Tag Archive : platinum

Under New Proposed Legislation, The U.S. Mint Would Issue Two $1 Trillion Platinum Coins

Will the U.S. Mint create two $1 trillion platinum coins in order to bailout Main Street America?

Congresswoman Rashida Tlaib (MI-13) has proposed the “Automatic BOOST to Communities Act” in response to the Coronavirus crisis. The Act would provide a U.S. Debit Card preloaded with $2,000 to every person in America. Each card would be recharged with $1,000 monthly until one year after the end of the coronavirus crisis.

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Goldman Sachs Wants to Mine Asteroids and Run Bank with APIs in “Radical Future” Vision

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An asteroid just passed earth. It had £3.7trillion worth of platinum on board. Goldman Sachs wants to mine that platinum.

The multinational financial company holds futuristic visions of tomorrow, starting with the “realistic” goal of mining asteroids for trillions of dollars worth of platinum. But, the bank’s plans don’t end there. Goldman Sachs wants to transform its business model here on Earth via APIs – and, yes, the plan will cost human jobs.

Noting that asteroids can be rich in mineral platinum – which grows scarcer and scarcer here on earth – Goldman Sachs has carved out a plan to procure more for human resources in a plan of science-fiction proportions.

Related: China & Russia Are Stockpiling Gold

Platinum, which costs $1 million per one thousand cubic centimeters, sits at just under $1,000 per troy ounce on terrestrial markets for investment bullion grade metal, which is referred to as the ‘rich man’s gold.’

“While the psychological barrier to mining asteroids is high, the actual financial and technological barriers are far lower,” reads a Goldman Sachs report. “Prospecting probes can likely be built for tens of millions of dollars each and Caltech (University) has suggested an asteroid-grabbing spacecraft could cost $2.6 billion [£2.1 billion].”

The firm adds: “Space mining could be more realistic than perceived.”

Goldman Sachs warns that mining asteroids for platinum could destroy platinum market dynamics, undermining the scarcity of metal, which is mainly mined in Russia and South Africa by workers paid very little.

“According to a 2012 Reuters interview with Planetary Resources, a single asteroid the size of a football field could contain $25bn- $50bn worth of platinum,” states Goldman Sachs. “Successful asteroid mining would likely crater the global price of platinum, with a single 500-meter-wide asteroid containing nearly 175X the global output, according to MIT’s Mission 2016.” This won’t deter Goldman Sachs.

“We expect that systems could be built for less than that given trends in the cost of manufacturing spacecraft and improvements in technology,” the investment bank surmises. “Given the capex of mining operations on Earth, we think that financing a space mission is not outside the realm of possibility.”

Further, Goldman Sachs’ deputy chief financial officer Marty Chavez portends a “radical future” for the Wall Street Bank back down on earth.

“We’re packaging everything we do, and actually, we’re redesigning the whole company, around APIs,” said the executive officer of the bank earlier this year.

Lloyd Blankfein, the chief executive of Goldman Sachs who once said the bank was doing “god’s work” felt Mr. Chavez needed a mentor.

Mr. Chavez, on his way to becoming the bank’s chief financial officer, received an email from Eric Schmidt, chairman of Google’s parent company, Alphabet.

“Hey Marty, I’d like to come over to your office to introduce myself,” the tech executive wrote.

“We’ve been talking ever since about the similarities in the businesses,” Chavez told a group of computer scientists at the Harvard Institute for Applied Computational Science earlier in 2017. “Some of the similarities are aspirational, I have to emphasize that, and some are there right now.” The YouTube video of the talk was recently released, and has been viewed approximately 2,000 times.

“Goldman is for risk what Google is for search,” as Chavez sees it.”Google produces software services, and those software services aggregate the attention of billions of people, and then Google sells the attention of billions of people to advertisers.”

As for Goldman Sachs?

“A client has a risk they don’t want or wants a risk they don’t have, and we make it happen for them,” Chavez explained. “This is the fundamental truth of Goldman Sachs. If the clients stop calling and talking to us about risks they have but don’t want or want but don’t have, then we have no business whatsoever.”

Goldman Sach’s Data Lake, which pools data on transactions, markets, and investment research, as well as insights from emails, voice calls and instant messages. The bank applies machine learning to the data it accumulates. The result is a guide for employees.

