понедельник, 30 сентября 2019 г.
воскресенье, 29 сентября 2019 г.
суббота, 28 сентября 2019 г.
The Investment of Kings and the King of Investments
From the small investor just starting out to the high-net-worth individual hedging a multi-million dollar portfolio, we have helped many thousands add precious metals to their holdings in our more than 45 years in the gold business – safely, economically and with the investor’s goals in mind.
No matter the size of your investment kingdom, we can help you!
ORDER DESK: 1-800-869-5115 x100/orderdesk@usagold.com
Important! – Gold’s Century: While stocks dominated headlines, gold quietly performed
from Timor Invest https://ift.tt/2ohgnhH
The Investment of Kings and the King of Investments
From the small investor just starting out to the high-net-worth individual hedging a multi-million dollar portfolio, we have helped many thousands add precious metals to their holdings in our more than 45 years in the gold business – safely, economically and with the investor’s goals in mind.
No matter the size of your investment kingdom, we can help you!
ORDER DESK: 1-800-869-5115 x100/orderdesk@usagold.com
Important! – Gold’s Century: While stocks dominated headlines, gold quietly performed
from Timor Invest https://ift.tt/2mz4ljd
The Investment of Kings and the King of Investments
From the small investor just starting out to the high-net-worth individual hedging a multi-million dollar portfolio, we have helped many thousands add precious metals to their holdings in our more than 45 years in the gold business – safely, economically and with the investor’s goals in mind.
No matter the size of your investment kingdom, we can help you!
ORDER DESK: 1-800-869-5115 x100/orderdesk@usagold.com
Important! – Gold’s Century: While stocks dominated headlines, gold quietly performed
from Timor Invest https://ift.tt/2mxCyzH
The Investment of Kings and the King of Investments
From the small investor just starting out to the high-net-worth individual hedging a multi-million dollar portfolio, we have helped many thousands add precious metals to their holdings in our more than 45 years in the gold business – safely, economically and with the investor’s goals in mind.
No matter the size of your investment kingdom, we can help you!
ORDER DESK: 1-800-869-5115 x100/orderdesk@usagold.com
Important! – Gold’s Century: While stocks dominated headlines, gold quietly performed
from Timor Invest https://ift.tt/2mBkx3b
The Investment of Kings and the King of Investments
From the small investor just starting out to the high-net-worth individual hedging a multi-million dollar portfolio, we have helped many thousands add precious metals to their holdings in our more than 45 years in the gold business – safely, economically and with the investor’s goals in mind.
No matter the size of your investment kingdom, we can help you!
ORDER DESK: 1-800-869-5115 x100/orderdesk@usagold.com
Important! – Gold’s Century: While stocks dominated headlines, gold quietly performed
from Timor Invest https://ift.tt/2myrulF
The Investment of Kings and the King of Investments
From the small investor just starting out to the high-net-worth individual hedging a multi-million dollar portfolio, we have helped many thousands add precious metals to their holdings in our more than 45 years in the gold business – safely, economically and with the investor’s goals in mind.
No matter the size of your investment kingdom, we can help you!
ORDER DESK: 1-800-869-5115 x100/orderdesk@usagold.com
Important! – Gold’s Century: While stocks dominated headlines, gold quietly performed
from Timor Invest https://ift.tt/2lQ9S4m
The Investment of Kings and the King of Investments
From the small investor just starting out to the high-net-worth individual hedging a multi-million dollar portfolio, we have helped many thousands add precious metals to their holdings in our more than 45 years in the gold business – safely, economically and with the investor’s goals in mind.
No matter the size of your investment kingdom, we can help you!
ORDER DESK: 1-800-869-5115 x100/orderdesk@usagold.com
Important! – Gold’s Century: While stocks dominated headlines, gold quietly performed
from Timor Invest https://ift.tt/2moDHcK
The Investment of Kings and the King of Investments
From the small investor just starting out to the high-net-worth individual hedging a multi-million dollar portfolio, we have helped many thousands add precious metals to their holdings in our more than 45 years in the gold business – safely, economically and with the investor’s goals in mind.
No matter the size of your investment kingdom, we can help you!
ORDER DESK: 1-800-869-5115 x100/orderdesk@usagold.com
Important! – Gold’s Century: While stocks dominated headlines, gold quietly performed
from Timor Invest https://ift.tt/2lL9PXs
The Investment of Kings and the King of Investments
From the small investor just starting out to the high-net-worth individual hedging a multi-million dollar portfolio, we have helped many thousands add precious metals to their holdings in our more than 45 years in the gold business – safely, economically and with the investor’s goals in mind.
No matter the size of your investment kingdom, we can help you!
