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300 Year Old Russian Watch Factory Raketa Accepts Bitcoins

"Just this week, Russia’s historical watch factory Raketa, began accepting Bitcoins. Raketa was founded in 1721 by Peter the Great and is the oldest factory in Russia. For almost 300 years, Raketa, formerly known as Petrodvorets Watch Factory, has produced and sold wristwatches to individuals in Russian and those around the world. Petrodvorets Watch Factory was renamed Raketa in 1961 to honor the World’s first cosmonaut Yuri Gagarin. Yuri was the first human to travel to outer space." Continue reading →

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Portrait of a Bitcoin miner: How one man made $192K in virtual currency

"Eric has been mining Bitcoins since 2010, and at one point quit a high-paying job as a software engineer to devote all of his time to, figuratively speaking, extract gold from silicon. His move was bold and risky, but yielded an awesome reward: To date, Eric has accumulated 2500 bitcoins, which is worth a cool $191,900 as of this writing. (At Bitcoin’s highest exchange rate, that amount was $665,000.) He doesn't trade them and has no immediate plans to cash out. Instead, he's hanging on to them, and waiting to see how their value changes." Continue reading →

Continue ReadingPortrait of a Bitcoin miner: How one man made $192K in virtual currency

Failed Banking System Prompts Iraqis to Hoard Gold

"There is an old Arabic saying that 'gold is both for decoration and storing.' Currently, Iraqis, particularly residents of the Kurdistan Region of Iraq, are taking these words to heart. In the absence of a trustworthy banking system, they are converting their money into gold and stashing it in their homes. The Department of Standards and Quality Control for Gold and Minerals in the Kurdistan Region acknowledges that, indeed, large quantities of gold are being imported and distributed. The entry of such massive amounts of gold into the country is offset by the exit of large amounts of foreign currency, in particular US dollars, in which gold traders often deal." Continue reading →

Continue ReadingFailed Banking System Prompts Iraqis to Hoard Gold

Japan Government To Change Inflation Calculation Ushering In Even More BOJ Liquidity

"The official explanation for this upcoming adoption of core-core-CPI which also excludes energy prices in addition to fresh food costs (as core CPI does everywhere else in the world) is to 'raise the bar' on Abe's inflation goal. In reality, it will simply grant the BOJ unlimited ammo to continue injecting liquidity indefinitely because absent exploding energy costs (as we have discussed), inflation in Japan is quite dormant. But what will really happen is that inflation will merely become just one more governmentally-determined and goalseeked economic indicator and policy tool, as it is in the US and China." Continue reading →

Continue ReadingJapan Government To Change Inflation Calculation Ushering In Even More BOJ Liquidity

Chinese Gold Rush Underway

"This featured chart depicts the explosion in Chinese gold imports from Hong Kong since January 2012, during which China imported an astonishing 1,206 tonnes of gold – 20% more than the nation's latest official gold holdings of 1,054 tonnes. In the first quarter of 2013 alone, China imported 372 tonnes from Hong Kong, or nearly what was imported through the entire first half of 2012." Continue reading →

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Citi: “No Gold Company… Will Generate Free Cash Flow At Current Gold Prices”

"After updating their precious metals' company cost curve, Citi's ominous warning that, 'a combination of rising unit costs (15% yoy), sustained high capital budgets and a falling gold price have resulted in a fast contraction in margins - so much that no gold company under our coverage will generate Free Cash Flow at spot gold.'" Continue reading →

Continue ReadingCiti: “No Gold Company… Will Generate Free Cash Flow At Current Gold Prices”

Mining Stocks: Fool’s Gold or Diamonds in the Rough?

"Many junior miners are already struggling to remain profitable. We may soon see them begin to close down some of their more costly mines, spend less on exploration and invest less in general. However, as miners are forced to cut output, prices should begin to stabilize. If your appetite for risk is relatively high, you may want to consider bargain hunting in this sector. If you do decide to look more closely at mining stocks, you must remain nimble, and try to find large, relatively stable companies that pay a healthy dividend. One company that fits the bill is Newmont Mining (NEM), which has a dividend yield of 4.7 percent." Continue reading →

Continue ReadingMining Stocks: Fool’s Gold or Diamonds in the Rough?

Gold Beats Cocaine as Colombia Rebel Money Maker

"Colombian armed groups are reaping profits from illegal gold mining that are five times greater than returns from cocaine, according to Colonel Hector Paez, acting director of the country’s rural police division. Cocaine typically takes six months to produce and requires considerable knowledge, while an illegal mining operation in the Colombian jungle can extract two kilograms of gold a week, Paez said in a June 19 interview in Bogota. Gold, which slumped below $1,300 an ounce for the first time since September 2010 in New York yesterday, has become Colombia’s biggest export after oil and coal." Continue reading →

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Big tobacco stubs out e-cigarette competitors

"In anticipation of Reynolds’ first effort in the e-cigarette market, the company’s lobbyists are pushing laws at the state level that could add costs, paperwork and headaches onto smaller competitors that have largely served the e-cigarette market so far. More worrisome is that the online activities of thousands of e-cigarette consumers, who are looking for a tar-free alternative to smoking, could be effectively outlawed. The number of American smokers who have tried e-cigarettes doubled from 10 percent in 2010 to about 21 percent in 2011." Continue reading →

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Campus ‘smoke-free’ edicts extend to smokeless products and e-cigarettes

"The number of campuses enacting bans has been rapidly increasing. In early 2007, there were about 140 smoke-free campuses. By July 1, 2012, that number rose to about 770, according to the advocacy group. University of Massachusetts-Amherst's tobacco-free policy began July 1. Junior Derek Fisher said it is annoying that the university bans all forms of tobacco, even those that do not cause secondhand smoke, like chewing tobacco or electronic cigarettes. Electronic cigarettes are not currently regulated by the Food and Drug Administration. Many schools are including the products in their bans until health risks associated with them are known, Williams said." Continue reading →

Continue ReadingCampus ‘smoke-free’ edicts extend to smokeless products and e-cigarettes