“What really makes us valuable is the immense amount of data that we have,” Chavez said. “In this job of inspiring our clients to call us because they have risks they don’t want or want risks they don’t have, there is incredible information content, and using that for the benefit of the clients to get a better result is what we’re up to.” Mr. Chavez compared how Google operates to Wall Street’s status quo.

“Imagine if Google had gone a slightly different route and they said, ‘Every time somebody wants to do a search, they pick up the phone, call their Google salesperson, read the search terms to the Google salesperson, who types them into the internal Google search engine, gets the results, and then reads them back over the phone,’” he pictures.

He mentions: “That is not the route Google took. Unfortunately, that is a pretty good description of how Wall Street works.”

The new Goldman Sachs is based on APIs if Chavez, who highlights the success of  Salesforce, eBay and Expedia API revenues, gets his way.

“Historically, the API has been human beings talking to other human beings over the telephone, and all the tools, the content, the analytics is on the internal platform only,” Chavez said. “We are shifting this radically and shifting this fast, and we’re packaging everything we do, and actually, we’re redesigning the whole company, around APIs.”

He adds: “We’re turning all of the verbs, all of the activities at Goldman Sachs, into APIs,” Chavez said. “One of the things we’re insisting on is a very high standard of lovely and impeccable documentation for these APIs, because we’re opening up the vertical monolith which used to have only one API point, which was human beings on the phone.”



Precious Metals Are The Big Losers Headed Into the Weekend

Markets did not know what to do after election results poured in, although many markets had been pricing in a possible Trump victory for about one month prior to the election, as polls were too close to call and also the accuracy of many mainstream polls were thrown into question.

Gold futures fell precipitously Friday, their lowest finish since June, thanks to strength in the U.S. dollars and equities. The Federal Reserve, according to many analysts, might increase interest rates next month. The main reason for precious metals decline is similar to why global currencies have fallen: the strength of the dollar. Read More

An Asteroid Worth $5.4 Trillion In Precious Metals Passes The Earth Today

An asteroid worth $5.4 trillion will pass by the Earth on Sunday and you can watch it LIVE!  The platinum filled asteroid, Asteroid 2011 UW-158, will be streamed from an observatory in Canary Islands.  The asteroid mining company Planetary Resources believes the asteroid has a 100 million ton core of platinum that the company might one day wish to exploit.

The asteroid will pass 30 times closer than our nearest planet, at 1.5 million miles, which is less than half a mile (1km) across.  The asteroid is an X-Type asteroid, meaning it is made up of mostly metal.  ‘It’s always fun when an asteroid whooshes past our world so the Slooh telescopes will be watching live when asteroid 2011 UW-158 passes 30 times closer to us than the nearest planet, on July 19.’ Slooh Astronomer Bob Berman told The Telegraph.

“What makes this unusual is the large amount of platinum believed to be lurking in the body of this space visitor…

Can it be mined someday, perhaps not too far in the future?” he added.

Get Your Gold Out of Dodge With Bitcoin

Get Your Gold Out of Dodge With Bitcoin

From my time working at a walk in precious metals dealer one of the questions that I remember coming up with relative frequency is what do I do with the metals? How do I store it? Should I keep it at home or in a safety deposit box? These questions were, for the most part, easy to answer as you could present the customer with three quick options for their storage and let them decide which would be the best. On the other hand, the question that never came with a quick simple answer was always, “how do I get my gold out of the country?”

The presumably intentional vague regulation put out by U.S Customs reads like this;

“There is no duty on gold coins, medals or bullion but these items must be declared to a Customs and Border Protection (CBP) Officer. Please note a FinCEN 105 form must be completed at the time of entry for monetary instruments over $10,000. This includes currency, ie. gold coins, valued over $10,000. The FINCEN definition of currency: The coin and paper money of the United States or any other country that is (1) designated as legal tender and that (2) circulates and (3) is customarily accepted as a medium of exchange in the country of issuance.”

As mentioned before, the regulation is conveniently vague because it does not say whether the $10,000 value will be assessed by the face value of the coin, in the case of the American Gold Eagle this would mean that every ounce of gold has the value of $50 USD, or the market value of the gold, being around $1565.00 currently. Either way it is not a value that you want to be assessed by the U.S’s elite and respected TSA force.

People even come up with rather ingenious ways to circumvent the system. I can remember one of my customers devising a plan to take a cruise ship down to a location that he was expatriating to because he said that customs inspections on cruise ships were not as thorough as they were by flight. Still other customers would talk about taking the gold out of the country in increments or to make the gold into jewelry so as to avoid the customs declaration.

