Category Archive: 6a) Gold & Bitcoin

Swiss crypto sector welcomes proposed blockchain law

Proposed updates to the banking, corporate and financial infrastructure laws to accommodate Distributed Ledger Technology (DLT) have been broadly welcomed by Switzerland’s growing blockchain industry. Parliament is now set to debate the wide-ranging set of proposals presented by the governmentexternal link on Wednesday.

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Blockchain: your questions answered

Blockchain: the very name fascinates and bamboozles in equal measure. Although businesses based around the technology are popping up all over Switzerland, many still wonder what exactly it does and how it can improve their lives. The potential possibilities are myriad, yet many still appear tantalisingly out of reach.

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Bitmain-backed crypto firm Matrixport opens Zurich office

Singapore-based crypto financial services company Matrixport is setting up a European operations centre in Switzerland. Matrixport has close links to the Chinese cryptocurrency mining giant Bitmain, which is simultaneously winding down its Swiss presence.

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Raising Rates to Fight Inflation, Report 24 Nov

Physics students study mechanical systems in which pulleys are massless and frictionless. Economics students study monetary systems in which rising prices are everywhere and always caused by rising quantity of currency. There is a similarity between this pair of assumptions. Both are facile. They oversimplify reality, and if one is not careful they can lead to spectacularly wrong conclusions.

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Global Gold Buyers Are ‘Confident’ in Gold

‘Retail Gold Insights 2019’ has just been published by the World Gold Council. It is a thematic analysis of their new consumer research survey. With a base of 18,000 participants across India, China, Russia, Germany, the US and Canada, we believe it is the largest ever consumer survey on the global gold market.

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CNBC is careful to admit that owning GLD is not owning gold

Chris Powell of GATA writes today about how he finds it interesting that CNBC are careful to admit that owning the GLD ETF is not the same thing as owning physical gold, a theme that has run strongly throughout our market commentaries for many years.

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Swiss company shares traded as digital tokens

A Swiss-German consortium has successful traded company shares on a blockchain-style digital platform using a Swiss franc-backed stablecoin to instantly settle the transaction. The trade marked a significant step towards creating a new breed of stock exchange.

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True US Economy About To Be ‘Revealed’ – Stockman Interview

David Stockman is the former budget director for President Ronald Reagan and author of “Peak Trump: The Undrainable Swamp and the Fantasy of MAGA”. He believes that the market “can’t digest” all the money flooding into Wall Street and that the Federal Reserve responded with panic.

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The Perversity of Negative Interest, Report 17 Nov

Today, we want to say two things about negative interest rates. The first is really simple. Anyone who believes in a theory of interest that says “the savers demand interest to compensate for inflation” needs to ask if this explains negative interest in Switzerland, Europe, and other countries. If not, then we need a new theory (Keith just presented his theory at the Austrian Economics conference at King Juan Carlos University in Madrid—it is...

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Gold Price Falls on Selling of Gold Futures Equal to 3 Million Ounces in 30 Minutes

◆ Gold price falls to a three-month low as concentrated selling of COMEX gold futures contracts equal to over 3 million ounces are sold in 30 minutes◆ 33,596 contracts were aggressively sold in the 30 minutes between 10:00 and 10:30 a.m. New York time which is more than triple the 100-day average for that time of day

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Congressman Prods Attorney General on Gold, Silver Trading Questions Ignored by CFTC

A U.S. representative who has been pressing the Treasury Department, Federal Reserve, and Commodity Futures Trading Commission (CFTC) with questions about the gold and silver markets has asked Attorney General William P. Barr to try intervene and get answers from the commission. In a letter dated November 1 and made public today, the U.S. representative, Alex W. Mooney, Republican of West Virginia, commends Barr for the Justice Department's recent...

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Monetary Metals Leases Platinum to Money Metals Exchange

Scottsdale, Ariz, October 25, 2019—Monetary Metals® announced today that it has leased platinum to Money Metals Exchange® to support its U.S.-based business of selling precious metals at retail and wholesale. Investors earn 3% on their platinum, which is held in Money Metals’ inventory vault in the form of platinum coins, bars, and rounds. The lease fee is paid in gold.

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Swiss crypto bank SEBA outlines ambitions

Crypto bank SEBA is confident of attracting a “three-digit” number of Swiss clients by the end of the year before setting its sights on global expansion and raising more than CHF100 million ($101 million) in extra funding from the public.

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What’s the Price of Gold in the Gold Standard, Report 10 Nov

Let’s revisit a point that came up in passing, in the Silver Doctors’ interview of Keith. At around 35:45, he begins a question about weights and measures, and references the Coinage Act of 1792. This raises an interesting set of issues, and we have encountered much confusion (including from one PhD economist whose dissertation committee was headed by Milton Friedman himself).

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Swiss payments system aims to link bitcoin and retailers

Prominent European payment infrastructure provider Worldline has teamed up with financial services firm Bitcoin Suisse to allow cryptocurrency enthusiasts to spend their bitcoin in Swiss shops. Worldline last year took over SIX Payment Services, the former arm of the Swiss stock exchange group that provides payment card terminals in 85,000 Swiss retail outlets.

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Gold ETF and Central Bank Gold Buying Supports Gold Demand In Q3

Gold demand grew modestly to 1,107.9 tonnes (t) in Q3 thanks to the largest ETF inflows since Q1 2016. A surge in ETF inflows (258t) outweighed weakness elsewhere in the market to nudge gold demand 3% higher in Q3. Global central bank buying remained healthy but significantly lower than the record levels of Q3 2018.

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Is blockchain real estate in need of renovation?

Our regular analysis of developments in the world of fintech and Crypto Nation. Property has for some time been hailed as prime real estate for blockchain disruption. The incorruptible ledger will replace mountains of paperwork while interested parties will have a sovereign claim to validate transactions in property sales.

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What does blockchain have to do with me?

Blockchain and cryptocurrencies seem to be all over the news, but is this a flash-in-the-pan gimmick or a real digital service that can impact on the lives of ordinary people?

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Sound Money Scholarship Winners Announced – 7 Outstanding Thinkers Earn Nearly $10,000 in Tuition Assistance

Eagle, ID (November 6, 2019) – Seven outstanding students beat out over 100 of their high-school and college peers in making the best case for sound money through an international, gold-backed scholarship competition......and the winners walked away with almost $10,000 in scholarship awards for their exceptional, thought-provoking essays.

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Targeting nGDP Targeting, Report 3 Nov

Not too long ago, we wrote about the so called Modern Monetary so called Theory (MMT). It is not modern, and it is not a theory. We called it a cargo cult. You’d think that everyone would know that donning fake headphones made of coconut shells, and waving tiki torches will not summon airplanes loaded with cargo. At least the people who believe in this have the excuse of being illiterate.

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