ORDER DESK: 1-800-869-5115 x100/orderdesk@usagold.com
Important! – Gold’s Century: While stocks dominated headlines, gold quietly performed
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Glassnode Co-Founder Says On-Chain Data Can Spot Bitcoin’s Tops and Bottoms
Blockchains produce huge amounts of data and it seemed that only data scientists and blockchain research firms like Chainalysis and CipherTrace were making use of it. Recently, crypto investors like Willy Woo and Philip Swift have begun to incorporate on-chain data into their rigorous Bitcoin analyses and the results have been astounding.
Despite these efforts, on-chain data remains something of an enigma amongst crypto investors. To clear up the confusion, Cointelegraph decided to sit down with Rafael Schultze-Kraft, the co-founder of on-chain market intelligence platform Glassnode.
Cointelegraph: Let’s start with having you tell us a little about yourself and what you do.
Rafael Schultze-Kraft: I have an academic background in computational neuroscience, programming, machine learning, artificial intelligence and data analysis. Working for several startups in Berlin over the past six years, I’ve gained substantial industry experience applying data science and machine learning to a large variety of real-world problems using data from vastly different domains.
I founded glassnode with my partners and for me it represents the perfect fusion between my passion for data with blockchain and digital assets — probably the most exciting domain to be working on today.
While I am a co-founder and CTO, I make an effort to set time aside to conduct a fair share of data science and analysis as I find getting my hands dirty and engaging with data is the most exciting part of the job.
CT: What is Glassnode’s mission?
RSK: We are the go-to hub for all things on-chain and our purpose is to serve as the primary gateway to on-chain data. We provide advanced insights, market intelligence, tools, and data which are required for investors to freely make sense of all the data which is generated on blockchains.
Our datasets are extremely useful for investors looking for indicators and signals. Furthermore, researchers looking to observe and analyse adoption rates and long-term valuations will find on-chain analytics indispensable.
We seek to increase transparency on what various actors are doing in the field, and on-chain analysis allows one to keep an eye on how they are interacting within the network. One of the big problems we’ve seen in crypto is that exchanges report false volume and conduct wash trading within their order books.
Meanwhile, investors have an extremely limited view of what is really happening within most crypto and blockchain-oriented organizations. On-chain activity paints a completely different picture of what is truly happening and this data is extremely valuable to investors and researchers.
CT: In your opinion, why is it important for investors to study on-chain analytics?
RSK: I think that the most crucial aspect about on-chain is that it is something that has never existed before in finance: a public ledger, transparently unfolding all transactional and economic activity. It would be crazy as an investor not to carefully look at and study this data!
Many investors are using methods and data that they know well from the traditional finance markets and applying them to the digital assets space. Introducing the value of on-chain data in this space, contextualising, and making this data easily accessible and digestible, is a great part of what glassnode is about.
Furthermore, we must remember that there is not just ‘one blockchain,’ there are many different protocols and the interpretation of data across these systems is not a uniform process.
CT: Last week Placeholder partner Chris Burniske said:
“The narrative that ‘it’s just Tether’ driving Ethereum adoption is not based in fact. Tether accounts for 20% or less of Ethereum’s gas use. ETH‘s uses are heterogenous & robust; people are just now realizing how oversold it was.”
CT: Given that you posted a Glassnode chart showing otherwise, what is your take on whether or not Tether (USDT) is driving the demand within the ETH network?
Entities paying gas on Ethereum. Souce: Glassnode
RSK: In my opinion, it’s too early to say that Tether is driving Ethereum adoption. A close look at the chart does show that Tether is driving demand as of late, but it is too early to determine if this trend is sustainable. If you check the chart closely, you’ll notice that demand peaked and then goes down.
Furthermore, when we talk about adoption, I don’t think it is fair to discuss the phenomena purely from the standpoint of Tether activity. The graph also shows a very large portion of transactions related to complex smart contracts that interact with each other.
% of gas used in txs not sending ETH. Source: Glassnode
Number of Ethereum txs not used to send ETH. Source: Glassnode
Therefore, it’s too extreme to claim that Tether is driving adoption. What is clear is that currently Tether is driving demand within the Ethereum network as nearly 20% of all network fees were connected to Tether transferring USDT.
CT: So can we infer that we will see consistent, steady or even peak demand for Ethereum in the future?
RSK: It’s too early to say, the only thing we can objectively state is that there has been a huge increase in demand for Ethereum Gas. It went from 1% in June 2019 to more than 25% in a short period of time. Let’s observe how this evolves — Tether will not be the (sole) factor for Ethereum demand in the future.
CT: Does the surge of Tether transactions and growth of the decentralized finance (DeFi) sector mean that increased demand and higher gas fees will lead to price stability and additional growth of Ether’s price?
RSK: Tether is a token that is pegged to the dollar so people can trade easier without going back into fiat. It’s clear that the token is heavily used and that its primary utility is for trading cryptocurrency. Therefore, I would say that it probably has some influence on price.
