Gold Price Could End Year With 15% Increase

Gold Price Could End Year With 15% Increase

Gold prices could end the year at more than 15% higher – their biggest annual increase in nine years.

“Gold has seen considerable safe haven buying from investors concerned [over] low and negative yields in the bond market and fearing a possible downturn in equities,” said George Milling-Stanley, chief gold strategist at State Street Global Advisors. Gold exchange-traded funds have also been “feeling the benefit of strategic asset allocation type buying by institutions and individuals.”

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Twitter’s Jack Dorsey Wants to Decentralize Social Media

Twitter CEO Jack Dorsey has long been a proponent of Bitcoin. His startup Cash.App features a crypto buy and sell feature. 

Dorsey recently announced that Twitter would fund a small independent team of up to five open source architects, engineers, and designers to develop an open and decentralized standard for social media. Twitter, then, would be a client of this standard. 

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First Block Trade of Bakkt Bitcoin (USD) Monthly Options (BTM) Submitted to ICE Futures

Intercontinental Exchange, Inc (NYSE: ICE), which operates global exchanges and clearing houses and provider of data and listing services, announced its first block trade of Bakkt ™ Bitcoin (USD) Monthly Options (BTM) submitted to ICE Futures U.S.

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Electric Vehicles Like Tesla’s Cybertruck Could Increase Demand for Silver

New technology is increasing demand for silver. 

Like, for instance, the electrification of the vehicles. 

In order to electrify cards and trucks, including the new Tesla Cybertruck, manufacturers need silver. 

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Gold Stays Steady Trading Amid Trade and Economic Uncertainty

Gold was steady headed into the end of the week. Investors have been waiting to see if new U.S. tariffs on Chinese goods would emerge by a Dec. 15 deadline and after the Federal Reserve’s decision to leave interest rates unchanged. 

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Convicted Silk Road Founder, Ross Ulbricht, Predicts $100,000 Bitcoin In 2020 & An Interview with His Mother Lyn

Ross Ulbricht, founder of infamous dark web, predicts a $100,000 bitcoin price in 2020. Ulbricht is currently serving two life sentences plus 40 years without the possibility of parole after being found guilty on charges of money laundering, computer hacking, conspiray to traffic fraudulent documents, and conspiracy to traffic narcotics.

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Blockchain.com, Coinshares Launch Gold-Backed Token

DGLD, a network which claims to have over $20m in investment grade gold allocated in Swiss vaults and secured using Bitcoin, launched and is now available for purchase on Blockchain.com’s cryptocurrency exchange, The PIT.

DGLD, which was created by CoinShares, Europe’s largest digital asset manager, and Blockchain.com, and MKS (Switzerland), is a digital asset or token which, at creation, represents 1/10th of a troy ounce of physical gold stored in Swiss vaults for which token holders can swap or physically redeem.

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The Rich Are Buying Physical Gold Bullion in Preparation for Recession

The rich are buying physical gold bullion, coins, and bars, according to Goldman Sachs.

“I think gold’s going to $2,500, $3,000 an ounce in the 2020s because the climate—the landscape for gold is so hugely supportive.” Paul Schatz, Heritage Capital president, told Yahoo Finance’s On The Move. Goldman predicted $1,600 gold by 2020.

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ING, Nomura, & SolarisBank Entering Into Crypto Custody

ING, with $980 billion in total assets is the largest bank in the Netherlands, is moving into the crypto custody market.

Citing “people familiar with the matter,” according to Reuters, ING is working on developing technology to help clients store cryptocurrencies.

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Complex Illicit Finance Scheme Between Turkey and Gold Involved Gold and Gas

Online website ZeroHedge first reported on ‘odd’ exports of gold to Iran from Turkey all the way back in May 2012. Turkey’s trade balance fluctuated wildly as gold stocks flowed out of the country. 

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Turkey to Loosen Rules Governing Gold Imports

Turkey, one of the world’s largest precious metals consumers, is planning to loosen rules governing the importation of gold. The country’s Treasury plans to allow the certification and standardization of scrap or unregistered gold people may carry when entering Turkey. The plan also includes the registration of gold brought without certification from the London Bullion Market Association, according to unnamed sources. 

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Gold Price Increases Ahead of Tariffs Decision on Chinese Imports

The gold price increased Wednesday with a deadline for an additional round of U.S. tariffs on Chinese imports approaching. There is no so-called ‘phase-one’ deal in sight, and a U.S. central bank policy meeting could provide an outlook for 2020, causing either an increase or decrease in the price of gold.

