четверг, 31 октября 2019 г.

Ten Percent Of Your Money Should Be In Gold, says Jim Cramer

JIM CRAMER URGES INVESTORS TO HAVE AT LEAST TEN PERCENT OF THEIR WEALTH IN GOLD

Investment guru and former hedge fund manager Jim Cramer gives investors valuable advice:  “everyone should have ten percent of their money in gold.”  The Mad Money host made his comments during the show’s Lightning Round.

He also recently highlighted gold as a safe haven to hold long term instead of government bonds.  “Why not own something that yields nothing that holds its value than something that yields negative that doesn’t hold its value,” he said in an interview with The Street. “It is ridiculous not to own gold if you’re from any country on earth except for maybe the United States.”

Cramer also gave market advice relating to the current trade war between the U.S. and China, suggesting that investors buy U.S. domestic stocks with no exposure to China and gold.  “I think it’s too soon to buy anything but the domestic stocks that have zero exposure to China, either as a supplier or as an end market … High-quality dividend stocks without much Chinese exposure will be the winners when the smoke clears, just as they were after the last two rounds of tariffs,” Cramer said at the beginning of August.

“People will keep buying precious metals as insurance against economic chaos … It’s the classic safe haven for your wealth, and that’s terrific for the gold miners,” he added.

Cramer has been fairly bullish on gold since the start of the year when he said that he could see prices pushing to $1,500 an ounce.

Gold prices are currently trading near a six-year high as recession fears are prompting investors to jump into safe-haven assets and flee equity markets.  Current geopolitical tensions, including the trade war and the lowering of interest rates by central banks, have sent stocks and bonds tumbling recently. Cramer seconded the notion that investors should generally move their assets away from the currently high-risk and volatile stock and bond markets and into something  more stable. “The people who are weighing in, and they are substantial and as well reasoned as you can be with a chart and 200-some-odd words, are almost unanimous in the need to get out now, get out of everything — every asset, save maybe gold because the economic grim reaper is coming. Let’s digest this “never a bull market anywhere” rationally and think what it means,” wrote Cramer.

BINANCE ANNOUNCES STABLECOIN PROJECT

Cryptocurrency exchange Binance has announced that it’s launching a project that will develop cryptocurrencies and digital assets pegged to fiat currencies around the world.  Dubbed Venus, the “localized” stablecoin initiative will see the firm utilize its existing infrastructure, such as its public blockchain, Binance Chain, and international payment system, “to empower developed and developing countries to spur new currencies.”

EUROPEAN PRECIOUS METAL FIRM BUMPS GOLD PRICE TARGET TO $1,690

With the bull market for gold continuing, one European precious metals firm is increasing its long-term forecast for gold price.

Analysts at Degussa, one of the largest independent gold retailers in the world, said in a report published in September that they are increasing their target for gold price, calling for a rally to $1,690 an ounce by the end of 2020.

The analysts said that the threat of a global recession due to the ongoing trade war between the U.S. and China will continue to keep a bid under gold; however, they added that global monetary policy easing is what will drive prices higher.

The analysts said that the Federal Reserve’s rate cut in July has heralded a new global easing cycle with the European Central Bank expected to join the trend next month.

“With the world’s interest rates heading to zero or even below zero, official currencies can no longer be viewed as a reliable store of value,” the analysts said in their report. “With market interest rates at or below zero, and consumer and asset price inflation continuing, cash and liquid bank deposits will lose their purchasing power.”

Now is the time to take advantage of the rising price of gold and protect yourself from stock market volatility.  Indicators are showing that these bullish trends will continue in the gold markets, giving you an excellent opportunity for immediate growth and providing protection for your assets against future economic downturns.  Don’t miss out on this opportunity. Act now and reap the benefits.



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U.S. National Debt to the Penny

United States Treasury Department/TreasuryDirect/10-30-2019

Image of US Treasury Departments Debt to the Penny through 10-29-19 now $22,966,319,890,586.47

USAGOLD note:  It is likely a matter of days until the national debt surpasses $23 trillion. We were at $22 trillion on February 11, 2019 – just nine months ago.  We have added nearly $170 billion in October alone – the first month of the new fiscal year. I can remember a time when people were concerned about this issue, but as someone said recently, ‘the deficit hawks have fled Washington.’



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Italians Prefer BTC to Visa or Mastercard When Shopping Online

According to new data from marketing analysis firm SEMRush, Bitcoin (BTC) is the third-most preferred online payment method in Italy.

Bitcoin comes in third place

On Oct. 31, the Italian news outlet La Stampa reported that the Boston-based marketing analysis company, it was stated that in the list of the most used methods of online payment systems in Italy, Bitcoin comes in a strong, third place, just behind PayPal and the Italian reloadable prepaid card service PostePay.

The data further revealed that Italians use Bitcoin for shopping online more widely than traditional credit cards, such as Visa, Mastercard or American Express.

According to La Stampa, Bitcoin is used more than 215,800 times per month for online purchases in Italy, while American Express is used just 189,000 per month. Visa, Mastercard, and other credit cards lag with only 33,950 online transactions per month.

Paypal And PostePay take the lead

The California-based online payment service Paypal remains the uncontested choice for online payments in Italy with around 1.3 million payment transactions per month. The Italian payment processor PostePay follows closely, with almost 1.2 million monthly transactions.

Italians are buying more and more online 

La Stampa wrote that in 2018 the total business-to-customer spending on e-commerce was over 40 billion euros, with 62% of Italians making at least one online purchase in that year.



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Gold: October 31 Review



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Britain and Russia are Europe’s odd couple

Financial Times/Gideon Rachman/10-29-2019

Map of Europe and Russia

“The current deep antagonism between Russia and Britain disguises some important similarities between the two countries. Those parallels are likely to become more obvious after Brexit — in ways that should worry both the UK and the EU.”

USAGOLD note:  This Rachman editorial is one for the deep-thinkers out there. It speculates on rapidly changing geopolitical alignments, i.e. “two angry and alienated neighbors” on the east and west flanks of the European Union.



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Swiss Crypto Bank Gets Approved for Singapore Banking License

Swiss-based cryptocurrency bank Sygnum has received the go-ahead to offer banking services in Singapore.

Sygnum: license is “important milestone”

In a blog post on Oct. 31, Sygnum, which gained a Swiss banking license in August this year, can now proceed with its first product for the Singapore market.

Sygnum was the first Swiss company to win the title of cryptocurrency bank and will target accredited investors and institutions with a multi-manager fund, which will also debut in its home jurisdiction.

Long on the cards, the Singapore documentation comes in the form of a capital markets services (CMS) license from the Monetary Authority of Singapore (MAS), the Asian city state’s de facto central bank

Sygnum’s head of asset management, Stefan Mueller, commented in the press release:

“The CMS license is an important milestone to establishing our asset management arm, leveraging the vibrant financial environment in Singapore. This is complementary to our banking services in Switzerland and will also benefit our Swiss institutional and private qualified investor clients.” 

Execs reveal major Swiss crypto interest

As Cointelegraph reported, Singapore continues to position itself as a friendly environment for cryptocurrency and blockchain businesses. 