DeFi platforms are a completely different animal. These are complex, self-sustaining decentralised systems that provide a venue for the exchange of value, goods and services.
In theory and practice, they truly represent the ideal interaction one envisions Ethereum facilitating and as these platforms continue to grow it is entirely possible that the digital asset supporting these ecosystems will stabilize and potentially even increase in value.
CT: What would you say are the core concepts one needs to grasp in order to understand on-chain analytics?
RSK: I think people need to have a very basic understanding of core on-chain concepts such as transactions and addresses, and the differences between UTXO (unspent transaction output) and account-based systems like Ethereum.
From an investor’s perspective I would start by looking at core metrics such as transaction volume and number of active addresses, and then reading about and understanding the more advanced and established indicators metrics. In my opinion these are SOPR, realised capitalization, MVRV, HODL waves, coin days destroyed, and liveliness — to name a few.
CT: Is there a way to automate on-chain analysis for robo investment platforms or do investors just need to add these steps to their routine toolkit for conducting asset analysis?
RSK: Yes, on-chain data can absolutely be used for algorithmic trading. This data can be fed into automated systems along with any other data source traders use. And the added value in doing so, we believe, is immense. That is why we offer our on-chain metrics through a unified API, so anyone can easily integrate with their algorithmic trading platforms.
On the other hand, on-chain data has shown to be very useful for discretionary trading as well. On-chain indicators can be used to better understand economic behaviour in these networks, as well as analyse and predict market cycle tops and bottoms.
CT: What else do you want to tell me? Are there any additional hot topics, statements or opinions of importance that you think the world should know?
RSK: I want to emphasize that we (as in those interested in blockchain and cryptocurrency) are still early in this space and I think that every person that is investing in digital assets should begin to consider on-chain analysis as part of their analytical regime.
Analysis of data from blockchains is revolutionary. It is very different from the old world traditional style of asset investing.
This data is fundamentally important for crypto investors, yet the majority of investors do not understand the value it unlocks. It’s possible that investors unknowingly (subconsciously) write off the value of on-chain value as upon first glance it appears difficult to interpret due to the blockchain specific terminology and unconventional application of analytical methods.
Sometimes you just don’t realize how valuable something is until its demonstrated to you.
As I said earlier, many crypto investors are simply applying methods from the old world of investing (indicators and conventional trading ideology) to a totally new asset class which is behaviorally and technically different from traditional assets.
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пятница, 27 сентября 2019 г.
The Investment of Kings and the King of Investments
From the small investor just starting out to the high-net-worth individual hedging a multi-million dollar portfolio, we have helped many thousands add precious metals to their holdings in our more than 45 years in the gold business – safely, economically and with the investor’s goals in mind.
No matter the size of your investment kingdom, we can help you!
ORDER DESK: 1-800-869-5115 x100/orderdesk@usagold.com
Important! – Gold’s Century: While stocks dominated headlines, gold quietly performed
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Overstock’s Path From Dot-Com-Bubble Ruins to Blockchain Ecosystem
On Sept. 19, former Overstock.com CEO Patrick Byrne sold his entire stake in the firm, which accounted for 13% of the company and was worth over $90 million. While the move surprised many, those closely following Patrick’s eccentric personality saw it coming from a mile away.
Overstock was launched in May 1999. In the early days of the internet, it worked as an online marketplace that sold surplus goods from failed dot-com companies. It had a competitive advantage by selling at rates lower than wholesale prices. Its business model still hasn’t changed, selling closeout home decor, furniture, bedding and more.
Thanks to Byrne, Bitcoin was being accepted as a payment option on Overstock.com way back in 2014. In fact, it was the first major retail outlet to do so. Byrne’s love for Bitcoin was fueled by his disdain for Wall Street and mainstream finance. He did not even hold a traditional initial public offering (IPO) but rather raised money directly from investors via a Dutch IPO.
Overstock’s move to accept Bitcoin early on has made it a pioneer of crypto adoption. Igor Chugunov, CEO and founder of Credits Blockchain Platform, summed up how Overstock helped the mass market ease into the crypto world when he told Cointelegraph:
“It creates an appropriate environment for the popularization of cryptocurrencies by introducing innovative fast payment systems that will simplify purchases and sales using cross-border transfers and serve as an incentive for the e-commerce industry and many others.”
Subscribing to the ideas of the Austrian school of economics, Byrne believes that the economy shouldn’t be in the hands of a central authority but rather the individuals. On these lines, he said:
“These institutions that we get told are neutral and are governing society neutrally […] become the tools of the powerful to oppress the weak.”
