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?

Monday, June 19, 2017

Bitcoin advocates warn cryptocurrency owners to have their Bitcoins in their wallets and out of exchanges before Aug. 1

The battle over a soft or hard fork for Bitcoin may be coming to a head as early as Aug. 1, and Bitcoin advocates are warning owners of the cryptocurrency to have them out of Bitcoin exchanges before that date and downloaded onto their Bitcoin wallets to protect them from any loss or confusion should the expected change occur.

As of now a solution known as the user-activated soft fork (UASF) is expected to go live on Aug.1, but it is not without risk, especially if your Bitcoins are stored on an exchange where in the past segregation of ownership has been dicey at best.

A new initiative designed to help Bitcoin users with the upcoming fork advises them to maintain 100 percent control of their Bitcoin, rather than keeping it in exchanges. 
The reality is clear - most Bitcoin blocks hit the block size limit of 1 MB and are plagued by fees and slowdowns. The solution, though, is still up in the air as debate rages about how change should happen
One solution, the user-activated soft fork (UASF) is scheduled to go live on August 1, while another competing group has threatened to split the chain if that occurs. claims to be a neutral third party designed to help users understand and navigate the upcoming fork, and how to best protect their Bitcoin. Because a fork would create duplication, the best solution for users is to be able to transact on both chains, should a fork occur. 
At this time, they are advising that users maintain 100 percent control of their Bitcoin, rather than keeping it in exchanges such as Coinbase or Bittrex. The only way to completely control Bitcoin is to be in control of your private keys on either a wallet application or a paper wallet. – Coin Telegraph

U.S. not the only government looking to pass legislation making it illegal to own cash and Bitcoin without their knowledge

Last week a bill rose up on the floor of the U.S. Senate calling for an expansion of financial controls over American citizens under the guise of the 'War on Terror'.  In fact, the Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017 if passed would even go so far as to allow the government to confiscate all assets, just the ones in question, of anyone who seeks to hold cash, Bitcoin, gold and silver outside a bank in denominations of more than $10,000 if they haven't filled out proper forms.

But as the real underlying reasons for this draconian law bubble to the surface, it is not just the U.S. who is using the label of 'terrorism' to restrict the free use of your money, but other nations are as well including Germany who is looking to pass similar laws as a new financial crisis percolates to the forefront following the recent bank runs in Italy, Canada, and Spain which threaten the liquidity of the financial system.

In the US for example, a new Bill has been introduced in the Senate. The name says it all: “Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017.” 
The purpose of the law is to “Improve the prohibitions on money laundering and for other purposes.”  
Money laundering has an extremely wide definition and anyone who carries money over $10,000, cryptocurrency or a blank check, has a prepaid mobile, can fall under this law. In summary, if the incumbent has not in advance filled in a form to declare these items, it allows the government to seize all his assets and put him in prison for 10 years. The bill also gives the right to surveillance and wiretapping. 
If this law is used only to catch real criminals, it might be acceptable. But we know that when a body is given such extensive and ill-defined powers they will be widely abused. And this is how slowly but surely a police state is created. A lot of smaller measures that most people don’t pay any attention to until these draconian powers are unfairly applied to innocent people.  
In Germany, similar measures are being discussed. The German Interior Minister is preparing a new law introducing surveillance of the people to combat terrorism. It gives the authorities the power to fingerprint and give access to mobile phones, social networking apps even down to 6 year olds. Germany is also considering installing software on mobiles so that they can read messages before they are encrypted.  
Many other countries are considering similar methods or are already applying them tacitly. The combination of increased immigration and terrorism will continue to lead to more surveillance measures around the world in all aspects of life. It is not just physical surveillance but bank records, fiscal control and the banning of cash transactions and cash. This trend is unlikely to stop until this cycle ends. We will need to see an end to the socialism and globalism which is creating the current unpleasant trends. We will also need to have an implosion of the debt and asset bubbles which are part of the current problems.  – King World News

As has been proven in nations like Japan, China, and South Korea over the past few months, the ability to transfer money into a cryptocurrency that is outside the monitoring from a sovereign financial system, and outside the control of both banks and government agencies, is now causing these same governments to try to put fear into their peoples to coerce them into keeping their money and wealth in the banking system where it will inevitably be stolen and confiscated under the bail-in arrangements created after 2008.  And when you start to see these warning signs start to come from legislatures in multiple locations, then you know that a new and dramatic financial crisis is just over the horizon, and it is beyond time to protect your money now before it becomes illegal to do so.