MAS is part of the government structure looking to integrate the emerging technologies with state activities and beyond, as its Project Ubin finance scheme is set to commence operations next year. 

Sygnum meanwhile is also eyeing expansion into markets such as Hong Kong, as well as in Europe. In September, Peter Wuffli, the ex-UBS head who is now the company’s CEO, underscored his desire to tap the full potential of the cryptocurrency market.

“Thousands of clients have contacted us for a one-stop-shop for asset custody, loans and trading cryptocurrencies seamlessly with fiat currencies,” he revealed.



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Natural Gas Experts: 'Follow The Money, Forget The Cold'



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Oil Companies To Remain A Force Despite Low Prices, Renewable Energy Threats



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среда, 30 октября 2019 г.

DMR–Afternoon Update

Graphic image of golden weather vane(USAGOLD – 10/30/2019) – In this morning’s DMR (please scroll below), we mentioned that “if there is going to be any real drama resulting from this meeting, it will likely come during the post-meeting press conference.”  The gold’s market reaction to the FOMC statement itself was to sell-off. Then at that press conference Fed chairman Powell made the following comment:

“I think we would need to see a really significant move up in inflation that’s persistent before we even consider raising rates to address inflation concerns.”

That gave gold the green light. It immediately reversed the downtrend and began tracking higher  – bouncing off the $1484 mark to near $1495 in a matter of minutes.  Here is what that rather dramatic turn of events looked like on the chart:

Chart gold intraday bounce on Powell comment



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Price Analysis 30/10: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, TRX, XLM

The sentiment in the crypto markets had turned bullish on the news that Chinese President Xi Jinping has called for businesses and government bodies to support the development and adoption of blockchain technology. However, just days after the comments, the Chinese state media warned that support for blockchain should not be interpreted as an endorsement for cryptocurrencies. 

During the recent Bitcoin (BTC) rally, institutional interest picked up, which  also resulted in a spike in Bitcoin futures volumes on the Bakkt platform. Along with targeting the institutional players, Bakkt  dove into the mobile payments sector. Earlier this week the company announced that a partnership with Starbucks would potentially allow “consumers to convert their digital assets into US dollars” at coffee shops across the country. Mike Novogratz, head of cryptocurrency merchant bank Digital Galaxy, said that this was a major step that would speed up crypto mass adoption.

Daily cryptocurrency market performance. Source: Coin360

A recent study by tech giant IBM and the Official Monetary and Financial Institutions Forum has concluded that central banks have realized that digital currencies, in some form or the other, are here to stay and will soon play a part in the global monetary system. Hence, global central banks are likely to issue their own digital currency to rise up to the competition. 

With every passing day, the fundamentals of the asset class continue to improve. Can this boost prices? Do the technicals on the major cryptocurrencies signal a buying opportunity? Let’s analyze the charts. 

BTC/USD

Bitcoin is currently in a pullback, which has support at $8,829.05 and below that at $8,467.54, being 50% and 61.8% retracement levels of the recent rally. If the leading cryptocurrency bounces off this support zone, we expect the bulls to retest the recent highs of $10,360.89. A breakout of this level will signal the start of a new up move towards $13,973.50. Therefore, traders should view the dip as a buying opportunity.

Contrary to our assumption, if the bears sink the price below $8,467.54, a drop to $7,297.21 will be on the cards. If this level also breaks down, we anticipate long liquidation by the bulls that can result in a quick drop to $5,533.90. 

Though we remain bullish, we will wait for the pullback to end and the cryptocurrency to resume the uptrend before proposing a trade in it.

ETH/USD

Ether (ETH) is facing stiff resistance at $196.483. If the price dips below the 20-day EMA, it can remain range-bound between $161.056 and $196.483 for the next few days. The flattening moving averages and RSI close to the midpoint suggests a balance between the bulls and the bears.

The ETH/USD pair will start a downtrend if the bears sink the price below the recent low of $151.829. Therefore, traders can keep the stop loss on the long positions at $150. The pair will pick up momentum above $196.483 and move up to $235.70. 

XRP/USD

The failure of the bulls to push the price higher has attracted profit booking that can drag XRP to the 20-day EMA and below it to the 50-day SMA. As both the moving averages have started to turn up, we expect the bulls to defend the support levels.

A bounce off the moving averages will be a positive sign that is likely to push the price towards the next target objective of $0.34229 where traders can book partial profits. 

Alternatively, if the bears sink the XRP/USD pair below the moving averages, it can dip to the next support at $0.24508. For now, traders can retain the stop loss on the long position at $0.24.

BCH/USD

Bitcoin Cash (BCH) is facing resistance at the neckline of the head and shoulders pattern. This is an important level to watch out for, above which a rally to $360 is likely. The moving averages are also on the verge of a bullish crossover, which suggests a likely change in trend. Therefore, the traders can hold their long positions but trail the stops higher to $235.

Our bullish view will be negated if the BCH/USD pair turns down from the current levels and breaks below the support at $241.85. Such a move will increase the possibility of a retest of the recent low of $197.84. A break below this will resume the downtrend.

LTC/USD

Though the bulls have failed to propel Litecoin (LTC) above the overhead resistance of $62.0764, they have not given up much ground, which is a positive sign. If the altcoin bounces off the 20-day EMA, it is likely to breakout of $63.3876 and rally towards $80.2731. Therefore, the traders can hold their long positions with a stop loss of $47.

Contrary to our assumption, if the LTC/USD pair bears break below the 20-day EMA, it can dip to $50-$47.1851 support zone. This is an important area to watch out for because if it breaks down, the downtrend will resume. However, if the support zone holds, the pair might remain range-bound for a few more days.

EOS/USD

The failure of the bulls to sustain above $3.37 has attracted selling. If EOS breaks below the moving averages, it will increase the possibility of a range-bound action between $2.4001 and $3.37. 

On the other hand, if the EOS/USD pair turns around from the moving averages, we expect another attempt by the bulls to scale above $3.37. If successful, a rally to $4.8719 is likely. Therefore, the traders can initiate long positions on a break above $3.58 and keep a stop loss of $2.95.

BNB/USD

Binance Coin (BNB) has held above the downtrend line for the past three days, which is a positive sign. After breaking out of a critical level, usually the price retests the breakout point. We are seeing that play out as the altcoin retests $18.30.

If the BNB/USD pair bounces off this support, it will be a positive sign. The moving averages have completed a bullish crossover, which suggests that bulls are in command. Above $21.2378, the pair can move up to $23.5213 and above it to $32. 

Our bullish view will be negated if the price re-enters the descending channel. A break below the moving averages can drag the price to $16.50. The traders can trail the stop loss on the long position to $16.

BSV/USD

After forming inside day candlestick patterns for three days, Bitcoin SV (BSV) has turned down. The bulls are currently attempting to defend the support at $129.589, which is 38.2% Fibonacci retracement level of the recent rally. If successful, we anticipate another attempt to clear the overhead resistance of $155.380. Above this level, the rally can extend to $188.690.