Bitcoin and Overstock
Through a partnership with Coinbase, Overstock started to accept Bitcoin in January 2014. Byrne claimed that this move saved the company five years of integrating it into its adoption cycle. Looking at the current trend of large institutions jumping on the bandwagon of accepting crypto payments, he seems to be right.
The move was triggered by an interview in which he said that the company might start accepting Bitcoin. Even though it seemed to be an off-the-cuff comment, as the media jumped on this news, Byrne quickly got in touch with Coinbase to make it happen.
Overstock.com accepting crypto early on kept the company and Byrne in the spotlight of the crypto world — and being a Wall Street critic bolstered his reputation within both the company and the community. Furthermore, the retailer’s long-term strategy of increasing corporate-wide use of Bitcoin combined with its philosophy toward education, incentives and motivation are seen as critical means to support the mass adoption of cryptocurrencies.
Back in August 2017, the firm announced it would keep half of its Bitcoin payments as an investment. However, the company’s association with crypto forced its share price to fall over 11% in January 2018, when the valuation of Bitcoin fell by over 50%.
Still, Byrne is a blockchain-before-Bitcoin kind of guy. To demonstrate his trust in blockchain, he launched a venture capital firm within Overstock called Medici Ventures, intended to fund blockchain startups with Byrne’s personal finances.
The biggest crypto subsidiary of Overstock.com is tZERO, which aims to remove brokers and compete with traditional stock exchanges. In August 2018, Hong Kong-based private equity firm GSR Capital invested $270 million in tZERO.
Overstock CEO sells his stock
Byrne’s recent move of selling Overstock shares is nothing new for him. Back in September 2018, he sold around $20 million of his stock in just two days. Even though he requested investors not panic in an open letter and assured them that he is “still in the game,” the company’s share price consequently fell by 12%.
The final sell-off should not have come as a surprise to his investors. Days prior to doing so, he had promised that he would “reinvest most of this money into two co-investments with Overstock and Medici Ventures.” Then, perhaps unsurprisingly, Medici made a $2 million investment on Sept. 26 into Salt Lake City-based Evernym, a startup that develops blockchain-based self-sovereign identity. Another reason he cited was to meet tax obligations, saying that he needed to “pay Uncle Sam his cut.”
Back then, Byrne was playing down his inclination for selling his stocks to invest in blockchain, saying that he has “only ever sold a tiny sliver” of his stake. But now, Byrne has placed all his bets on blockchain technology.
Byrne resigned from Overstock on Aug. 22, but even then spoke about how blockchain will revolutionize the world and will “reshape key social institutions.” He also cited his controversial relationship with Maria Butina, a self-confessed foreign agent, as one of the primary reasons for his departure.
On Sept. 19, he cashed out 4.8 million Overstock (OSTKO) shares worth 13% of the entire company. Filings from the United States Securities and Exchange Commission (SEC) reveal that he was selling his shares for increasingly lower prices, ranging from $21.84 to $16.32. OSTKO shares were hitting a 52-week high prior to Byrne’s selling spree, but saw a notable drop afterward and fell continuously after Sept. 12.
It’s never a wise investment decision to over-allocate your portfolio into one or two assets. Byrne’s situation seems unique, however, and he therefore had to find a different solution that worked. When talking about Byrne doubling down on crypto, Michael Yuan, founder of decentralized marketplace OpenBay told Cointelegraph:
“I’m not a financial advisor, but diversification is typically a better risk management strategy. That said, Byrne continued — and increasing — faith in crypto as a good, long-term investment certainly augurs well for other crypto investors to stay the course.”
Overstock continues to be blockchain-friendly
Byrne initially received a warm response from investors when Overstock.com announced the big push into blockchain, but its cryptocurrency-focused Medici Ventures subsidiary has been relatively slow to make headway. When Medici Ventures disclosed that it was part of an SEC investigation into cryptocurrency-related companies, Overstock shares fell.
When Byrne resigned, there were questions being asked about Overstock’s commitment to blockchain technology. His position as CEO was filled by Jonathan Johnson, while Kamelia Aryafar took his place as vice president and board member of Overstock Retail. Johnson was earlier acting as the company’s interim CEO but was formally inducted as CEO on Sept. 23.
Almost a month after Byrne’s resignation, Johnson announced that the company was planning on liberalizing its planned digital dividend share trading. According to Byrne, this was designed in an effort to minimize the influence of short-sellers and the company is working with the SEC to make its blockchain-based digital dividends freely tradable by nonaffiliates following distribution.
Shortly after, on Sept. 24, Overstock filed an S-3 form for the registration of its blockchain-based digital preferred stock with the SEC. Jonathan said that the filing represents the company’s first step in its registration of the OSTKO dividend. Shareholders will get a single unit of the Series A-1 preferred stock for every 10 common shares of the company.
However, to acquire the asset, potential shareholders have to set up an account with Dinosaur Financial Group to access PRO Securities, the trading system developed by Overstock’s tZERO.