Sunday, June 18, 2017

My interview on the Daily Coin with host Rory Hall - Gold, silver, bitcoin, and the economy

Ethereum blockchain and cryptocurrencies could take over the world's refugee and welfare programs

For decades global relief agencies along with the United Nations have been stymied in trying to provide direct relief to needy individuals, especially in countries ruled by tyrannical dictators.  And there are many examples where these entities have tried to ship in food, medicine, and other items only to have the government seize them for their own purposes or profit.

But with the rise of digital banking, smartphones, and now blockchain technology, the ability for agencies to get relief directly to individuals in need has suddenly become much easier.  And with the United Nations having already done such direct relief efforts through the Ethereum Blockchain in recent weeks, the boundaries for aiding refugees, those on welfare, and any in need could one day be moved to the blockchain, thus eliminating billions in bureaucratic costs, and thousands of unnecessary pitfalls.

The United Nations World Food Programme uses the Ethereum Blockchain to transfer vouchers based on cryptocurrencies to refugees in Syria. The platform was able to transfer cryptocurrency vouchers to a total of 10,000 people. It was done through another platform that was created by Parity Technologies. 
Parity Technologies is a startup company led by Ethereum co-founder Gavin Wood.
"Funds that were sent to the refugees were specifically used for buying food. With the success of this project, the World Food Programme (WFP) plans to extend the project even further to cover 100,000 people in Jordan by late 2018." 
With this, the UN is planning more Blockchain technology-related projects that can help them move aid to disaster-stricken countries even faster. - Cointelegraph
In the meantime for sovereign economies, moving benefit programs out of bloated government bureaucracies onto the Ethereum Blockchain could also eliminate unnecessary waste as well as making it easier to get welfare payments directly into the hands of those in need.

Friday, June 16, 2017

Hillary Clinton's emails prove that the U.S. and the West are willing to kill to stop the rise of a gold backed currency

One of the biggest reasons that the U.S. is so hell bent on framing Russia as a criminal on the world stage is not necessarily because of their intervening in Washington's agenda of bring about chaos to the Middle East, but instead because of its potential of destroying America's hold on the world's singular reserve currency.

And there are two ways in which they can achieve this.  First it is by overtaking OPEC and putting an end to the long-standing Petrodollar system.  And second would be through the creation of a gold backed Ruble, which would instantly turn the Russian currency into the most secure form of money on the planet.

Now many Western analysts have been pushing the narrative that a return to a gold backed monetary system would be impossible to achieve, since their faulty premise is based on the total amount of physical gold available to backstop the total amount of worldwide currency.  Of course the real reasons they use this propaganda is because a gold backed monetary system would be a hindrance to a government and central bank's ability to borrow capriciously and without through of any financial consequence.

But the reality is that a gold backed monetary system works just fine if you allow the price of gold to float and not be fixed, and if done on a worldwide scale it would segregate out the nations who destroy their currencies through vast money printing and those who act in a responsible manner, using their money supplies as was intended to control and regulate costs.

With this in mind, and with the advent of Wikileaks disseminating thousands of emails found on former Secretary of State Hillary Clinton's servers, we discover that the unlawful attack on the nation of Libya a few years back, and the subsequent murder of Libyan leader Muammar Gadafi, was enacted entirely because he was in the process of creating an gold backed currency that would not only help grow African nations economically, but also help them to get out from under Western colonialism and the long-standing dominion the U.S. and Europe had over the Dark Continent.