However, if $129.589 fails to hold, the pullback to extend to $121.743, which is 50% retracement of the recent rally. Though we are positive, we do not find a reliable entry point at the current levels, hence, we are not recommending a trade in it. Our bullish view will be invalidated if the BSV/USD pair dips below the 20-day EMA.

TRX/USD

Tron (TRX) has turned down from close to its target objective of $0.0234338. It can now dip to $0.018660 and below it to the 20-day EMA. If the price bounces off $0.018660, it will be a positive sign as it will indicate that the bulls are not waiting for a deeper correction to initiate long positions.  

The 20-day EMA is sloping up and the RSI is in the positive territory, which suggests that the bulls have the upper hand. Therefore, traders can watch the price action at the support level and initiate long positions on a strong bounce off it. If the bulls can propel the price above $0.0234, a rally to $0.030 is likely.

Contrary to our assumption, if the TRX/USD pair breaks below the 20-day EMA, it will be a negative sign and might result in a range-bound action for a few days. 

XLM/USD

The bulls again failed to sustain Stellar (XLM) above the downtrend line on Oct. 29. This is likely to result in profit booking as the short-term traders will bail out of their positions. The bears will try to take advantage of the situation and sink the price below the moving averages. 

If successful, the XLM/USD pair can dip to the immediate support at $0.056. This is an important support, below which the drop can extend to $0.051014. The traders can retain the stop loss on the long positions at $0.051.

Conversely, if the pair bounces off the support at $0.056, we anticipate another attempt by the bulls to scale the downtrend line. A break above $0.070 will be a positive sign and can carry the price to $0.088708.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.



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Gold: Oct. 31 Preview



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Silver: Oct. 31 Preview



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Crude Oil: Oct. 31 Preview



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The Corn And Ethanol Report: 10/30/19



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Silver’s 3 Legged Bull-Run Stool



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Opinion: Printing money isn’t a universal cure-all in recession, Roubini says

MarketWatch/Noriel Roubini/10-28-2019

photo of Noriel Roubini“Monetizing the debt won’t help get us out of a permanent negative supply shock . . .”

USAGOLD note:  We mentioned monetizing the debt under an article link posted earlier today.  Roubini has never been an advocate of gold ownership. At the same time, the scenarios he outlines cry out for it as you will discover at the link offered immediately above.



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Kim Dotcom Donates K.im Bitcoin Fees to Julian Assange Ahead of $8M IEO

Entrepreneur and Bitcoin (BTC) entrepreneur Kim Dotcom has revealed his new company K.im is directly supporting WikiLeaks founder, Julian Assange.

Dotcom offers Bitcoin to Assange

In a tweet on Oct. 29, Dotcom said 10% of K.im’s transaction fees were going towards helping Assange’s ongoing legal battle. 

“http://K.im supports @Wikileaks and Julian Assange by committing 10% of our transaction fee income to Wikileaks and Julian’s legal team,” he wrote. Dotcom added: 

“This may provide sufficient Bitcoin for his defense and enable Wikileaks to increase its truth-telling capabilities. Stay strong!”

Assange currently faces extradition to the United States on charges of allegedly trying to hack into a Pentagon computer. His potential jail sentence totals 175 years.

“The treatment of Julian Assange speaks volumes about the rotten character of the intelligence community (deep state),” Dotcom wrote in a previous tweet last week.

WikiLeaks already accepts donations in various cryptocurrencies. To date, its Bitcoin wallets have received in excess of 4,000 BTC ($37 million).

Countdown to the initial exchange offering 

The entrepreneur, who has faced legal pressure of his own over his previous project, Megaupload, has positioned K.im to take advantage of cryptocurrencies.

The content sharing service will conduct an initial exchange offering, or IEO, on Bitfinex in the coming week in order to raise funds. 

The planned fundraising goal is currently set at $8 million, with verified investors able to contribute a maximum of $50,000 each. Holders of Bitfinex’s in-house token, UNUS SED LEO, will be able to double their contribution.



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$2,000 Palladium: A Matter Of When, Not If?



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3 Factors That Could Move Oil Higher Over The Coming Weeks



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вторник, 29 октября 2019 г.

Commodities Weekly: Oil Struggles Despite Positive Backdrop



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Chinese investors pile into gold as economic worries surge

Forbes/Simon Constable/10-28-2019

“Chinese investors are piling into gold bullion in a big way as worries over China’s economy and political system surge.”

USAGOLD note:  As is the case elsewhere, most of the ETF demand is probably coming from financial institutions within the country.  Retail investors still prefer a more physical form of the metal.  China’s money managers are not alone in their concern about the domestic currency. That is why the gold charts in a good many currencies show significant verticality these days.

Chart of gold in Chinese yuan, verticality present



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Startup Aims to List Bitcoin Product on Frankfurt, Luxembourg Exchanges

A German startup is attempting to list a Bitcoin (BTC) derivative product on the Frankfurt and Luxembourg stock exchanges.

According to German business news daily Handelsblatt on Oct. 29, the startup Iconic has filed a prospectus for regulated trading of a Bitcoin exchange-traded note (ETN), which could become available as soon as the beginning of December 2019.  

Iconic said that it will issue an ETN that will offer investors exposure to the seminal cryptocurrency on a regulated marketplace. The ETN will also be issued its own International Securities Identification Number. 

Handelsblatt states that, while Iconic is based in Frankfurt, the ETN will be regulated by Luxembourg’s finance watchdog, the Luxembourg Financial Supervisory Authority. 

The startup will directly invest collected funds into Bitcoin, which will be purchased by major United States-based cryptocurrency exchange Coinbase. While Coinbase is headquartered in the U.S., it has expanded rapidly into other jurisdictions, including Europe, over the last year.

ETNs are seen as a gateway for crypto ETFs

ETNs are considered by some to be a “soft” version of another financial product, the exchange-traded fund (ETF). While an ETF is a security that tracks an index of funds, a commodity or a basket of assets, ETNs are backed by its issuers. 

The eventual introduction of a cryptocurrency ETF is often regarded as a signal that the market has matured, as it will offer major institutional investors exposure to crypto assets. Investors have met crypto ETNs with less enthusiasm than a possible ETF. 

Some experts see Bitcoin ETNs as a vanguard for other financial products involving the asset. The head of the Blockchain Center of the Frankfurt School of Finance and Management Philip Sandner said:

“Iconic has convinced both regulators and Deutsche Börse. The listing of their Bitcoin product on the Frankfurt Stock Exchange is a remarkable step […] A true Bitcoin ETF Europe is thus a significant step closer.”

Regulators, meanwhile, are skeptical of both crypto ETNs and ETFs. Earlier this month, the U.S. Securities and Exchange Commission rejected an application by Bitwise to list a Bitcoin ETF on NYSE Arca.

In the United Kingdom, the Financial Conduct Authority is mulling a ban on cryptocurrency ETNs. Coinshares, a British public exchange, recently published a letter on its website, urging its customers to fight the proposed ban.



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Bitcoin Moonshot: Precious Metals Supply And Demand



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Gold: Is Investor Patience Required?