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Goldman Sachs is Bullish on Gold in 2020

After a strong first nine months of 2019, gold peaked at a nearly 25% gain at the onset of September. Goldman Sachs remains bullish on the yellow metal.

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Winklevoss Capital, Peter Thiel’s Founders Fund, and Polychain Capital Back Bitcoin Mining as Digital Flare Mitigation Services

Crusoe Energy Systems, which converts natural gas to energy-intensive computing from its Denver base, has landed capital to build a new bitcoin mining facility.

The company plans to install 70 units next year, each having a capacity of about 1 megawatt (MW). Chase Lochmiller, Crusoe CEO, told Bloomberg in an interview on Saturday that Crusoe raised $70 million in fresh capital to fund its projects.

The new capital comes from two rounds, including $30 million in equity funding and $40 million in project financing. Bain Capital Ventures, already an invstor in Crusoe, KCK Group, Peter Thiel’s Founders Fund, Winklevoss Capital, and Polychain Capital took part in the fundraising. New York-based credit fund Upper90 led the $40 million round. Read More

Former Federal Reserve Chairman Paul Volcker Dead at 92

Former Federal Reserve Chairman Paul Volcker died at 92. He was suffering from prostate cancer, according to reports.

“The economic hero of post-World War II America I would have to say was Paul Volcker,” Robert Kavesh, a professor at New York University. “And that’s saying something.”

President Carter appointed Volcker as chairman of the Fed in 1979 amid a stagflation crisis, in which both high inflation an rising unemployment led to gas rationing, etc.Volcker constricted the nation’s money supply and allowed interest rates to rise to more than 18 percent on mortgages. Read More

Six Months In, No End to Hong Kong Protests in Sight

A recent election victory by Hong Kong’s pro-democracy camp led to hundreds of thousands of protestors to take to the city’s streets on Sunday. The largest march in weeks signaled to China’s leader, Xi Jinping, that the protests against his authoritarian policies enjoyed broad support in Hong Kong as the economy weakened and violent clashes between protesters and police made headlines. Read More

How You Can Get a Gold-Backed Debit Card

While precious metals have long been a store of value, they are not practical for using in everyday transactions. You would need to hold the coins on your person whenever you went to a store. While transacting with gold might make sense for a central bank, it doesn’t make sense for most people and institutions. But, a gold-backed debit card changes this. With a gold-backed debit card, which is a card backed by gold stored in a vault, now gold buyers can hold the metal in their wallet alongside their other debit cards. Here is how it all works. Read More

The Beyond Meat Burger: Tastes Like Real Meat, But How Healthy Is It?

Once vegetarians had their chance to chow down on a vegetarian burger that bleeds, Beyond Meat took the investing world by storm with the biggest IPO of 2019. Since then, as the veggie burger has landed on the shelves of more and more stores, debate has turned to whether its share value is sustainable. At the time of writing, Beyond Meat shares trade at $74.36. Read More

Deutsche Bank: Inflation Could Lead to Increased Cryptocurrency Adoption

Deutsche Bank says that inflation could become “more embedded” in the world economy, leading people to later question fiat money. The bank predicts “demand for alternative currencies will therefore likely be significantly higher by the time 2030 rolls around.”

The bank even wonders if, as authorities will face policy dilemmas as they try to balance higher yields with record debt levels, fiat currencies will survive. Read More

Mitsubishi Head of Business Dev: “Smart Money” is Turning to Gold as a Hedge

Central banks continue to buy gold after a summer rally that stalled as the calendar turned to fall. The latest Mitsubishi precious-metals update says many factors could sour 2020, and so therefore “smart money” is looking to gold as a hedge.

“Illustrating lingering macroeconomic concerns, the importance of diversification away from dollar assets and tail risk hedging, central banks around the world have continued to be net buyers of gold: November saw Turkey, Russia, Poland and newcomer Serbia (which bought 9 tons of gold) all add to their holdings of the yellow metal,” wrote Mitsubishi head of business development Jonathan Butler. Read More

Here’s How Goldman Sachs Private Equity Clients Prepare for Recession

Goldman Sachs’ private equity clients are bracing for a recession. “Every one of our clients is focused on being prepared for a recession,” said Alison Mass, the bank’s chairman of investment banking.

While interviewed on Bloomberg TV, Mass said the bank’s clients are creating checklists of ways in which to navigate a recession. Read More

Shipping Containers Housing Bitcoin Mining Equipment Topple During Colorado Gale

Shipping containers housing bitcoin mining machines topped over amid high winds. Those containers, which are stacked four high, fell amid high winds on Nov. 29 and 30.

