The Israel Deception

Is the return of Israel in the 20th century truly a work of God, or is it a result of a cosmic chess move to deceive the elect by the adversary?

Tuesday, January 23, 2018

The Daily Economist update for Jan. 23 2018 - Gold, Bitcoin, and Cryptocurrency Report

Gold recovers all losses from cartel beatdown at open as dollar narrowly misses falling below 90 on the index

At the beginning of trading in the U.S. markets, the banking cartel decided that it had been too many days since they dumped some short contracts into the futures market, and subsequently did so to take down gold and silver prices.  But while the harm in this manipulation primarily hurt silver more than it did gold, it appears that the yellow metal has recovered all its earlier losses at the same time the dollar nearly fell below 90 on the dollar index.

In what is nothing other than blatant precious metals price suppression, gold and silver are getting pounded hard in the pre-market. 
Gold has been holding onto support at $1330. Silver blew through support of 16.91. Next support is the 50-day right around $16.70 (which is holding so far). – Silver Doctors
And at 11:40 EST the gold price has recovered all its earlier losses.

In the meantime the dollar barely staved off falling below 90 on the index as it bounced off of 90.14 about 30 minutes ago.

Swiss commodities firm ready to forge a cryptocurrency backed by industrial metals

The list is long and growing for gold backed cryptocurrencies ever since the beginning of 2017 saw the explosion of blockchain based finance.  But on Jan. 23 we can now add what appears to be the first industrial metal backed crypto as a Swiss commodities firm plans on digitizing aluminum and copper on the blockchain.

Swiss-based commodities fund Tiberius Group plans to make a foray into cryptocurrencies with the launch of what may be the first digital money underpinned by physically deliverable metals including industrials such as aluminium and copper. 
The fund, which manages $300 million (215.81 million pounds) of investments and also mines and trades metals, aims to launch the Tiberius coin, or tcoin, in July, its co-founder and chief executive Christoph Eibl said. 
Allowing buyers to redeem tcoin for metal would give the currency a minimum value and avoid the extreme volatility of other cryptocurrencies such as Bitcoin, Eibl believes.
“We want to propose the idea of a cryptocurrency with real tangible net worth,” he told Reuters. - Reuters

Come Mr. Crypto Man, tally me bananas

Here at The Daily Economist we have discussed and published articles in the past relating to commodities such as oil and gold being put on the blockchain, or into cryptocurrency form.  Now it appears we can begin adding food commodities to this list as a group seeking to create an industry for organic bananas is funding their venture through the introduction and sale of Bananacoins.

A new altcoin called Bananacoin is the “world’s first blockchain option for investing in production of organic bananas.” Yup, it’s a banana-based cryptocurrency. Investing in Laotian banana production has never been so on-trend! 
Bananacoin isn’t as bananas as it sounds. Buying a coin can be seen an investment in an organic banana plantation in the Vientiane province in Laos. To assure that these “coins” have value, each one is said to be backed by the market value of one kilogram of bananas, so “participants can be certain of the success of the project, as the demand for bananas is constant,” according to a proposal published by the Bananacoin team.  
In fact, investors are promised they can even swap their tokens for a literal kilogram of bananas if they want. So, in theory, this is a cryptocurrency tied to an actual product, and worst case scenario, you might be able to have crates of bananas shipped to you from half way around the globe to put in your cereal in the morning. - Extra Crispy
Daylight come and I wanna my crypto to go up. 

LBMA formulating plans to put gold trading on the blockchain

With price manipulation of gold and silver prices standard policy in Western markets, one has to wonder why either the Comex or LBMA would be interested in moving their trading platforms to the blockchain.  But perhaps the power and transparency that has made Shanghai the world's biggest gold market in a very short amount of time has something to do with the LBMA's announcing on Jan. 23 that are beginning to look seriously at integrating their gold trade onto the Distributed Ledger platform.

Gold is going digital. 
Blockchain technology may help keep track of the roughly $200 billion of the precious metal dug from remote mines, traded by middlemen and melted down by recyclers that’s sold each year to buyers scattered around the world. 
The London Bullion Market Association, which oversees the world’s biggest spot gold market, will seek proposals including the use of blockchain for tracing the origins of metal, partly to help prevent money laundering, terrorism funding and conflict minerals, according to Sakhila Mirza, an executive board director. 
“Blockchain cannot be ignored,” Mirza, also general counsel of the LBMA, said in an interview Monday. “Let’s understand how it can help us today, and address the risks that impact the precious metals market.” - Bloomberg

Monday, January 22, 2018

Cryprocurrencies hit the big time as ratings agencies prepare to issue grades on individual cryptos for investors

Perhaps one of the biggest ironies in the financial world occurred when it was discovered back in 2008 that investment banks were actually paying ratings agencies to grade their own securities.  This collusion of course played a part in the Credit Crisis that nearly brought down the entire financial system since the agencies gave high ratings to securities that were worth little more than junk.