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The Corn And Ethanol Report 10/29/19



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Could Energy Markets Be Heading Toward Oil Oversupply?



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Bitcoin Dominance Hits 70%; Investors Turn To Bitcoin And Gold Amid Stock Market Volatility

BULLISH SIGNALS CONTINUE FOR BTC AND GOLD ON MORE SAFE-HAVEN BUYING INTEREST

Bitcoin hit another major milestone this summer, gaining its highest share of the overall cryptocurrency market since before its record-smashing 2017 bull run.  Data from crypto market monitoring site CoinMarketCap reveals that Bitcoin now accounts for 70.5% of the total cryptocurrency market cap as of earlier this week.

This magnitude of dominance has not been seen since March of 2017, and comes as Bitcoin prices continue to make gains at the expense of altcoins.  This had led to numerous experts and analysts firing warnings about the prospect of investing in non-Bitcoin cryptocurrencies at this time.

Max Keiser, financial expert and host on the RT channel, claimed this week that altcoins would in fact never make a comeback from this recent downturn.  “Alts never coming back… Sorry,” he tweeted on Sept. 3, also referencing market cap statistics.

Peter Brandt, 40 year trading veteran, echoed Keiser’s sentiments, saying “When will altcoin junkies understand that $BTC is the crypto with real and lasting value,” and added “Altcoins are to Bitcoin what lead is to Gold.”

Altcoins in the top twenty mostly failed to achieve more than 4% gains this past week, meaning they lost value in comparison to Bitcoin.  Some commentators took the opposite approach regarding altcoins, arguing market cap is a poor measure of performance and includes many altcoins which don’t even have trading volume.  However, Bitcoin recently set a new high in Realized Market Cap as well, an alternate measure set to address those inconsistencies, which further reinforces Bitcoin’s position as the undisputed dominant force.

Analysts feel that the 20 WMA (also the middle of the weekly Bollinger Bands) have proven to be important in Bitcoin’s cycles; supporting price in a bull market and suppressing price in a bear market.  The overall assumption then is that we are in the early phase of the next Bitcoin cycle.

Bitcoin price has also seen gains in recent weeks from more safe-haven buying interest amid worldwide investor anxiety.  Both Bitcoin and gold are seen as secure stores of wealth in the face of increased stock market volatility and uncertainty in the direction of the ongoing trade relations between the U.S. and China.  While stocks markets have seen huge tumbles in the face of what many are predicting is an impending recession, Bitcoin and gold continue to show bull signals. Bitcoin appears to be poised for another big rally and gold is holding steady.

Bullish on Gold

Stock Market Volatility Continued into September

The trade-induced volatility that led to rollercoaster markets in the past months continued into September, says senior managing partner at Meridian Equity Partners, Jon Corprina.  “We’re still talking about China and tariffs, we’re still talking about the Fed and interest rates,” Corpina said.

Going forward, China will continue to be the main focus for investors, while stocks will likely remain sensitive to global headlines.  The Federal Reserve recently cut interest rates for the first time since the financial crisis in 2008.

The markets rebounded from a thrashing at the beginning of September make gains going into the month.  The Dow traded 0.8%, or 210 points, higher. The S&P 500 was 0.9% up and the Nasdaq Composite traded 1.1% higher. Investor sentiment was helped by developments in Hong Kong, where a controversial extradition bill that started the city’s protests will reportedly be withdrawn.

“Wall Street is benefiting from the broad uptick global market sentiment. The remarks from Hong Kong’s Lam should in a roundabout way assist help the US-China trade talks, as previously, President Trump called on Beijing to behave in a ‘humane’ fashion in relation to the situation,” wrote David Madden, market analyst at CMC Markets, in a note.

This bodes well for the Bitcoin price and gold price, as investors seek out alternatives to the stock market for wealth storage.

GOLD PRICE CONTINUES TO BE NEAR $1500s

Gold prices continued their rise in September, climbing past the $1,550 level.  They were helped once again by increased uncertainty regarding U.S. and China trade relations, with investors becoming wary of continued stock market volatility.

The Federal Reservecut rates yet again, and combined with continued geopolitical uncertainty we should see gold prices continue to rise.  These factors make it an ideal time to invest in Gold. The precious metal has not only seen continued growth this year, but more and more investors are now recognizing it as an ideal storage of wealth in volatile market conditions as we’re presently seeing.

Technically speaking, Gold’s picture is currently very bullish, and there are no indications that will change in the near future.

Now is the time to take advantage of the rising price of gold and protect yourself from stock market volatility.  Indicators are showing that these bullish trends will continue in the gold markets, giving you an excellent opportunity for immediate growth and providing protection for your assets against future economic downturns.  Don’t miss out on this opportunity. Act now and reap the benefits.



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The gold standard: what is behind bullion’s best run in years?

MiningJournal/Julian Turner/10-21-2019

Image of green flag flapping in wind“In the current rally investment demand has been at the fore and this has been driven by expectation of major monetary easing by various central banks (particularly the Fed) leading to plummeting bond yields. This has led to an explosion in negative yielding debt, to over $17 trillion, which has turned on its head a traditional drawback of investing in gold – namely that it has no yield.”

USAGOLD note:  This article features the thinking of Capital Economics’ Ross Strachan (quoted above from that article).


Repost from 10-25-2019



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Samsung Integrates Tron and Mobile-Compatible DApp Building Tools

South Korean technology conglomerate Samsung has integrated Tron (TRX) support to its decentralized app (DApp) store, Blockchain Keystore.

According to a release note published on Oct. 29 to the Samsung Developers website, Samsung Blockchain Keystore SDK v1.2.0 now includes APIs that support TRX transactions.

Justin Sun’s social media ploy

Samsung has revealed it is today announcing its Samsung Blockchain Platform SDK at the Samsung Developer Conference 2019. The new SDK will reportedly tackle the two-fold challenge of bolstering security and building mobile-compatible DApps.

As commentators have been swift to claim, the new Tron integration means that APIs for all tokens conforming to the TRC10 or 20 standards — as well as Tron-based DApps — are poised to become accessible to anyone with the Blockchain Keystore among Samsung’s near-one billion global smartphone user base. 

Justin Sun, the CEO of Tron — which positions itself as a competitor to Ethereum (ETH) by coupling decentralized finance with a wider decentralized internet ecosystem — had this week attempted to fuel hype by hinting at an undisclosed partnership with an allegedly “hundred billion USD megacorporation.” 

As of August 2019, Samsung reportedly has a market value of $272.4 billion, according to Statista.

Sun had also claimed the partnership would “broadly distribute TRON Dapps and tokens to billions of customers.”

The Chinese blockchain market

As reported, Tron has recently dislodged Ether (ETH) from the second spot on the latest crypto rankings report from China’s state-backed tech workgroup, the Center for Information and Industry Development (CCID).

Yesterday, TRX reported gains of as high as 25% against the U.S. dollar, perhaps due to a combination of Sun’s provocative announcement and a milestone endorsement of blockchain technology from Chinese President Xi Jinping. 