“As you may know, a wall of shipping containers came crashing down at Bldg 1625 — 3G Venture II — during the high winds of this past Friday and Saturday, 29 & 30 November, 2019,” wrote Graham Becker in an email to officials with the city, Fire Department and Pikes Peak Regional Building Department. “Fortunately, as far as I know, no one was killed or injured. Very fortunate, indeed.” Read More

Top US Financial Regulators Warn Against Perils of Stablecoins

The Financial Stability Oversight Council (FSOC), which was set up in 2008 to combat risks to the financial sector after the financial crisis, believes stablecoins could cause potential problems if they gained wider use.

“If a stablecoin became widely adopted as a means of payment or store of value, disruptions to the stablecoin system could affect the wider economy,” the regulators stated in its financial report for 2019. “Financial regulators should review existing and planned digital asset arrangements and their risks, as appropriate.” Read More

Moody’s Downgrades Outlook for Global Banks

Moody’s Investors Service has downgraded the outlook for global banks. Slowing growth, low interest rates, and volatile operating conditions turned the ratings firm’s outlook on banks from stable to negative.

Trade tensions between the U.S. and China “appear entrenched, with negative consequences for banks in those countries as well as in other export-oriented economies and for banks funding trade,” Moody’s said. Read More

SEC: A Bitcoin ETF Approval Forthcoming

Dalia Blass, the director of the Division of Investment Management at the Securities and Exchange Commission, says the agency could soon approve a Bitcoin ETF.

The unlisted, closed-end interval fund will not provide daily redemptions nor be subject to considerable and unexpected liquidity demands during short periods, she commented during a keynote speech for the iCI Securities Law Development Conference. Read More

Court Upholds Nordea Bank’s Ban on Employee Bitcoin Purchases

Nordea, a Danish Bank, won a court case allowing it to prevent staff from buying Bitcoin and other cryptocurrencies.

Nordea first banned its employees from owning bitcoin in January 2018, after which Danish finance and workers’ rights figures threatened legal action. Read More

Survey: Bitcoin Mining Firm Finds Nearly One-Third of Americans Think US Dollar Backed by Gold

Genesis Mining, a cryptocurrency miner, found that one-third of Americans believe the US Dollar is still backed by gold. The dollar has not been backed by gold since 1973.

The survey, conducted in late September, included 1,000 participants. Its goal: to determine just how much U.S. citizens understood money. In late October, the miner found that 29% of those surveyed believed a gold reserve backed the U.S. dollar. 24% of respondents answered that the Federal Reserve was tasked to secure the nation’s gold reserve. Read More

China Forms Alliance to Fast-Track Blockchain Development

China’s state-backed blockchain alliances features big cryptocurrency and financial companies. One of the first name brands to join the ‘Blockchain Services Network Alliance’ (BSN) is Huobi China.

Huobi China, which is a part of global bitcoin and crypto exchange conglomerate Huobi Group, revealed its participation at the Blockchain Service Network Partner Conference.

The company’s Chinese-based operations do not include the trading of cryptocurrency. “It is not an exchange. It is a fully compliant legal entity in China doing blockchain education and blockchain solutions for large corporations, solely focused on blockchain technology, said Ciara Sun, chief of staff of Huobi Group. Read More

New Bitcoin Exchange Traded Product Launches on Switzerland ‘s SIX Stock Exchange

New York-based WisdomTree launched a new bitcoin exchange traded product (ETP) on Switzerland’s SIX stock exchange. This product, which is physically backed by crypto, will compete on SIX with Amun AG’s similarly-designed bitcoin ETP, and is settled in the underlying asset.

WisdomTree, which has provided gold-based ETPs in Europe since 2003, said its Bitcoin ETP provides investors, “a simple, secure and cost-efficient way to gain exposure to Bitcoin while utilising the best of traditional financial infrastructure and product structuring.” Under the WBTC ticker, it is listed at a total expense ratio of 0.95%. Read More

Weak U.S. Industrial Data Leads Array of Worrying Economic Indicators, Gold Remains Steady

There are several reasons experts presently warn of potential economic downturn. China’s growth has been slowing, despite recent positive reports, as the trade war wages on and geopolitical tensions increase. Among others, countries like Singapore and South Korea, who export manufactured goods to China, are slowing.

Positive economic signs do persist, with consumption remaining steady at 2%, and private residential investment increasing in the third quarter of 2019. (though this has steadily declined since the end of 2017). Despite this, business investment has begun to fall. Read More

Cryptocurrency Trading Basics

Here are some simple trading concepts as they pertain to cryptocurrency. 