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The Investment of Kings and the King of Investments
From the small investor just starting out to the high-net-worth individual hedging a multi-million dollar portfolio, we have helped many thousands add precious metals to their holdings in our more than 45 years in the gold business – safely, economically and with the investor’s goals in mind.
No matter the size of your investment kingdom, we can help you!
ORDER DESK: 1-800-869-5115 x100/orderdesk@usagold.com
Important! – Gold’s Century: While stocks dominated headlines, gold quietly performed
from Timor Invest https://ift.tt/2nqovfm
The Investment of Kings and the King of Investments
From the small investor just starting out to the high-net-worth individual hedging a multi-million dollar portfolio, we have helped many thousands add precious metals to their holdings in our more than 45 years in the gold business – safely, economically and with the investor’s goals in mind.
No matter the size of your investment kingdom, we can help you!
ORDER DESK: 1-800-869-5115 x100/orderdesk@usagold.com
Important! – Gold’s Century: While stocks dominated headlines, gold quietly performed
from Timor Invest https://ift.tt/2mu14By
The Fed will be growing its balance sheet again, but don’t call it ‘QE4’
“In the days, weeks, months and probably years ahead, the Federal Reserve will be conducting operations that look and sound a lot like what it did to pull the economy out of the financial crisis. However, the process this time around will be different in the details.”
USAGOLD note: Printing money by any other name is still printing money. . . . .The chart below of U.S. Treasury securities held by the Federal Reserve shows an abrupt reversal of the quantitative tightening program begun in early 2018.
Chart courtesy of the St. Louis Federal Reserve [FRED]
Source: Board of Governors Federal Reserve System [US]
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Gold down on Iran claim of U.S. offer to drop sanctions
(USAGOLD – 9/27/2019) – Gold dropped through the psychologically important $1500 mark in early European trading after Iran’s President Hassan Rouhani announced that the United States offered to remove “all sanctions on Iran in exchange for negotiations,” according to a CNBC report. Oil tumbled on the news and gold along with it. Thus far, there has not been verification of Rouhani’s claim from the American side. The yellow metal is down $17 at $1490. Silver is down 52¢ at $17.39. The news from the Middle East overshadowed lingering concern about the Fed’s continuing bail out of the repo market. In a report released yesterday, TD Securities addresses those concerns and how they might impact the gold market.
“This short-term repo market turmoil,” reads the report, “prompted the US central bank to inject just over $140 billion worth of liquidity into the market with a promise of more. The associated volatility before the intervention and the resulting speculation of systemic issues that may make it necessary to permanently expand the Fed’s balance sheet, should also help to keep gold bid. Indeed, The New York Fed announced that they would increase their daily repo transactions from the previously announced $75 billion to $100 billion through October 10th, and also offer two-week repo trades as well, which they increased from $30 billion to $60 billion, which should all help gold move into $1,600/oz territory.”
Quote of the Day
“One of the most important warnings offered by firefighters is simple: get out early. In the face of wildfires, some homeowners get the idea of staying in their homes and riding it out. As one firefighter warned ‘The point is to go.’ But if you don’t, it’s better to stay than to panic and run in the midst of a firestorm of smoke and embers. It’s not the fire that gets you. It’s the heat. Even before the flames reach the house, it can be fatal to stand outside trying to protect what you have (h/t John Galvin). Similarly, our ‘Exit Rule for Bubbles’ is straightforward: You only get out if you panic before everyone else does. You have to decide whether to look like an idiot before the crash, or look like an idiot after it.” – John Hussman, Hussman Funds
Chart of the Day
Chart note: We will let the chart speak for itself. Where do you believe we are in the stock market cycle? And where would you place gold?
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Trump says Iran wanted sanctions lifted, but he said ‘NO!’
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Opinion: Stock market’s eerie parallels to September 2007 should raise recession fears
“Sound familiar? It fairly describes market and economic conditions in the U.S. over the past couple of months. Except that this paragraph would be as true for the U.S. economy and stock market in September 2007 as it is today. Consider that 12 years ago the yield curve was inverted and U.S. economic growth was markedly slower than it had been in 2006. Yet the Standard & Poor’s 500 made a new high in July 2007 (same as 2019), there was an August correction (same as 2019), and then the Fed cut rates on September 18 (ditto — same day even).”
USAGOLD note: As we watch the analysts and pundits fumble around for an explanation as to what is going on in the credit markets at the present, we are reminded that there was similar confusion in 2007-2008 as Wall Street began its descent into chaos. Nobody had a good explanation for what was happening. If you remember the confusion evolved to the prevailing mantra: “We didn’t see it coming.”