The latter prompted an explosion of domestic interest in Bitcoin (BTC) and blockchain, according to WeChat search data, as well as a boom in blockchain company shares on the Chinese stock markets.



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Sideways Price Activity On Gold



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Is The EIA Over-Estimating Weekly Oil Production?



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понедельник, 28 октября 2019 г.

The Gold / U.S. Dollar Relationship Is Breaking Down



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If silver is the new gold, now is a good time to buy

Barron’s/Myra Saefong/10-25-2019

American Eagle gold and silver bullion coins“‘If you are bullish on gold’s future prospects, silver is going to provide you with upside leverage with relatively low risks at these price levels,’ says Peter Spina, president of silver news and analysis provider SilverSeek.com. ‘The risk-to-reward appeal in silver is one of the best opportunities in a decade.’”

USAGOLD note:  Over the past few years, we have seen gold investors increasingly adding silver to their holdings. Investors interested in larger positions in many cases are opting for our safe storage program which addresses the logistical (weight) problems associated with silver ownership.


Account Form – Precious Metals Storage Account

Please call or email if you have any questions.
1-800-869-5115 Ext#100
orderdesk@usagold.com



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Major Latin American Development Bank Pilots Blockchain for Land Registry

The Inter-American Development Bank (IADB) is implementing three different blockchain pilot projects to test if blockchain technology is able to solve some of the problems of land titling and registries.

On Oct. 28, blockchain startup ChromaWay reported that it is collaborating with IADB on a two-year project in Bolivia, Peru and Paraguay on an initiative called “Distributed Ledger Technology (Blockchain): The Future of Land Titling and Registry.”

Chromaway, which has experience in tracking land titles in countries such as Sweden, Canada, India, and Australia, will run the pilots together with Bolivian IT services company, Jalasoft, with the intention to eventually bring the blockchain pilots to other parts of South America. ChromaWay CEO Henrik Hjelte said:

“Our collaboration with the IDB provides the opportunity for partner countries to take advantage of maturing distributed ledger technologies that have been developed and used in other projects. We are especially excited to deploy these solutions in societies where secure land registration systems can have such a positive social and economic impact.”

The IADB, which is the largest source of development financing in Latin America, hopes that the project, which is to launch next month, can give insights into how blockchain technology can contribute to solving some of the problems of land administration in South America. 

Blockchain records ownership rights

Governments of different countries around the globe are increasingly participating in or encouraging the creation of blockchain-based land registries.

Most recently, the Department of Economic Development of Dubai announced its transition to a blockchain-based platform for the single enterprise market. The new system will purportedly make doing business in Dubai more convenient.

The use of blockchain to permanently record ownership rights for real estate and business has been ongoing since 2016. Interest in the technology continues to grow as the process excludes intermediaries that collect commissions in the process of, for example, conducting real estate transactions. It can also lower the risk of fraud, prevent data forgery and simplify the process of checking real estate objects or business debts before deals take place.



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The Phil Flynn Energy Report 10-28-2019



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Who Absorbs Price Jumps In Raw Materials?



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Lumber Review



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PwC: Global Mining And Metal Deal Value Declines 46% In Q3



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GATA’s Powell: Attacks On Gold/Silver Are Losing Their Impact



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Gold Weekly: FOMC Forward Guidance Will Be The Key For Gold Markets This Week



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This Past Week In Precious Metals: HUI On Long Term BUY Signal



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Natural Gas Trading Strategy For The Week Ahead



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What Happens To Precious Metals Markets If Fed Stops Cutting Rates?



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What Happens To Pecious Metals Markets If Fed Stops Cutting Rates?



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Dalio’s fear of the next downturn is likely understated

Real Investment Advice/Lance Roberts

Image of two tickets to board the Titanic“While the markets are celebrating the very clear confirmation that the ‘Fed Put’ is alive and well, it should be remembered these ‘emergency measures’ are coming at a time when we are told the economy is booming.”

USAGOLD note:  That single sentence from Lance Robert’s latest offers much food for thought.  For some reason, the legend of the ‘unsinkable’ Titanic came to mind when I read those words.  One member of the crew was heard to say to a passenger as she boarded, “God himself could not sink this ship.”



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China: Forex Regulator Warns Against Illegal Crypto Cross-Border Flows

China’s foreign exchange regulator has warned that emerging markets need to muscle in on cryptocurrency-enabled illegal cross-border capital flows.

Sun Tianqi, the chief accountant of China’s State Administration of Foreign Exchange (SAFE), made the remarks at a forum today in Shanghai, according to an Oct. 28 report from Reuters.

China has shuttered over 2,000 forex trading platforms

Tianqi called for global regulators to cooperate on countering illegitimate cross-border transactions, underscoring the risks that fintech innovation poses to foreign exchange control.

He revealed that the Chinese state had closed over 2,000 forex trading platforms, yet reportedly did not elaborate further.

Back in November, Tianqui had called for Facebook’s Libra to be classed as a foreign currency and integrated into the framework of China’s foreign exchange management. Failing this, the asset should be prohibited, he said.

National blockchain adoption

As reported, SAFE has also this week advocated for the application of blockchain and AI in cross border financing, with particular attention to risk and macro-prudential management.

Following President Xi’s official endorsement of blockchain technology earlier this week, A-share stocks for blockchain firms listed on the Shanghai Stock Exchange have skyrocketed

The People’s Bank of China has also this week called for an acceleration of blockchain applications in digital finance, as the global industry awaits the rollout of its digital renminbi

Local commentators have pointed to the increased tension between nationalized control and long-standing antagonism toward private-sector use of the technology.

WeChat search data is pointing to a major surge in popular interest in both blockchain and Bitcoin, with blockchain searches up from 770,000 to 9.2 million in just two days. 

By press time, Bitcoin is trading above $9,400 — up over 16% on the week, following a 42% intra-day price hike on Oct. 26 — its swiftest spike since 2011.



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Commodities Week Ahead: Gold Counting On Fed; Oil Ready For Another EIA Surprise?



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воскресенье, 27 октября 2019 г.

Thinking about buying gold and silver?

Wizard of Id cartoon 'whoever has the gold makes the rules'

Gold in six easy lessons

1. Don’t buy it because you need to make money; buy it to protect the money you already have.

2. Don’t look at price as a barrier; look at it as an incentive.

3. Don’t buy the paper pretenders; buy the real thing in the form of coins and bullion.

4. Don’t fall prey to glitzy TV ads; do your due diligence instead.

5. Don’t allow naysayers to divert your interest; allow yourself the right to protect your interests as you see fit.

6. Don’t forget the golden rule: Those who own the gold make the rules!


QUESTIONS?
ORDER DESK: 1-800-869-5115 x100/orderdesk@usagold.com

ORDER GOLD & SILVER ONLINE 24-7



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4 Days Remain for 16K Bitcoin Price 4Chan Prophecy: Now Possible?

Bitcoin price (BTC) has been a popular topic this week. After the monstrous run from $7,400 to over $10,500 on Oct. 25, it certainly looks as if last week’s article indicating the early stages of a bullish reversal came to fruition.  