Price

The ask price is totally determined by the supply (represented by the ones selling) and demand (represented by the buyers). The price (shown) is the price at which the last trade was done, it is the result of buyers and sellers interacting. When they agree to trade at a certain price, operation takes place and a new ask price is determined Read More

Bank of Russia Supports Ban on Crypto as Payment Method

The Bank of Russia supports a ban on cryptocurrency payments. The Bank says that “private cryptocurrencies cannot be equated with fiat money and cannot be legal tender.”

It added: “If it is decided to ban cryptocurrencies as a means of payment at the legislative level, we consider it appropriate to support this position.” Read More

Chair of Slovakia’s Biggest Party: U.K. “Can Hardly” Be Trusted with Nation’s Gold

Slovakia’s former premier told parliament it should force the central bank to repatriate the nation’s gold, which is stored in the U.K. He said history has shown that allies “can hardly” be trusted.

Ex-Premier Robert Fico now chairs the biggest party in Slovakia. He seeks a special parliamentary session on the issue, claiming the gold isn’t safe in the U.K. because of Brexit and a possible global economic crisis. Read More

Gold Price Declines Monday Due to Bullish Factory Reports Out of China

Gold prices declined Monday with investors turning to other asset classes after reports of an expanding Chinese factory sector and a rising dollar reduced demand.

Spot gold fell 0.3% at $1,459.94 per ounce at 0645 GMT. Prices had earlier reached highs dating back to Nov. 22. U.S. gold futures declined 0/5% to $1,466.

An expansion in factory activity during November in China, which ranks as the world’s second largest economy and biggest consumer of gold, led investors into equity markets. Read More

Ethereum Foundation Researcher Spoke at a North Korea Cryptocurrency Conference. The U.S. Arrested Him.

Federal prosecutors accused Virgil Griffith, a research scientist at the Ethereum Foundation , of helping North Korea evade US sanctions. Formally charged with violating the International Emergency Economic Powers Act, Griffith faces up to 20 years in prison. He allegedly attended the conference after the U.S. government refused him permission to go. Read More

German Bundestag Approves New Law So Banks Can Sell And Custody Bitcoin

German banks will begin to offer the sale and storage of cryptocurrencies under new legislation. The banks had been barred from offering direct access to crypto assets.

The new law, which was written in the fourth EU Money Laundering Directive, rewrites this starting in 2020. Reported by Handelsblatt on Wednesday, the German federal parliament, the Bundestag, passed the bill, which will likely be signed by the nation’s sixteen states. Read More

How Bad is Bitcoin Mining for the Environment? New Research Suggests Not So Bad.

Bitcoin mining emissions were on par with Estonia, suggesting that the climate change impact of the first digital asset is less than previously reported. Furthermore, the research seems to suggest that where Bitcoin is mined contributes to how much carbon Bitcoin emits. With so much of the mining being done in China, one might wonder if that country’s infrastructure is more to blame than Bitcoin. Read More

High-End Finance Jobs Will Be Displaced By AI, Too

Artificial intelligence is not just coming for the jobs of barbers and baristas. It is coming for high-paid professions, too. Even financial professionals could see increasing pressure from technology, too.

According to a recent Brookings Institution report, white-collar jobs and occupations requiring higher education, as well as production workers, will see their jobs eaten by AI.  The report uses a new analysis of patent data by Stanford University graduate student Michael Webb. Read More

An Interview with Steve Bellotti, Chairman of TCM Capital, An Advisor on The Perth Mint Gold Token

As we covered here, The Perth Mint Gold Token could prove to be an alternative to U.S. dollar-based stablecoins, such as Tether. While Tether is backed by dollars in a U.S. bank account, the Perth Mint gold token is backed by gold held by one of the most renowned precious metals refineries in the world.

GoldSilverBitcoin fielded answers about the Perth Mint Gold Token from the Chairman of TCM Capital, Steve Bellotti. TCM Capital AM Pty Ltd is the Advisor to the PMGT project. Read More

Poland Repatriates 100 Tons of Gold from Bank of England

Poland repatriated approximately 100 tons of gold from the Bank of England to demonstrate the strength of the nation’s $586 billion economy, according to central bank Governor Adam Glapinski.