Repost from 9-21-2019
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Gold Classics Library
A Gold Classics Library Selection
A Layman’s Guide to Golden Guidelines
for Wise Money Management
Gresham’s Law, Say’s Law, Rule of 72, Marginal Utility, Diminishing Returns, Regression to the Mean, Unintended Consequences, Murphy’s Law, Occam’s Razor, Law of Attraction, Law of Polarity, and more
by R.E. McMaster, former editor of The Reaper newsletter
There is an old saying that not all that glitters is gold — as in the gold coins many of you have held in your hands. There is another kind of gold that inhabits the practical wisdom of the ages. In today’s “go-get-’em,” “read-it-and-forget-it” world of everyday web browsing, it can be a challenge to separate the run of the mill from the meaningful. It is with that thought in mind we offer this compendium of the rules and laws of finance and investment by long-time market analyst R.E. McMaster. Formerly the writer/editor of the widely-circulated The Reaper newsletter, McMaster is known for his occasional forays into the realm of economic philosophy and history. I think you will agree with me that these skillfully condensed descriptions are indeed meaningful — a wellspring of knowledge worth reading, re-reading and passing along to friends and family, especially the kids and grandkids.
(Illustrations by Ed Stein)
____________________________________________
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A long-despised and risky economic doctrine is now a hot idea
Bloomberg/Enda Curran and Ben Holland
“But right now, deflation is the big threat. An emerging consensus says the next downturn may need to be fought with direct and permanent injections of cash –- often called ‘helicopter money’’-– and that central banks can’t deliver it alone.”
USAGOLD note: The pressure is building from all quarters for the federal government and the central bank to collaborate on a policy of running even larger deficits and printing money to cover them – the only way, as some see it, to keep the economy from falling into the deflationary abyss.
Repost from 9-24-2019
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Former Fed Chairman Paul Volcker thinks ‘we’re in a hell of a mess’
“When Volcker looks around now, he sees ‘a hell of a mess in every direction,’ including a lack of basic respect for government institutions, a current Fed that seems to be following a completely arbitrary benchmark and a ‘swamp’ in Washington run by plutocrats.”
USAGOLD note: Volcker has always been known for speaking his mind plainly and usually with deep insight. In that single sentence, though, he seems to have outdone himself. . . .and pretty much summed things up.
Image by European People’s Party (EPP Congress Bonn) [CC BY 2.0 (https://ift.tt/2HnEhxc], via Wikimedia Commons [Edited]
Repost from 10-24-2018
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There are no coincidences
Credit Bubble Bulletin/Doug Noland
“The Fed’s return to system liquidity injections after a decade hiatus received abundant media coverage. For the most part, analysts were pointing to a confluence of unusual factors: $35 billion money market outflows to fund September 15th quarterly corporate tax payments; settlements for outsized Treasury auctions; and the approaching end to the quarter (where money center banks generally reduce balance sheet leverage for financial reporting and regulatory purposes). Missing from the discussion was that this week’s money market tumult followed on the heels of instability in other markets.”
USAGOLD note: Doug Noland digs into the repo market breakdown last week with his usual attention to detail. The above should serve as introduction to the thorough discussion at the link above. “Autumn,” he concludes, “is set up for some serious instability.”
Repost from 9-21-2019
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Better Business Bureau Five Star Review
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Recent Better Business Bureau Client Review
“Before investing in gold I really didn’t have a clue about what or how much to invest in. I came across the USAGOLD website and found an excellent resource for both first time and seasoned buyers. My representative has always provided me with useful and trustworthy analysis related to the markets and trends that has further informed my purchase decisions. Transactions are timely and handled with a high degree of professionalism and integrity. I cannot recommend this company highly enough.” – Y.O., 5-14-2018
Scorecard: 38 45 48 54 five star reviews. Zero complaints.
A+ rating. Accredited since 1991.
[Link]
USAGOLD Recommendation: The precious metals industry is unique in the financial industry in that it is not subject to oversight or regulation by third-party government entities like the SEC or CFTC. As such, marketplace forums and feedback sites often serve as a replacement for investors attempting due diligence. While several options can be found, by far the most impartial and least susceptible to vested influence is the Better Business Bureau. When looking at a company’s BBB profile, don’t focus solely on the rating. To be honest, pretty much everybody has an ‘A’ or ‘A+’ rating. What is far more important to assess is the number and nature of complaints, number and caliber of positive and negative reviews, longevity with the BBB, as well as the number of ‘stars’ given a company through the actual customer review system.
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The Investment of Kings and the King of Investments
From the small investor just starting out to the high-net-worth individual hedging a multi-million dollar portfolio, we have helped many thousands add precious metals to their holdings in our more than 45 years in the gold business – safely, economically and with the investor’s goals in mind.
No matter the size of your investment kingdom, we can help you!
