseeing a bottom at $1,280.
“One aspect is that the market is pretty thin today and liquidity is going to be constrained,” said Victor Thianpiriya, an analyst at ANZ. Read More
[heading]Secession Movements & Precious Metals[/heading]
The winds of independence are blowing throughout the world, and nothing could be better for our future. This host of succession movements is sweeping over the world, from Crimea to Venice to the US and has major implications for the future of life on earth.
One common thread between governments is wanton printing by central banks. Part of the reason why the US has done so well since the 2008 banking nadir has everything to do with the fact other central banks are printing just as much or more of their own currencies. What does this mean? It means that these countries’ currencies are growing weaker in relation to assets like real estate, precious metals, minerals and other commodities and resources. But, since the price of these resources and commodities are tied to paper “ETF” products, their prices are fundamentally distorted anyway. Read More
[heading]Gold Drops $10 In 10 Seconds As Britain Announces Gold Manipulation Investigation[/heading]
What happens when you open up an investigation into the gold market? The price drops $10 in 10 seconds.
With investigations by the CFTC into the silver market fading in the US, regulators in Britain have decided to review whether global benchmarks tied to gold trading were manipulated. This investigations is a part of a larger investigation of potential manipulation of the $5 trillion a day currency market, Libor. Read More
[heading]High Bitcoin Prices Drive Gold Demand[/heading]
Gold investors might have been put off by Bitcoin in recent months. After all, it was supposed to be their safehaven of choice – one tried and tested throughout history – which was to preserve their assets against dollar collapse…not some other, tangential investment.
But, since gold peaked in the fall of 2011, it and silver have both posted long-term corrections, even crossing over into bearish territory, with interest in the topic, according to Google Trends, at an all-time low.
In the meantime, Bitcoin has revolutionized money. Read More
[heading]Speculator Activity Shows Funds Selling Gold And Silver[/heading]
Speculator activity in the recent Commodity Futures Trading Commission showed that funds were selling gold and silver, while adding to their platinum group metals accounts in future and option on the Comex division of the New York Mercantile Exchange and the Nymex. Read More
[heading]Bitcoin Responds To Its Environment, Gold Has Not…Yet[/heading]
I like Bitcoin and I like gold.
But as late, gold has not behaved as one would expect gold to. Of course, that gold has been so tied to the paper markets via GLD, has probably helped this.
Bitcoin has yet to weighed down so.