"'Buy bitcoin' is now a more popular search phrase than 'buy gold' on Google. The buzz is starting to impinge on gold’s role as a store of value especially since, like the precious metal, there’s a finite supply of bitcoin, which proponents say gives it anti-inflationary qualities. Sales of gold coins from the U.S. Mint slid to a decade low in the first three quarters months of 2017."
"Many people in Zimbabwe don’t have bank accounts. But a growing number own smartphones. And that’s all you need to buy bitcoin. But this isn’t just happening in Zimbabwe. The people of Venezuela are becoming increasingly desperate. And many are buying bitcoin to survive. That’s because bitcoin doesn’t lose value by the day like the bolivar, Venezuela’s currency. Instead, it becomes more valuable."
"A rush into haven assets that began during the financial crisis is getting a new lease on life from an upsurge in populist politics and a quickening of inflation. Two firms say they’re planning to open vaults in Europe capable of holding more than 100 million euros ($112 million) in gold, offering customers lower costs than exchange-traded products and protection from rising prices." Continue reading →
There are many rules to follow when buying, selling, and transporting precious metals in and out of the US to protect one's privacy and prevent police harassment and/or outright confiscation. Continue reading →
"The Supreme Court’s decision means that the coins will remain the property of the federal government and will not be returned to the Langbord family, which reportedly discovered the 10 coins in a family safe deposit box in 2003. The family — Joan Langbord and her sons, Roy and David — turned them over to the United States Mint in 2004 for authentication. Mint officials informed the family in 2005 that it was keeping the coins. A legal battle over ownership ensued, with both parties to the suit at different points being awarded the coins." Continue reading →
"The $15 trillion rout in global equity markets since May is reawakening the lure of gold for investors seeking safety. Hedge funds more than doubled their net-long position in bullion last week, just three weeks after they were the most-bearish ever. Investor holdings of gold through exchange-traded products are expanding at the fastest pace in a year, and the value of the ETPs has jumped by $3 billion in 2016. Fed Bank of Boston President Eric Rosengren said this month that the central bank’s projected path for more policy tightening is at risk, citing falling estimates for U.S. economic growth. Gold reached a five-year low in December as the dollar strengthened and U.S. inflation stayed stagnant." Continue reading →
"Historians of the 2011 NATO war in Libya will be sure to notice a few of the truly explosive confirmations contained in the new emails: admissions of rebel war crimes, special ops trainers inside Libya from nearly the start of protests, Al Qaeda embedded in the U.S. backed opposition, Western nations jockeying for access to Libyan oil, the nefarious origins of the absurd Viagra mass rape claim, and concern over Gaddafi’s gold and silver reserves threatening European currency." Continue reading →
"First, it remains unclear whether or not much of the gold that is being sold as shares and in certificates actually exists. Second, paper gold can theoretically be printed into infinity just like regular currency — although private-sector paper-gold sellers have considerably less leeway in this regard than central banks. Third, new electronic gold pricing — replacing, as of this past February, the traditional five-bank phone-call of the London Gold Fix in place since 1919 — has not necessarily proved a more trustworthy model. Fourth, there looms the specter of the central bank, particularly in the form of volume trading discounts that commodity exchanges offer them." Continue reading →
"The rout in commodities deepened with prices touching the lowest since 2002 as the prospect of higher U.S. interest rates sent gold tumbling. Raw materials are losing favor with investors as the dollar gains amid signals from Federal Reserve Chair Janet Yellen that the central bank may raise rates this year on the back of an improving U.S. economy. Higher borrowing costs curb the attractiveness of commodities such as gold, which doesn’t pay interest or give returns like assets including bonds and equities. Gold futures sank to the weakest in more than five years while industrial metals, grains, Brent crude and U.S. natural gas also slid as a measure of the dollar climbed to the highest since April 13." Continue reading →
"The gold price has fallen to its lowest level in more than five years as talk of a US interest rate rise has led investors to sell the precious metal. Gold closed 2.5% lower at $1,104.60 an ounce in London, having earlier fallen below $1,100 an ounce for the first time since March 2010. The gold price is now more than 40% below its August 2011 peak. The stronger US economy has led investors to expect the Federal Reserve to raise interest rates this year. The expectations have led investors to gradually sell gold - a perceived safe haven investment in times of crisis - to invest elsewhere. Other commodities have also fallen, with the price of platinum down 5% - its weakest level since the crisis." Continue reading →