ORDER DESK: 1-800-869-5115 x100/orderdesk@usagold.com
Important! – Gold’s Century: While stocks dominated headlines, gold quietly performed
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New Spyware Replaces Crypto Wallets on Clipboard via Telegram: Report
New Trojan-delivered spyware replaces crypto wallets on clipboard using Telegram bots, Juniper Networks warns
Source: coin telegraph
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Repo meltdown shows budget deficit has limits
BloombergOpinion/Brian Chapatta/9-26-2019
“Ballooning Treasury auctions have placed a heavy burden on the financial system, forcing the Fed’s hand.”
USAGOLD note: As of a few days ago, the addition to the national debt for fiscal year 2019 went over the $1 trillion mark. “[T]he amount of U.S. Treasury securities outstanding,” says Chapatta, “has roughly tripled since the financial crisis.” That’s a large load to carry and its weight is making itself known in the overnight repo market where banks scramble for liquidity.
Source: USA gold
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ING Chief Economist: Libra Accelerating Central Banks’ Crypto Plans
ING chief economist Mark Cliffe says central banks could move towards issuing digital currencies within 2-3 years, given Facebook’s Libra project
Source: coin telegraph
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Its leash lengthened, China’s yuan flirts with trade war role
Reuters/Kevin Yao and Noah Sin/9-26-2019
“China, having let the yuan cross the once sacred red line of 7 per dollar, will allow its currency to fall further and may even risk U.S. anger by using it as a bargaining chip in already thorny trade talks, market participants believe.”
USAGOLD note: Initially it was thought that a weak yuan translated to lower gold price. Instead gold and the dollar rose in tandem.
Source: USA gold
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четверг, 26 сентября 2019 г.
Bittrex to Use Chainalysis Tool to Identify High-Risk Transactions
Bittrex is using Chainalysis’ know your transaction tool to spot high-risk transactions
Source: coin telegraph
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Why I’m worried about the repo market
Bloomberg/Narayana Kocherlakota/9-25-2019
“The recent unrest in money markets, which briefly caused short-term interest rates to get out of the Federal Reserve’s control, won’t undermine the central bank’s ability to achieve its longer-term economic goals. That said, it does signal that something’s very wrong with the financial system.”
USAGOLD note: The former president of the Federal Reserve Bank of Minneapolis breaks down the repo problem in straightforward terms and issues a practical warning to policy makers about what might lie ahead.
Source: USA gold
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Gold continues to rattle around $1500 mark. UBS says seasonal factors about to kick in.
(USAGOLD – 9/26/2019) – Gold continued to rattle around the $1500 mark in a continuation of the price weakness begun yesterday. Though a number of factors are working on the price at this juncture, the ebb and flow of trade negotiations between the United States and China has become the dominant influence – at least for now. Gold is level on the day at $1507. Silver, the more volatile of the two primary precious metals, is down another 13¢ at $17.85. Over the past two days, the dollar has been the chief beneficiary of renewed optimism on the trade front.
UBS, the Swiss-based investment banker, says seasonal factors are about to kick in for gold which will lend support to the metal through the remainder of the year. “With gold prices holding well, the fear-of-missing-out is likely rising,” says Joni Teves, a strategist at UBS’s global research team. “This is encouraging and implies that any downward pressure coming from macro factors over the remainder of the year is likely to be absorbed by fundamental demand. . . The continuation of gold’s uptrend should eventually attract more investment interest as well as momentum buyers.” US-based funds, says the bank, were responsible for two-thirds of the inflows into gold ETFs so far this year. (as reported at MiningNews.net) Most of that demand, we would add in turn, has come from funds and institutions hedging a lengthy list of market uncertainties.
Quote of the Day
“Most of these people [living in emerging nations] don’t really understand what is happening outside their boundaries, so they have no option but to buy gold, silver, and currencies of Western countries. And that is why I think support for precious metals will continue to increase going forward. I don’t know what influence it will have in pricing, but really, if I had to suggest to someone on how to preserve his wealth, my suggestion would primarily be focused on gold and silver.” – Jayant Bhandari (StreetWise Interview with Maurice Jackson)
Chart of the Day
Chart courtesy of HowMuch.net
USAGOLD note: This chart will come as a surprise even to those who monitor the global economy and financial markets on a regular basis. Gold is by far the largest form of money in circulation – over five times larger than the dollar’s circulation. The euro is a distant third, and silver, surprisingly ranks fourth.
Source: USA gold
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Unilever Says Its Blockchain Ad-Buying Pilot Saved the Company Money
IBM’s blockchain platform helped Unilever save money in ad reconciliation
Source: coin telegraph
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среда, 25 сентября 2019 г.