COIN360

Weekly crypto market performance. Source: Coin360.com

As usual, there has been wild speculation on Crypto Twitter that the Bitcoin price pump was a direct result of Chinese President Xi Jinping calling for an acceleration in the development of blockchain technology as reported by Cointelegraph last week. 

Whilst this was good news to hear, it’s doubtful that it was the sole reason for Bitcoin price making one of the largest price leaps in its 10-year lifespan. Instead, it’s more likely that the rally was a culmination of several factors including the China news, as well as strong technicals.   

The Bitcoin 4Chan Anon Prophecy 

Anon Prophecy

Anon Prophecy. Source: 4Chan

Many traders will roll their eyes, but it can’t be ignored. Initially posted on Jan. 21st, 2019, this well-known meme has been astonishingly accurate so far this year.  

The meme reads as follows:

“The bottom was December 15 2018. Just look at the charts. We are in the bull market. We are currently in the last 3 months of accumulation stage. After that we slowly rise and rise. Then we will boom. Screen cap this.  

April 2019 – BTC ~ $5,300

July 2019 – BTC ~ $9,200

October 2019 – BTC ~ $16,000

February 2020 – BTC ~ $29,000

July 2020 – BTC ~ $56,000

November 2020 – BTC ~ $87,00

This will be a 1.5 trillion market cap. The dominance of BTC will only 40- 46%

The charts never lie”

With just 4 days left for the prophecy to be fulfilled, one must ask whether or not the current price action was predicted by the above prophecy. It certainly wasn’t on any charts I was looking at. However, the phenomenon does lead me to inquire about exactly who the early Bitcoin adopters are. I don’t mean the ones that take to Twitter and are public about it. I mean, who are the sort of people that invested and mined Bitcoin in the early days and keep quiet about it? 

The answer is geeks, and what do geeks enjoy watching? Anime, just like the avatar on the anon post. So let’s think outside the box for just a moment, and consider whether a reclusive individual or group could be controlling Bitcoin price with their early stash. 

It’s not that far fetched for an asset that was once worth less than a penny and now trades for approximately $9,600. All someone, or a group working collaboratively would have to do is make the manipulation look less obvious by timing their moves to coincide with potentially market-moving news, much like the recent nod from President Xi to adopt blockchain. 

Whilst it may seem a little like a tinfoil hat conspiracy, given its past accuracy I wouldn’t want to dismiss this meme prophecy just yet. Furthermore, Edward Snowden tweeted out the anon anime avatar shortly after Bitcoin’s meteoric move on Oct. 26. It does add weight to the reclusive Bitcoin holder theory.  

However, one such theory that would explain both the Bitcoin pump and it’s volatility afterwards are the strange things happening with Tether (USDT).  

Tether arbitrage   

Shortly before the Bitcoin pump on Oct. 25 Cointelegraph reported that the head of Crypto Captial was arrested in connection with the laundering of a drug cartel’s money. Given the close nature of the relationship between Crypto Capital and Bitfinex, and the $850 million that is missing from Tether reserves as a result of that relationship, it’s reasonable to assume that right now Tether could be a hot potato. 

24-hours after this news broke, the Tether markets looked rather unusual, in some instances they were down by 5% 

Tether Markets

Tether Markets. Source: CoinMarketCap 

Was the huge Bitcoin price run from $7,400 to $10,500 a result of Tether being dumped into Bitcoin amid fears of an imminent collapse?  

Shortly after Bitcoin price settled in the region of $9,500 there were wild wicks on the charts and a notable increase in Bitcoin trading volume.  

Bitcoin volume data

Bitcoin volume data. Source: Bitcoinity

As can be seen on the chart, the daily volume leaped from 120,000 BTC to 208,000 BTC being traded. Was this increase a result of traders capitalizing on an easy 5% gain based on buying discounted Tether and awaiting its return back to the dollar peg? Currently, Tether’s value has returned to $1.00 so a second pump could be on the cards very soon.

Bitcoin technicals     

BTC USD daily chart

BTC USD daily chart. Source: TradingView

On the daily chart the Bollinger Bands indicator (BB) shows three levels of importance for the week ahead. The moving average (MA) is at $8,200, the support is $7,400 and the resistance is $9,150. At the time of writing Bitcoin price is $500 over the resistance as it’s currently trading over $9,600 and rapidly rising.  

Since the resistance is broken, looking at the weekly chart provides a better idea of where the price could be heading next.   

BTC USD weekly chart. Source: TradingView

The weekly chart shows that Bitcoin is still encountering resistance at the Bollinger Bands MA which is around $9,880.  

As the price continues to test this level of resistance it’s only a matter of time before the price does one of two things: 

  1. A reversal to the support, which is currently $7,700

  2. A continuation of the trend with the next stop being $12,000

With some further exploration using other indicators, it is possible to see that Bitcoin price is witnessing a full bullish reversal. 

Dramatic changes to the moving average convergence divergence MACD

BTC USD daily chart

BTC USD daily chart. Source: TradingView

The daily MACD shows a complete reversal from bearish to bullish on Oct. 24. The strength of the candles on the histogram as well as the bullish divergence from the signal line erased all signs of a bearish crossover.  

This in turn is changing the trend on the weekly MACD, however, it’s not quite there just yet. 

BTC USD weekly chart

BTC USD weekly chart. Source: TradingView

The weekly MACD is showing two early signs of a bullish reversal. The first is the blue MACD line starting to pinch, whilst it might look far away, the information displayed on the histogram could mean a dramatic change on the candle close tonight. 

There is also a pale pink candle on the histogram. This would normally signal a few weeks of a slight upward trend. During this time the candles would gradually get smaller and remain pink until the price was higher than the last green candle. 

However, the price action isn’t usually so violent, and last week’s move was so great that Bitcoin price may even print a green candle on the histogram tomorrow if it closes above the weekly MA of $9,880.   

The last green candle was on the week commencing Aug. 19. This was when Bitcoin was trading between $9,800 and $11,000. If Bitcoin price continues to test the $9,880 resistance and breaks past it, there will be a huge change on the weekly MACD. 

This would represent a massive buying signal to traders. This could realistically spark a rally to $12,000 or beyond, meaning bears are not winning this week. In fact, it doesn’t look like they will win next week either. 

As with every big rally, there’s always a pullback, and usually the best place to look for this information is the Relative Strength Index (RSI). 

The Relative Strength Index (RSI) is surprisingly neutral 

BTC USD daily chart

BTC USD daily chart. Source: TradingView

Typically a move such as the one witnessed on Oct. 25 would result in an RSI reading well over 70 which means Bitcoin has become overbought.

Amazingly, the RSI is now in the mid-60’s and this shows that there is room to grow. One would normally expect that after such a big price move, the asset would be ripe for a pullback. Suddenly, a $16,000 Bitcoin price before the end of October doesn’t seem so far fetched after all, and the weekly RSI is even more neutral.

BTC USD weekly chart

BTC USD weekly chart. Source: TradingView

As can be seen on the RSI for the weekly timeframe, Bitcoin is again planted in the middle range. This is expected to change on the candle close at midnight, but with a reading of just 51 coupled with the current upward trajectory, things look good for the digital asset in the week ahead. 

