Daily Archives: July 26, 2013

DetroitCoin: Why we should make Detroit into a Bitcoin Hub

"For one, it’s got nothing to lose. By now Detroiters should be sick of being pumped and dumped by the financial system. Detroit desperately needs to diversify its economy. Detroit and its neighbor, Windsor, form North America’s largest cross-border conurbation. It’s the ideal location for taking advantage of bitcoin’s frictionless, cross border transactions. Assets are selling like hotcakes in Detroit and lower costs mean less risk for the kind of entrepreneurs that are already starting to turn Detroit into a lab for innovation. Detroit is already the birthplace of two bitcoin exchanges. Coincidence? No. The solutions come from the people with the pain." Continue reading →

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Paul Kemp-Robertson: Bitcoin. Sweat. Tide. Meet the future of branded currency.

"Currency -- the bills and coins you carry in your wallet and in your bank account -- is founded on marketing, on the belief that banks and governments are trustworthy. Now, Paul Kemp-Robertson walks us through a new generation of currency, supported by that same marketing … but on behalf of a private brand. From Nike Sweat Points to bottles of Tide (which are finding an unexpected use in illegal markets), meet the non-bank future of currencies." Continue reading →

Continue ReadingPaul Kemp-Robertson: Bitcoin. Sweat. Tide. Meet the future of branded currency.

Bitcoin: Digital gold or ‘Harlem Shake of currency’?

"Created in the spirit of subversion by an anonymous developer calling himself Satoshi Nakamoto, Bitcoin is an electronic cash system based on an open source cryptographic protocol, with no central authority. Dismissed by some economists as a craze akin to the Dutch tulip bubble of the 1600s, Bitcoin is part of a gradual, technological shift in the way we think about money, whether we like it or not." Continue reading →

Continue ReadingBitcoin: Digital gold or ‘Harlem Shake of currency’?

Have gold miners missed the hedging boat?

"With many gold shafts underwater at current prices on the back of seemingly inexorable cost inflation, there are likely to be a few CEOs that will be secretly wishing they had done some hedging at $1,900. Banks still rather like it because it provides certainty when it come to project finance and, as a result, hedging continues but, for the most part it hasn’t really worked in gold companies’ favour over the course of the 13 year bull run – and, as a result it isn’t really considered a serious option. This view continues to predominate, as is evident in the latest figures on the global gold hedgebook for Q1 2013, released today by Thompson Reuters GFMS and Societe Generale." Continue reading →

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Shortages, warehouses and misinformation: Comex gold explained

"There has been a lot of misinformation recently about Comex warehouse gold stocks. Most notably, there's confusion about how this year's sharp drop in the quantity of gold bullion held in Comex warehouses might point to some looming shortage of metal to settle gold futures contracts, or even signal an outright default by sellers to buyers. But there is no mystery or hidden agenda of how Comex works. In this article our goal is to explain how the Comex works in the simplest fashion. Having been involved in the physical gold markets for thirty years, I hope I'm in a position to share a true 'insider' view, the better to inform this debate properly." Continue reading →

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Colombia Illegal Gold Mines Prosper in Global Rout

"Investments by companies are being held back as ambiguous local regulations exacerbate the effects of the global gold slump. In contrast, informal operations in remote rivers and jungle areas are flourishing. The government acknowledges that the number of producers without licenses probably has risen from the last census in 2010-2011, when they accounted for 87 percent of all gold mines. While authorities are shutting down unregulated producers at an unprecedented rate, the growth of new operations shielded from environmental and labor restrictions is even faster, police say. Armed groups can reap more profit from illegal gold mining than cocaine." Continue reading →

Continue ReadingColombia Illegal Gold Mines Prosper in Global Rout

Gold Scrap Supply to Drop Up to 25% as Lower Prices Deter Sales

"Recycling accounted for 37 percent of total supply last year, according to Barclays Plc, which forecasts recycled sales of the metal to fall by 174 tons this year. Gold is heading for the first annual drop in 13 years after some investors lost faith in the metal as a store of value, cutting bullion-backed fund holdings to the lowest since May 2010. Prices rebounded 13 percent from an almost three-year low last month as demand for jewelry and coins rose. Bullion dropped a record 23 percent in the second quarter as the Federal Reserve indicated it may slow its monthly debt buying if the economy improves." Continue reading →

Continue ReadingGold Scrap Supply to Drop Up to 25% as Lower Prices Deter Sales

Ex-IMF Chief Dominique Strauss-Kahn charged with pimping

"Former IMF head Dominique Strauss-Kahn will be tried on charges of pimping, prosecutors said on Friday, capping an inquiry into sex parties attended by a man whose French presidential hopes were dashed by a separate 2011 U.S. sex scandal. The decision came as a surprise after a public prosecutor had recommended in June that the inquiry be dropped without trial. The so-called Carlton affair, named after a hotel in Lille, involves sex parties that Strauss-Kahn has acknowledged attending. He says he was unaware that the women who participated were prostitutes." Continue reading →

Continue ReadingEx-IMF Chief Dominique Strauss-Kahn charged with pimping

Senate Democrats to Obama: ‘It Would Be Great To Have A Woman’ As Fed Chief

"In another boost for Ms. Yellen, House Democratic Leader Nancy Pelosi (D., Calif.) said in an interview with Bloomberg television, due to air this weekend, that while both Mr. Summers and Ms. Yellen were well qualified, 'it would be great to have a woman'' nominated to the post. If nominated and confirmed, Ms. Yellen would be the first female Fed chief. Republicans in the Senate have expressed increasing opposition to the Fed's $85 billion-a-month bond-buying program. Ms. Yellen has been instrumental in the continuation of the bond-buying program, and is known to be a strong proponent of the Fed's easy-money policies." Continue reading →

Continue ReadingSenate Democrats to Obama: ‘It Would Be Great To Have A Woman’ As Fed Chief