Ex-Fed Official: Ending US Dollar Dominance for Crypto Makes No Sense
Ex-Fed official Simon Potter says that the plan to end the U.S. dollar’s dominance by replacing it with a digital currency makes no sense
Source: coin telegraph
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Afternoon Update
(USAGOLD – 9/25/2019) – Gold tumbled today after President Trump told reporters that a trade deal with China could come “sooner than you think.” Jim Chanos, a oft-quoted bear on the stock market, called the resulting upside in stocks “a gullible response.” “And..3…2…1…,” Chanos tweeted, “the stock market falls for the ‘China Trade Deal’ line again, I have been reliably told that AI-driven trading programs are ‘constantly learning and adapting.’ Lol, ok.” (As reported by CNBC.)
Gold has given up $27 on the day to stand at $1505. Silver is down 71¢ at $17.98. If you are among those thinking that gold volatility has increased, it is not your imagination. (Please see below.) We will soon find out if Asia is going to buy the dip or pile on the sell side. . . . . . .Thus far $1500 is holding firm.
Source: USA gold
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Bakkt, Technicals or Trump? 3 Theories on Bitcoin’s Sudden 13% Drop
As of press time, Bitcoin is circling the $8,400 mark — signaling a hefty 17% loss on the week
Source: coin telegraph
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Draghi says ECB should examine new ideas like MMT
Bloomberg/Fergal O’Brien/9-24-2019
“European Central Bank President Mario Draghi said the Governing Council should be open to ideas such as Modern Monetary Theory, while noting they’re closer to fiscal policy and should be directed by governments.”
USAGOLD note: A wake-up call for the more than 500 million citizens of the European Union who save, invest and conduct commerce in the euro.
Source: USA gold
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вторник, 24 сентября 2019 г.
Bitcoin Price Must Hold $9.7K or Risk New 5-Month Low, Says Analyst
All eyes on Bitcoin price as analyst says current range critical
Source: coin telegraph
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Elliott prepares for downturn with new funding round
Financial Times/Ortenca Aliaj and Lindsay Fortado/9-23-2019
“The new capital raising is further indication that Mr Singer is anticipating a market meltdown. The billionaire investor, who has been vocal about complacency in global financial markets, recently predicted that the economy was headed for a significant downturn with risk at an all-time high.”
USAGOLD note: Singer’s ‘dry powder’ strategy is meant to capitalize on the meltdown he anticipates.
Source: USA gold
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понедельник, 23 сентября 2019 г.
Bakkt Trades 71 Bitcoin Futures Contracts in First 24 Hours
Bakkt has traded 71 Bitcoin futures contracts in the first 24 hours following its launch
Source: coin telegraph
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Goldman Sachs says the market is about to get wild in October
“For investors taking a breather from the chaos in August, buckle up as the market is about to go crazy again, Goldman Sachs warned.”
USAGOLD note: Historically, October is the month when markets have been known to go bump in the night.
Source: USA gold
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Binance Lists Tezos With 3 XTZ Pairs — CEO Hints at Staking Soon
Binance CEO hints at staking Tezos as the exchange starts accepting XTZ deposits for launching trading on Sept. 24
Source: coin telegraph
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Swiss gold exports at highest since 2016 on U.K. demand
BNNBloomberg/Elena Mazneva/9-21-2019
“Bullion deliveries to London held at a seven-year high last month driven by a surge in investors seeking haven assets.”
USAGOLD note: Given the destination of Swiss bullion – exchange traded furds, according to this Bloomberg report – British funds and institutions appear to be stocking up on gold in advance of Brexit. “The City” is hedging its bets. Year to date, gold is up 20.6% in British pounds.
Chart courtesy of TradingView.com
Source: USA gold
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воскресенье, 22 сентября 2019 г.
Bakkt’s Much-Anticipated Bitcoin Futures Trading Platform Goes Live
Bakkt’s physically settled BTC futures trading goes live
Source: coin telegraph
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New York Fed examines banks’ role in money market turmoil
Financial Times/Joe Rennison and Brendan Greeley/9-21-2019
“John Williams, president of the New York Fed, on Friday questioned the hesitance of the banks in an interview with the FT. ‘The thing we need to be focused on today is not so much the level of reserves [held at the Fed],’ he said. ‘It’s how does the market function.’”
USAGOLD note: We find ourselves in the very odd position of dealing with a repo market that no one completely understands. Williams’ quandary over how the market functions offers some hard evidence of the “uncharted waters” theme we have featured on this page over the past few weeks. That uncertainty, of course, is the result of the low to below-zero interest rate environment. The repo market may not be the only sector of the money markets where danger lurks.
Source: USA gold
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Retailers Around the World That Accept Crypto, From Pizza to Travel
Cryptocurrency adoption is picking up speed. Now, you can spend your Bitcoin to buy a latte or a ticket to space. Here is a status check on the retailers across the globe that are accepting crypto
Source: coin telegraph
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