Bearish scenario

As far as the charts are concerned, Bitcoin price is still stuck in the lower range of the Bollinger Bands. This means the price could still fall to $7,700, encountering support around $8,200 along the way. If the price breaks $7,700 the last level of support before a freefall to $6,000 is around $7,400.  

Logically speaking, Bitcoin should be experiencing selling pressure from traders taking profits from last week’s big move, but Bitcoin is known for providing surprises. It is difficult to suggest that we are at the beginning of a bull market, but it’s certainly not looking good for the bears in the short term. 

Bullish scenario

It almost seems incomprehensible that Bitcoin price could continue to increase next week but the last few days of price action have shown that this is a possibility. Next week Bitcoin price will need to break and maintain prices above $9,880 to form a new support and gear up for the next move to $12,000 or higher.  

If the price slides below $9,150 then it looks like Bitcoin may have to hand the torch back over to the bears. As for the Bitcoin meme prophecy, $16,000 certainly is not on the charts, and as anon pointed out, the charts don’t lie. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.



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Silver And Gold To Inform Dr. Copper



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Why Gold Has Stalled



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Gold Remains Meek; Silver Wins The Week



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Gold specs lift bullish bets after recent sharp declines

Through Tuesday, Octobrer 22, 2019
Charts and commentary courtesy of CountingPips.com
Tables courtesy of GoldSeek

Note: Commitment of Traders reports are published Friday with data from the previous Tuesday.

Gold COT report October 22, 2019

Gold Non-Commercial Speculator Positions:

Large precious metals speculators lifted their bullish net positions in the Gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 259,132 contracts in the data reported through Tuesday October 22nd. This was a weekly gain of 6,105 net contracts from the previous week which had a total of 253,027 net contracts.

The week’s net position was the result of the gross bullish position (longs) advancing by 3,547 contracts (to a weekly total of 322,917 contracts) while the gross bearish position (shorts) fell by -2,558 contracts for the week (to a total of 63,785 contracts).

Large precious metals speculators lifted their bullish net positions in the Gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 259,132 contracts in the data reported through Tuesday October 22nd. This was a weekly gain of 6,105 net contracts from the previous week which had a total of 253,027 net contracts.

The week’s net position was the result of the gross bullish position (longs) advancing by 3,547 contracts (to a weekly total of 322,917 contracts) while the gross bearish position (shorts) fell by -2,558 contracts for the week (to a total of 63,785 contracts).

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -295,357 contracts on the week. This was a weekly shortfall of -7,082 contracts from the total net of -288,275 contracts reported the previous week.

Gold Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1487.50 which was a boost of $4.00 from the previous close of $1483.50, according to unofficial market data.


Silver COT report October 22, 2019

Silver Non-Commercial Speculator Positions:

Large precious metals speculators boosted their bullish net positions in the Silver futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 46,743 contracts in the data reported through Tuesday October 22nd. This was a weekly change of 2,754 net contracts from the previous week which had a total of 43,989 net contracts.

The week’s net position was the result of the gross bullish position (longs) ascending by 4,659 contracts (to a weekly total of 89,747 contracts) while the gross bearish position (shorts) rose by just 1,905 contracts for the week (to a total of 43,004 contracts).

Silver speculators raised their bullish bets for the second time in the past three weeks following a streak of four straight down weeks (September 10th through October 1st). The silver position continues to be in a fairly strong standing with the net contract level above +45,000 contracts. Overall, the silver net position has now been above the +40,000 contract level for ten straight weeks.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -72,023 contracts on the week. This was a weekly fall of -1,536 contracts from the total net of -70,487 contracts reported the previous week.

Silver Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1750.0 which was an uptick of $11.6 from the previous close of $1738.4, according to unofficial market data.


Speculators reduce US Dollar Index bets

US Dollar Index COT report October 22, 2019

US Dollar Index Speculator Positions

Large currency speculators continued to decrease their bullish net positions in the US Dollar Index futures markets again this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of US Dollar Index futures, traded by large speculators and hedge funds, totaled a net position of 31,210 contracts in the data reported through Tuesday October 22nd. This was a weekly decline of -6,226 contracts from the previous week which had a total of 37,436 net contracts.

This week’s net position was the result of the gross bullish position (longs) sinking by -3,455 contracts (to a weekly total of 40,833 contracts) compared to the gross bearish position (shorts) which saw a rise by 2,771 contracts on the week (to a total of 9,623 contracts).

US Dollar Index speculators reduced their bullish bets for a third straight week and by a total of -11,818 contracts over that time-frame. Previously, the dollar bets had hit a 127-week bullish high on October 1st above the +43,000 net contract level before the recent cool off. Overall, the dollar position has now been in bullish territory for seventy-six straight weeks, dating back to May of 2018.


*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (https://ift.tt/1BFu6fQ).
––––––––––––––––––––––––––––––––––––––__________–––––_______––


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UAE Accepts Crypto Regulation, Blockchain Projects Stand to Benefit

The Securities and Commodities Authority (SCA) in the United Arab Emirates has drafted a resolution on regulating crypto assets, providing greater clarity for crypto-related projects in the Middle East nation.

With the focus usually on China, Japan or the United States, the Middle East is an area that doesn’t often get the attention it deserves when it comes to blockchain and cryptocurrencies. However, barring a few highly restrictive countries, such as Iraq and Kuwait, the region generally exhibits a very progressive and supportive stance when it comes to the blockchain industry.

Speaking to Cointelegraph, Sukhi Jutla, a blockchain author as well as a Financial Times and Google Top 100 European Digital Champion, commented that by drafting this resolution, the UAE is sending a positive sign to the world, adding that:

“They are signalling that they are open to exploring this area and by creating guidelines they are giving more reassurance, confidence and stability to businesses owners who may want to enter this field.”

This move by the UAE could potentially lead to other nations moving in a similar direction, which would help remove a lot of the obstacles that the industry currently faces. She went on, saying:

“The UAE has been smart enough to understand that this innovation will grow in years to come and they don’t want to miss it. I wouldn’t be surprised if the UAE becomes the leading nation in this space just as they did with the oil and property space.”

Related: From Qatar to Palestine: How Cryptocurrencies Are Regulated in the Middle East

While countries like Turkey, Iran and Israel are in the process of investigating the advantages of blockchain technology, the UAE, along with both Bahrain and Saudi Arabia, is leading the charge when it comes to positive crypto and blockchain legislation. The UAE, in particular, already hosts several blockchain initiatives that stand to benefit significantly from the new regulations. 

The Digital Silk Road

As reported at the start of October, the Dubai Chamber of Commerce announced a partnership with one of the UAE’s largest state-owned banks, Emirates NBD. The agreement aims to help drive progress of the Dubai 10X initiative, which hopes to digitize the trade process in what has become known as the “Digital Silk Road.” Developed in collaboration with Dubai Customs and the cargo handling service DP World-UAE, the project is scheduled to go live in 2020.