All of these ideas are viable options but they remind me of various scenes from the movie Deer Hunter as all these options, if done enough, will lead to the same disastrous wealth confiscation by the proper authorities.

Ah but what about Bitcoin? The great thing about Bitcoin is, as of now, there are no foolish laws that tell you that you must declare them. More importantly there is no way of knowing that you had moved your mathematically encrypted digital files to another country or, were in the process of doing so.

There are large Bitcoin exchangers that you can sell your Bitcoin to and they will deposit money into your checking account or you may even receive a wire from a money sending company. The problem with services like these is there is a record of the payment. Money transactions should always only be between two parties. It is only in our mixed up, central banking, fiat money dominated world, that this reality has been skewed to the public.

But if I take my Bitcoin to another country how will I use it? Well Bitcoin is quickly becoming a form of payment all and in and of itself. More and more vendors are taking Bitcoin as a payment directly but for those that need to still have local currency for day to day living a simple search on localbitcoins.com will reveal where you my meet a local dealer in the country that you reside and sell your Bitcoin directly.

Of course Gold Silver Bitcoin recommends always having physical precious metals along with having Bitcoin. This allows for the maximum security in the preservation of your wealth.

The problem in answering the question a few years ago of “how do I get my gold out to the country?” is that there was not a good answer. That was when Bitcoin was still in its infancy and its potential was not clearly understood. Today however, it is the best option that one has for moving wealth out of whatever collapsing economy one may find they need to escape from without any form of declaration.

Where Does Bitcoin Fit in the Historic Ratio of Gold and Silver?

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Where Does Bitcoin Fit in the Historic Ratio of Gold and Silver?

 

Long time investors in gold, silver, platinum and palladium as a means to protect themselves against the debilitating effects of inflation, brought on by the central bankers and their failed monetary policy, are all to aware of the fundamentals of the precious metals market and how ratios are crucial to wealth building during our current dissent into economic collapse. After all the ratios are the simplest ways to analyze the blatant manipulation (suppression) of the fair market value of metals in general.

Take the easiest and most suppressed monetary metals as a primary example. Silver and gold comes from the ground historically at a ratio of around 15:1. This means that for every 15 ounces of silver you have acquired through your labor you should be able to exchange it for an ounce of gold. Insiders in the silver market will even say that the ratio of silver to gold is closer to 10:1 do to industrial demand for silver but that is for another date and time.

A helpful website to look at for the current market rigged ratio of gold to silver is metalratios.com. Through this website one can find what the current ratio is which is around 53:1 meaning it takes 53 ounces of silver to be able to obtain an ounce of gold. Can I get an SEC witness? Probably not, but for those with the slightest bit of intelligence and who are willing to let their minds work on logic rather than rely on all thoughts and beliefs to be fed to them by the Main Stream Media (MSM), they already know the markets are rigged and as of right now are doubling down on their purchases of silver or, for the extra savoy sound monetarist , trading their gold for silver.

One can do quite well by taking advantage of the paper suppression of these assets. For instance, during the run up of precious metals from January 2011-May 2011 the silver/gold ratio went from 53:1, roughly what it is now, to 31:1 by May before the central planners had to intervene in the markets and artificially collapse the value of the metals. For those that traded gold to silver in January of 2011 and were able to trade back before the take down they were able to stack a considerable about of gold.

During that time Bitcoin was having its own remarkable climb moving from 5 dollars a coin to 10. A 100% return is never a bad thing and Bitcoin had its own disastrous downturn about a month later but remember that we are looking at the ratios.

Back in May of 2011 it would’ve taken you 4 bitcoin to be able to get one ounce of silver. Even recently the best that you could hope for was 2 bitcoins in order to get on ounce of silver. That was however before bitcoins recent rise of nearly 40% for the beginning of 2013. Click here for more on that rise.

The point is that, for the first time in bitcoin history, holders of the digital silver (bitcoin), will be able to exchange their digital tangible assets for physical tangible assets! This one to one ratio coincides perfectly with a bullion company that takes bitcoin for precious metals. Through www.goldsilverbitcoin.com you can move your bitcoin to silver without having to cash out of the bitcoin and find a dealer that will sell the metals to you in USD.

No one knows what the rate of climb will be for bitcoin. Could it overtake silver? Of course but taking a portion of your bitcoin now and buying some hard metal is never a bad idea. Especially for the first time that you can do it on a 1 bitcoin to 1 ounce of silver basis.


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