So with this historical event in mind from a decade ago, it appears that the hits just keep on coming as ratings agencies prepare to give grades for their next new security in an industry where it is extremely likely they once again have no clue about the assets they intend to rate.

Weiss Ratings, a U.S. independent rating agency, had announced that it will issue letter grades on cryptocurrencies, to be released Wednesday January 24. Beyond market leader bitcoin (BTC), the rating agency will also issue grades for ethereum (ETH), Ripple’s XRP, bitcoin cash (BCH), cardano (ADA), NEM (XEM), litecoin (LTC), stellar (XLM), EOS, IOTA, Dash, NEO, TRON, Monero (XMR), bitcoin gold (BTG) and many others. 
The rating agency, which was founded in 1971, grades about 55,000 institutions and investments including banks, credit union, insurance companies, stocks, ETFs and mutual funds. Unlike Standard & Poor’s, Moody’s, Fitch and A.M. Best, Weiss Ratings prides itself on never accepting compensation of any kind from the entities it rates. 
The new cryptocurrency ratings are a first for any U.S. financial rating agency. They are said to be based on a model that analyzes thousands of data points on each coin’s technology, usage, and trading patterns. Besides enabling cautious investors to better assess the risks associated with an instrument they wish to invest in, ratings also define what trades many fund managers are allowed to take part in. 
“Many cryptocurrencies are murky, overhyped and vulnerable to crashes. The market desperately needs the clarity that only robust, impartial ratings can provide,” said Weiss Ratings founder, Martin D. Weiss, PhD. - Bitcoin
Judging by the track record of ratings agencies leading up to the Financial Crash, exactly what kind of 'clarity' can these paid regulators provide in a market that is decentralized, unregulated, and completely outside the purview of market control? 

The incredible, fungible egg: Venezuelans appear to be adapting eggs as a new currency in lieu of the Petro and Bolivar

In ancient times many things were used as currency, including salt and peppercorns by the Romans and Greeks respectively.  And even today when a people reach the point where they lose faith in a sovereign or national currency, inevitably commerce and trade distill down to where foodstuffs can become more valuable than even gold or silver.

That scenario may now be happening over Venezuela where the Bolivar is immersed in ever growing hyperinflation, and President Maduro's scheme of creating a resource backed cryptocurrency has gaining little or no traction since its inception.

So with this in mind, there is a growing trend taking place in Venezuela regarding the use of a new currency.  And it is one in which the commodity is retaining its value at the same time the currency implodes.

And that currency is the egg.

Maduro insists on faking some kind of knowledge, and plans that at some point the petro will be a public and circulating currency (to alleviate the very serious problem of cash and the lack of efficiency at retail sales points). 
Meanwhile, people on the street start to protest and assault food trucks that appear on the roads, or raid haciendas and small farms with animal breeding. Others sell their homes or gather what they can to pay for a passage to anywhere. Most of us try to survive based on the egg. 
The egg is the true currency of ordinary Venezuelans. It was a good joke on the social networks when people discovered that one day of minimum wage was not enough to pay for a single egg. But better yet was the man who didn’t have cash to grab a taxi after making a purchase at a food fair. 
Overwhelmed by the weight, he asked a taxi driver how many bolivars he would charge for taking him home. Ten thousand bolivars, in cash of course. Ten thousand bolivars is the maximum allowed by banks to withdraw daily and the gentleman did not have them. So he made a very quick calculation, the egg carton of 30 units cost 300,000 bolivars. Each egg then has a cost of 10,000. He then offered an egg to the taxi driver in exchange for the raid and he, without hesitation, accepted. – Havana Times

Saturday, January 20, 2018

Peak gold mining? 2018 appears to be the year that gold mining output falls off a cliff

According to a recent presentation given to the Empire Club of Canada regarding market trends for 2018, a portion of the presentation showed what is happening in the gold mining sector and how it has been affected by depressed and manipulated gold prices.

According to Nick Barisheff over at the Market Oracle, gold production is expected to fall off a cliff beginning here in 2018, and will commence declining throughout the next 11 years.

Which begs the question... have we reached the point of Peak Gold?

Annual mine supply is about 2,800 tonnes, and it has been in decline since peaking in 2016. It is projected to decline by 76% by 2029. New mines take about 19.5 years to go into production. No new major discoveries over 3 million ounces have been made since 2009. 
As a result, the only adjusting factor for increased demand is an adjustment in price. With the global financial system experiencing a condition not seen since 1929 of a simultaneous triple bubble in stocks, bonds and real estate sitting on a historically unprecedented pile of $270 trillion of unpayable government debt, subprime auto debt, student loan debt, margin debt and consumer debt, in addition to a very dangerous mountain of over $600 trillion of derivatives, conditions are set for a major market correction. This will result in a massive increase in the price of gold as investors flee to the safety of gold. – Market Oracle