China’s Largest Bitcoin Exchange Seeks Recognition for Currency

“BTC China, the nation’s largest Bitcoin exchange, has had low-level discussions with regulators seeking recognition of the digital currency that would allow it to be used to buy goods and services in the country. The company has sought to discuss Bitcoin regulations with officials from agencies including the People’s Bank of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission, BTC China Chief Executive Officer Bobby Lee said in a Nov. 29 interview in Shanghai. It’s not yet been able to arrange any high-level meetings, he said.” Continue reading

“At the ceremony in Sweden, Schiller told Reuters news agency that the Federal Reserve’s economic stimulus and growing market speculation were creating a “bubbly” property boom. ‘This financial crisis that we’ve been going through in the last five years has been one that seems to reveal the failure to understand price movements,’ Shiller told Reuters. The S&P 500 Index is now higher by 26.6 percent since the start of the year, logging its longest weekly winning streak since 2004 on Friday. Both the Dow and the S&P 500 are regularly breaking fresh new all-time highs and the Nasdaq is trading at levels not seen since the Dotcom boom went bust in 2000.” Continue reading

“At the ceremony in Sweden, Schiller told Reuters news agency that the Federal Reserve’s economic stimulus and growing market speculation were creating a “bubbly” property boom. ‘This financial crisis that we’ve been going through in the last five years has been one that seems to reveal the failure to understand price movements,’ Shiller told Reuters. The S&P 500 Index is now higher by 26.6 percent since the start of the year, logging its longest weekly winning streak since 2004 on Friday. Both the Dow and the S&P 500 are regularly breaking fresh new all-time highs and the Nasdaq is trading at levels not seen since the Dotcom boom went bust in 2000.” Continue reading

“We spoke a lot about gold and silver with the Aden sisters here because they are known in part for their precious metals insights. But it is interesting to see that they have 50 percent of their assets in the stock market itself and believe the market could continue its rise. We do, too. There will be no significant tapering, from what we can tell. Janet Yellen, the next Fed head, has expressed a determination to continue stimulation until the job picture brightens (which likely will never really happen). In England, Mark Carney – the Carney barker – has indicated via forward guidance that the BOE continues aggressive monetary stimulation.” Continue reading

“A price fall of such magnitude hasn’t been seen in November since 1978, according to data from the World Gold Council, when prices plunged 20 percent. Spot gold rested at $1,252 an ounce on Friday and was headed for its biggest monthly drop since June. It has lost over a quarter of its value year-to-date, putting it on track to post its first annual loss in 13 years. Citi said this month that gold was about to enter ‘phase two’ of its bear market and its downside target for the metal is now $1,111 per ounce. Goldman Sachs, meanwhile, predicts a ‘significant decline’ in gold in 2014, with a fall of at least 15 percent.” Continue reading

“The largest consumer class action in Australian history begins in the Federal Court in Melbourne today as 38,000 ANZ customers appeal over the bank’s fees. Law firm Maurice Blackburn is taking the action on behalf of ANZ customers, with the court set to examine whether the fees are fair or whether they are excessive and therefore illegal. A High Court decision last year paved the way for the trial in the Federal Court. Maurice Blackburn has the financial backing of publicly listed litigator IMF. Andrew Watson, the head of class actions at Maurice Blackburn, says the fees are not an accurate reflection of the costs faced by banks when customers are caught out.” Continue reading