The Digital Silk Road is not the first blockchain-based trade finance project to be developed in the UAE. In April 2019, local blockchain startup Perlin partnered with the International Chamber of Commerce (ICC) to form the ICC Blockchain/DLT Alliance. The Paris-based ICC is now the world’s largest business organization, boasting 45 million members. The partnership with Perlin reportedly represents the single largest exposure of blockchain technology to global business, reaching companies in 130 countries around the world. The Dubai Chamber of Commerce officially joined the project in June this year.

The Bank Trust Network

The Dubai telecommunications service provider Du has partnered with Avanza Innovations to develop the country’s first financial document exchange platform based on blockchain technology. The platform is built on Du’s proprietary “Blockchain Platform as a Service,” a shared environment that was created last year to host blockchain-based proof-of-concepts put forward by companies hoping to adopt the technology.

The document exchange platform, dubbed the “Bank Trust Network,” will serve as a means for banks and other financial institutions to safely and securely share digital paperwork. Historically, it’s been challenging to share sensitive financial information over telecommunications networks due to the high potential for fraud or interception. 

The nature of a blockchain-based system provides a network that is intrinsically resistant to corruption, theft or alteration. Going paperless also helps Dubai to stick to its environmental commitments and sustainability goals.

The first customer to join the Bank Trust Network was the independent investment and financial services firm Finance House. Headquartered in Abu Dhabi and with offices in Dubai, the company is recognized as one of the first independent financial firms to be established in the United Arab Emirates.

National Bank of Fujairah joins Marco Polo

In September 2019, Dubai’s National Bank of Fujairah (NBF) joined the international blockchain-based trade finance network Marco Polo. Launched in 2017, the network brings together some of the leading financial institutions and technology giants in the world, including Mastercard, Natwest, Microsoft, Oracle and Bank of America.

Created as a collaborative effort between blockchain development firm R3 and open finance platform TradeIX, the Marco Polo network has proven to be an impressively fast-growing trade and capital finance network. Developed on the popular and highly successful R3 Corda enterprise blockchain technology, the network is focused mainly toward large corporate clients but can support small- and medium-sized businesses too. The central part of its application software, the Marco Polo Platform, is built and licensed through TradeIX’s open framework, making it more easily accessible and customizable for clients.

NBF’s head of global transactions services, Subramanian Krishnamurthy, noted how the partnership complements the bank’s desire to explore emerging technologies such as blockchain:

“We are thrilled to join the Marco Polo Network and support the collaborative effort to create and advance these new technologies in the trade finance ecosystem. As a dedicated financial partner, we will continue to leverage forward-thinking platforms that respond to our clients’ needs, enhance their customer experience and add value to their businesses.”

The platform is a powerhouse of distributed technology for both trade and supply chain finance, offering products to support receivable discounting, factoring and payment commitment. The open model means any member can develop and improve upon the system, with the benefits of distributed ledger technology creating a real-time flow of data connectivity that reduces typical failure points.

As a member of the Marco Polo network, the National Bank of Fujairah has access to the Universal Trade Network, an international initiative created by Marco Polo with an aim to develop blockchain trade finance standards. The network hopes to improve interoperability between global blockchain networks from around the world.

Etisalat and First Abu Dhabi Bank

In July 2019, the Abu Dhabi-based telecommunications giant Etisalat Digital partnered with First Abu Dhabi Bank and Avanza Innovations to develop a blockchain-based trade finance platform called UAE Trade Connect. Developers hope to leverage the immutability of blockchain technology to fight invoice fraud and eliminate the problem of double financing. 

The Middle East and North Africa region reportedly has the second-highest rejection rate for trade finance applications. While still in its early development stages, the UAE Trade Connect platform hopes to eventually develop solutions to these issues with the additional integration of artificial intelligence and machine learning.

So far, the project has managed to sign up several major Middle Eastern banks, including Emirates NBD, Commercial Bank of Dubai, Abu Dhabi Islamic Bank, Mashreq, Rakbank and Commercial Bank International.

Digital marketplace for secondary trade market

Trade Assets is a Dubai-based blockchain marketplace launched in February 2019 as part of the Dubai Multi Commodities Centre, a “free zone” company initiative. The DMCC was formulated in 2002 by the government of Dubai to provide financial infrastructure and stimulate interest in the global commodities trade.

Since its inception, the Trade Assets platform has been adopted by RAK Bank in Dubai, Yes Bank in India, Banque Misr in Egypt and 22 Bangladeshi banks including Mercantile Bank, Dutch Bangla, Prime Bank and Dhaka Bank.

Related: Middle East Blockchain Development Primed to Lead the Global Industry

The marketplace aims to provide a platform through which banks can capitalize on the $1 trillion secondary trade market that exists due to the limited amount of trade finance banks are willing to carry on their books, as less-desirable portfolios are often sold to make space for newer clients. While this can be a profitable exercise for both sellers and buyers, it is also a disorganized and time-consuming process.

The Trade Assets platform aims to reform the slow and antiquated system that currently supports the secondary trade market with a blockchain-based digital marketplace. The solution offers a fast, highly secure and transparent system that is accessible to all and easy to integrate into any existing framework.

Co-founder and chief marketing officer Sumit Roy, an ex-Deutsche Bank exec, is optimistic about the company’s future. He believes it has a good chance of attracting a wealth of initial clients and will achieve recovery of investment by the end of its third year of operation.

According to a press release on the launch, he said: “Trade Assets will offer exceptional economies of scale and ROI and will acquire over 100 clients in 2 years, aiming to reach $1 billion in transaction volumes.” 

The Silsal shipping and logistics blockchain

Abu Dhabi Ports subsidiary Maqta Gateway launched its Silsal blockchain project in October 2018 with the intention to provide greater security, transparency and efficiency. The project was tested in collaboration with major shipping and logistics company Mediterranean Shipping Company (MSC) to evaluate its capabilities. 

The Belgian Port of Antwerp was one of the first international ports to partner with Maqta Gateway and MSC to test the Silsal blockchain.

With the creation of the project, Maqta Gateway envisioned a system that can support the seamless exchange of shipping documentation between multiple international ports securely and autonomously. In addition to documentation exchange, the Silsal blockchain gives port authorities the ability to record transaction details on a digital ledger that is transparent and accessible across the trade industry.

Just a tip of an iceberg

While the above represents a large section of the UAE’s blockchain enterprises, it is in no way a comprehensive list. In the first quarter of 2019 alone, UAE-based blockchain startups raised $210 million, making the country the largest beneficiary of blockchain investment in the world. 

Top-10 countries by crypto token sales amount raised

Now, with favorable crypto legislation, are we are likely to see the UAE emerge as a leading blockchain nation in 2020? Miles Paschini, founder and director of crypto investment app B21, commented to Cointelegraph that:

“Clear regulation will enable this jurisdiction to be in a good position to become a regional leader. With this said, the devil is in the details, regulations can’t stifle innovation. This will be a delicate balance of allowing innovation to occur while protecting consumer and sovereign interests.”



from Timor Invest https://ift.tt/2PtOhuO