Category Archive: 6a) Gold & Bitcoin

Keynes Was a Vicious Bastard, Report 17 Mar

2019-03-18

My goal is to make you mad. Not at me (though I expect to ruffle a few feathers with this one). At the evil being wrought in the name of fighting inflation and maximizing employment. And at the aggressive indifference to this evil, exhibited by the capitalists, the gold bugs, and the otherwise-free-marketers.

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The Duality of Money, Report 10 Mar

2019-03-11

by Keith Weiner

2019-03-11

This is a pair of photographs taken by Keith Weiner, for a high school project. It seemed a fitting picture for the dual nature of money, the dual nature of wood both as logs to be consumed and dimensional lumber to be used to construct buildings.

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China Gold Reserves Rise To 60.26 Million Ounces Worth Just $79.5 Billion

2019-03-08

by Mark O'Byrne

2019-03-08

China increased its gold reserves for a third straight month in February, data from the People’s Bank of China (PBOC) showed this morning. The value of China’s gold reserves rose slightly to $79.498 billion in February from $79.319 billion at the end of January, as the central bank increased the total amount of gold reserves to 60.260 million fine troy ounces from 59.940 million troy ounces.

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Is Capital Creation Beating Capital Consumption? Report 3 Mar

2019-03-04

by Keith Weiner

2019-03-04

We have written numerous articles about capital consumption. Our monetary system has a falling interest rate, which causes both capital churn and conversion of one party’s wealth into another’s income. It also has too-low interest, which encourages borrowing to consume (which, as everyone knows, adds to Gross Domestic Product—GDP).

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U.S. Mint Suspends Silver Bullion Coin Sales After Sales Double In February

2019-02-28

by Mark O'Byrne

2019-02-28

US Mint Silver Eagle Sales, Feb 2018 - Feb 2019

U.S. Mint suspends silver bullion coin sales after sales double in February. Silver investment demand for American Eagles (one ounce) silver bullion coins depletes West Point Mint inventories. U.S. Mint suspended sales of American Eagle (1 oz) coins on Feb. 21 because it had no coins left to sell.

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Swiss private banking giant dips toes into crypto scene

2019-02-26

by Matthew Allen

2019-02-26

One of Switzerland’s largest banks, Julius Baer, has entered the cryptoassets world by announcing a partnership with budding crypto bank start-up SEBA. While other Swiss banks, such as Vontobel, Falcon and Swissquote, are already active in the space, Julius Baer’s entrance has attracted particular attention.

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Is Lending the Root of All Evil? Report 24 Feb

2019-02-25

by Keith Weiner

2019-02-25

Ayn Rand famously defended money. In Atlas Shrugged, Francisco D’Anconia says: “So you think that money is the root of all evil? . . . Have you ever asked what is the root of money? Money is a tool of exchange, which can’t exist unless there are goods produced and men able to produce them.

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Central Planning Is More than Just Friction, Report 17 February

2019-02-19

by Keith Weiner

2019-02-19

It is easy to think of government interference into the economy like a kind of friction. If producers and traders were fully free, then they could improve our quality of life—with new technologies, better products, and lower prices—at a rate of X. But the more that the government does, the more it burdens them. So instead of X rate of progress, we get the same end result but 10% slower or 20% slower.

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Quantum Metal Lease #1 (gold)

2019-02-13

by Keith Weiner

2019-02-13

Monetary Metals leased gold to Quantum Metal, to support the growth of its gold distribution business through retail bank branches. The metal is held in the form of retail Perth Mint bars.

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Large Gold Bullion Shipment Moves From London to Dublin Gold Vaults As Brexit Concerns Deepen

2019-02-12

by Mark O'Byrne

2019-02-12

-Large Gold Bullion Shipment Moves From London to Dublin Gold Vaults As Brexit Concerns Deepen. – Growing demand from investors to relocate tangible assets out of the UK. – “Zurich continues to be the most sought-after location for storage, but Dublin has already surpassed Hong Kong and will likely usurp the second spot from London”.

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What They Don’t Want You to Know about Prices, Report 10 Feb

2019-02-11

by Keith Weiner

2019-02-11

Last week, in part I of this essay, we discussed why a central planner cannot know the right interest rate. Central planner’s macroeconomic aggregate measures like GDP are blind to the problem of capital consumption, including especially capital consumption caused by the central plan itself.

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Monetary Metals Leases Gold to Quantum Metal

2019-02-08

by Keith Weiner

2019-02-08

Scottsdale, Ariz, February 8, 2019—Monetary Metals® announces that it has leased gold to Quantum Metal, to support the growth of its business of selling gold through retail banks. Investors earn 4.5% on their gold, which is held as Perth Mint minted gold bars in inventory. Monetary Metals has a disruptive model, leasing gold from investors who own it and subleasing it to businesses who need it, typically for inventory or work-in-progress.

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Tennessee Considers Removing Tax on Gold and Silver

2019-02-05

by Jp Cortez

2019-02-05

Several bills introduced in the Tennessee legislature would eliminate sales and use tax against gold, silver, platinum, and palladium. Introduced by Representative Ron Gant (R-Rossville), House Bill 212 removes sales and use tax against platinum, gold and silver bullion, some numismatic coins, and numismatic coins sold at trade show.

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Who Knows the Right Interest Rate, Report 3 Feb 2019

2019-02-04

by Keith Weiner

2019-02-04

On January 6, we wrote the Surest Way to Overthrow Capitalism. We said: “In a future article, we will expand on why these two statements are true principles: (1) there is no way a central planner could set the right rate, even if he knew and (2) only a free market can know the right rate.” Today’s article is part I that promised article.

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Swisscom Blockchain head departs abruptly

2019-01-31

by Matthew Allen

2019-01-31

Daniel Haudenschild has stepped down as Chief Executive Officer of Swisscom Blockchain with immediate effect. The state-owned telecommunications group gave no reason for the shock move by the top manager and shareholder of its blockchain advisory unit. News of Haudenshild’s departure clearly came out of the blue for the Swiss blockchain sector.

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Buy Bitcoin or Gold? Bitcoin Buyers Investing In Gold In 2019

2019-01-30

by Mark O'Byrne

2019-01-30

Buy bitcoin or gold? Bitcoin buyers are investing in gold in 2019. Poll of 4,000 bitcoin buyers shows their No 1 investment in 2019 is gold. “Gold lost to bitcoin and now it’s going the other way…” says ETF strategist. “Gold is a store of value and there’s no disputing that…”

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