The institution also brought 126 tons home in 2018 and 2019, increasing its gold reserves to 228.6 tons. The country is now the 22nd largest bullion holder in the world and holds the biggest reserves of the metal in the European Union’s east, according to the central bank. Read More

Goldman Sachs Bullish on Gold for 2020

Goldman Sachs has a bullish outlook on gold. Analysts at the investment bank see prices pushing to $1,600 an ounce next year. The price of gold currently sits at $1459.62. That is a nearly 10% gain from present day prices. December gold futures are trading at about $1,456.70 an ounce. Read More

Bitcoin Price Falls to Lowest Level Since May

The Bitcoin price fell to $6,558.14 on Monday before rebounding on Tuesday. Now at its lowest level since May, Bitcoin has lost $3,000 in value one month after China cracked down on businesses involved in cryptocurrency operations. Bitcoin is currently trading at $7,222.12.

Bitcoin increased in price to $10,000 last month after Chinese President Xi Jinping spoke highly of blockchain technology, though there were no indications he included cryptocurrencies in that sentiment. Read More

Global Debt Remains At Record High

Global debt will reach more than $255 trillion, according to the Institute of International Finance. Nearly $32,500 for each for the 7.7 billion people on the planet.

At the end of their report, economists warned that “high debt burdens could curb efforts to tackle climate risk.”

The IIF reported: “Global climate finance flows remain far short of what’s needed for an effective transition to a low-carbon economy.” Read More

You Can Now Bank with Metropolitan Bank with Crypto Banking App Cashaa

U.K.-based Cashaa, a cryptocurrency banking platform, has launched bank accounts for U.S.-based crypto firms in U.S. dollars.

Cashaa is offering the accounts through a partnership with Metropolitan Commercial Bank, which saw a more than 300-percent increase, year-on-year, in its non-interest income. Metropolitan Commercial Bank, which is headquartered in New York City, is a full-service commercial bank with banking centers in Manhattan, Boro Park Brooklyn and Great Neck, Long Island. Read More

Royal Bank of Canada Might Not Be Pursuing a Crypto Exchange, But It Ranks Among Enterprise Blockchain Leaders

It had been reported that The Royal Bank of Canada (RBC) –– the country’s largest bank at more than $965 billion in total assets –– might launch a cryptocurrency trading platform. But, those reports turned out to not be true. With that said, according to Forbes, RBC is leading in enterprise blockchain research.

“Like many other organizations, files patent applications to ensure proprietary ideas and concepts are protected,” RBC spokesperson Jean Francois had told The Logic, before CoinDesk published an update clarifying that RBC had no plans to launch an exchange. Read More

Here’s What You Need to Know About INFINIGOLD & The Perth Mint Gold Token

Last month, Infinigold announced the launch of a digital token, The Perth Mint Gold Token, backed by gold stored in the vaults of Australia’s Perth Mint, a world-leading precious metal refinery. We spoke with Andreas Ruf, the CEO of Infinigold, about working with Perth Mint to launch the token. Read More

Trump Official: Tariff Rollback Rumor Started By “Propagandists Within the Chinese Government”

Beijing and Washington won’t be reducing some punitive tariffs on each other’s goods – at least according to the Trump White House. Talks on the trade war, it would seem, are not progressing as promisingly as reports indicated.

Reports surfaced that a new agreement originated during discussions to iron out a “Phase 1” deal between the two countries. A “phased cancellation” of tariff hikes were agreed to in the event of progressing trade talks, according to the Commerce Ministry spokesman, Gao Feng. Read More

If We Were to Have a Global Digital Currency in the next 5-10 years, Who Would Control It?

350 Bankers and financial industry professionals think the United States will be the first to create a global digital currency – not China.

37% of attendees of the ACAMS anti-money laundering (AML) and financial crime conference, when asked by Chainalysis, said they believe the U.S. would be the first to launch the first worldwide digital currency over the next five to ten years. Read More

Moody’s: The Financial Crisis Traumatized Millennials and Made Them Unhealthy

The poor health of millennials could put a damper on the U.S. economy, according to Moody’s. It is more common for millennials, who are born between 1981 and 1996, to suffer from hypertension, high cholesterol, depression, and hyperactivity than their Generation X counterparts at the same point in their lives.

Moody’s Analytics found the data in a report by Blue Cross Blue Shield, concluding that by the year 2027 health costs for young adults could be 33% higher than they were for Generation X at the same page. This could lead to lower wages, Moody’s argues. Read More

Treasury Secretary Steve Mnuchin, Former Goldman Sachs Executive Says Obama-Era Tax Cuts Are Obsolete

Treasury Department officials are reportedly rolling back a tax rule issued under former president Barack Obama’s administration. The rule sought to prevent American companies from moving money offshore in an effort to avoid US taxes.

The Treasury issued final regulations that eliminated documentation requirements dating back to Obama. The department will propose regulations in the future changing other parts of the offshore tax rules. Read More


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