Yearly Archives: 2013

Is it Time to Give Up on Gold?

"There’s no question everyone hates gold right now. But this is actually a good thing for the metal. This extremely negative sentiment could set up the stage for the next move higher. When nearly everyone hates an asset, it means most investors have already sold it. So the downside may be limited. In March 2009, the survey of futures traders I mentioned above also registered the same low reading of 3% for stocks. In other words, when U.S. stocks bottomed after the crash, only 3% of future traders were bullish. Since then, the S&P 500 Index has rallied 130%. If sentiment towards gold changes, we could see an explosive move in the metal." Continue reading →

Continue ReadingIs it Time to Give Up on Gold?

Americans fall out of favour with Swiss banks

"Already battle-scarred from the hard lessons of recent years, Swiss banks are taking a very cautious approach when it comes to the introduction of FATCA. The US law requires banks around the world to report information on American account holders to Uncle Sam. There are also concerns that FATCA’s collateral damage could extend beyond the home front into the business world. If an American owns more than 10 percent of a company, it is reportable to the IRS. The worry is that this rule may make it harder for US entrepreneurs to find business and banking partners, shutting them out of attractive investment opportunities." Continue reading →

Continue ReadingAmericans fall out of favour with Swiss banks

Bank of Cyprus savers could lose up to 60%

"Big savers in Cyprus’s largest bank face losses of up to 60 percent, far greater than originally feared under the island’s controversial EU-led bailout plan, officials said on Saturday. Cyprus meanwhile launched an investigation into a list published in Greek newspapers of Cypriot politicians who allegedly had loans written off by two banks at the heart of the financial meltdown. Officials said Bank of Cyprus savers will see at least 37.5 percent of funds over 100,000 euros ($128,000) turned into shares, but a further 22.5 percent will be held until authorities know they can satisfy the terms of the bailout." Continue reading →

Continue ReadingBank of Cyprus savers could lose up to 60%

Jeffrey Tucker: Bitcoin’s Moment

"The Cyprus disaster sets in place an incredible precedent: Bank deposits will hereafter be treated as government property first and belong to the depositors only at the discretion of the masters of the money. It’s no wonder that Bitcoins are being brought from locales all over Europe, including Spain, Greece, Italy, and beyond. This also accounts for why mainstream news outlets are starting to write about Bitcoin as if it were the real thing, something serious, something that really matters on the world stage. Meanwhile, Bitcoin applications are flourishing all over the Web." Continue reading →

Continue ReadingJeffrey Tucker: Bitcoin’s Moment

As Feds Suggest ‘Guidance,’ Bitcoin Foundation Pushes Back

"The Bitcoin Foundation, which is devoted to standardizing and promoting the currency, didn’t like FinCEN’s guidance. As Patric Murck, the organization’s general counsel, wrote in a March 19 blog posting: 'Simply put, under the Administrative Procedures Act (APA), FinCEN can’t promulgate new rules without going through a notice and comment proceeding whereby the public may have their voices heard. If FinCEN would like to expand its statutory authority over ‘money transmitters’ to include brand new categories such as ‘administrators’ and ‘exchangers’ of digital currency it must do so through proper rulemaking proceedings and not by fiat.'" Continue reading →

Continue ReadingAs Feds Suggest ‘Guidance,’ Bitcoin Foundation Pushes Back

Analyst: All Of My Clients Think There’s A Bitcoin Bubble, Despite ‘Perfect Storm’

"Where is all of the momentum behind the Bitcoin trade coming from? 1. An increasingly tech-savvy base of savers all around the world don’t think it is any stranger to trust an open-source piece of software than it is to put your money in a commercial bank. 2. Lots of people around the world are uncomfortable with central bank policies, which seem to give money away to a global banking system which remains fundamentally broken. 3. Worries over heavy deposit taxes in various European countries (Spain, Greece, and even Italy), courtesy of the resolution to the Cypriot banking crisis 4. Some clarification of U.S. regulations, bringing Bitcoin long-needed legitimacy..." Continue reading →

Continue ReadingAnalyst: All Of My Clients Think There’s A Bitcoin Bubble, Despite ‘Perfect Storm’

Casascius Physical Bitcoin: Orders now accepted by invitation only

"On April 1, 2013, I stopped accepting orders for Casascius Coins from the public. I switched my website so orders can only be placed by resellers with prior invitation. I recommend and encourage sales of Casascius Coins by resellers. Over the last month, Bitcoin has become a lot more interesting to the world. Bitcoin prices have skyrocketed. Interest in Casascius Coins has increased substantially for multiple reasons that are seemingly working as a 'force multiplier'. While I’m very excited to see this has happened, for me to be able to satisfy the market demand for Casascius Coins, I will have to make some major changes to the way they are made and shipped." Continue reading →

Continue ReadingCasascius Physical Bitcoin: Orders now accepted by invitation only

Western Union Eyes Digital Currency Services

"The company, once known for telegrams, is now investigating new types of digital transactions and investing in analytics to help the company adjust pricing for its electronic money transfer services. The company is looking at the use of digital currencies like Bitcoin as well as the role Western Union can play in other online transactions, from Internet telephony to video gaming–a far cry from its current business offerings of money transfer, bill pay and prepaid cards." Continue reading →

Continue ReadingWestern Union Eyes Digital Currency Services

Iranian dairy company unveils five-ton ice cream tub to break world record

"An Iranian dairy company unveiled a five-ton tub of chocolate ice cream in Tehran on Monday in a bid to make it into the Guinness Book of World Records. The company, Choopan, put the giant tub, which is more than two metres (6.5 feet) wide and 1.60 metres (5.2 feet) tall on display at a ski resort in the foothills of Tochal, just north of the capital, where over 10,000 people came to see it. Representatives of the Guinness Book of World Records did witness the record attempt in Tehran, but could not speak to the media for 'security reasons,' the company's CEO said. The current record is held by American ice cream chain Baskin-Robbins." Continue reading →

Continue ReadingIranian dairy company unveils five-ton ice cream tub to break world record

Iran: One question fifty answers (English Captions)

"Iranian graphic artist Ali Molavi asked 50 people in Tehran: 'What's your wish for today?' At first timid, they answered candidly, reflecting the passions, problems and politics in Iran today. Their wishes ranged from buying a motorcycle, being reborn, to finding a good job. One man wanted 'all the inflation and high prices to go away.' Another wished for Iran to 'move towards peace and understanding with other countries. One woman did not have any wishes. 'They have not left any room for us to dream anymore,' she said." Continue reading →

Continue ReadingIran: One question fifty answers (English Captions)