One of the 3,000 Hillary Clinton emails released by the State Department on New Year’s Eve (where real news is sent to die quietly) has revealed evidence that NATO’s plot to overthrow Gaddafi was fueled by first their desire to quash the gold-backed African currency, and second the Libyan oil reserves. 
The email in question was sent to Secretary of State Hillary Clinton by her unofficial adviser Sydney Blumenthal titled “France’s client and Qaddafi’s gold”.
From Foreign Policy Journal
The email identifies French President Nicholas Sarkozy as leading the attack on Libya with five specific purposes in mind: to obtain Libyan oil, ensure French influence in the region, increase Sarkozy’s reputation domestically, assert French military power, and to prevent Gaddafi’s influence in what is considered “Francophone Africa.” 
Most astounding is the lengthy section delineating the huge threat that Gaddafi’s gold and silver reserves, estimated at “143 tons of gold, and a similar amount in silver,” posed to the French franc (CFA) circulating as a prime African currency. - Global Research
So the next time you see the mainstream media pop out another propaganda piece on the evils of Russia or China, know that the economic sanctions imposed back in 2013 were not about Ukraine, or any other opposition to U.S. foreign policy, but completely about trying to stop their tearing down of the petrodollar system, and having the ability to use their nuclear option of one day backing their currency once again with gold.

Thursday, June 15, 2017

Head of Germany's central bank fears Bitcoin may make next financial crisis worse, and is looking into creating his own sovereign cryptocurrency

The explosive popularity and rise in cryptocurrencies such as Bitcoin and Ethereum have finally reached the point where Wall Street, central banks, and sovereign governments can no longer ignore them.  And as the global monetary and banking systems begin to crack, as seen for example last week in Spain where Banco Popular disappeared in a single day, central bankers are taking sides on whether cryptocurrencies are part of the solution, or part of the problem when the next financial crisis comes.

And when we say both a solution and problem all we need to do is look at the words spoken by the head of Germany's central bank on June 14 regarding Bitcoin's potential to make the next financial crisis much worse, and how they might need to create their own cryptocurrency as a backstop for their people and banking system.

As Citigroup's Hans Lorenzen showed yesterday, as a result of the global liquidity glut, which has pushed conventional assets to all time highs, a tangent has been a scramble for "alternatives" and resulted in the creation and dramatic rise of countless digital currencies such as Bitcoin and Ethereum. Citi effectively blamed the central banks for the cryptocoin phenomenon. 
Weidmann had a different take, and instead he focused on the consequences of this shift towards digitalisation which the Bundesbank president predicted, would be the main challenge faced by central banks. In an ironic twist, in order to challenge the "unofficial" digital currencies that have propagated in recent years, central banks have also been called on to create distinct official digital currencies, and allow citizens to bypass private sector lenders. As Weidmann explained, this will only make the next crisis worse: 
Allowing the public to hold claims on the central bank might make their liquid assets safer, because a central bank cannot become insolvent. This is an feature which will become relevant especially in times of crisis – when there will be a strong incentive for money holders to switch bank deposits into the official digital currency simply at the push of a button. But what might be a boon for savers in search of safety might be a bane for banks, as this makes a bank run potentially even easier. 
Essentially, Weidmann warned that digital currencies - whose flow can not be blocked by conventional means - make an instant bank run far more likely, and in creating the conditions for a run on bank deposits lenders would be short of liquidity and struggle to make loans. 
“My personal take on this is that central banks should strive to make existing payment systems more efficient and still faster than they already are – instant payment is the buzzword here,” the Bundesbank president said. “I am pretty confident that this will reduce most citizens’ interest in digital currencies.” - Zerohedge

And while there is still time for the game between centralized and decentralized money to be played out, one has to honestly ask if they thought that central banks and sovereign governments would really allow a private form of money to usurp their control and authority, and in the end either not try to ban it, or co-opt it with one of their own that they declare as legal tender.

A few days after appointing a director, Texas contracts Austin metals company to run their Gold Depository

While it took about two years to finally get the ball rolling after the state of Texas passed legislation to setup a gold depository back in 2015, that changed this week as movement towards opening the gold vault hit the fast track as the state has now selected both a new Director, and vendor to run the facility.

On June 14 Texas announced they are contracting Lone Star Tangible Assets to run the day to day operations of the state's Gold Depository, which will be a completely insured precious metals vault that will allow the state, municipalities, individuals, and businesses to buy and store gold and silver, and under certain accounts have access to it as if it were money regularly stored in a traditional bank.

Two years after Gov. Greg Abbott announced Texas would build the country's first state-run gold depository, the project took a major step forward Wednesday. 
Comptroller Glenn Hegar announced at a news conference at the Capitol that his office had selected Austin-based Lone Star Tangible Assets as the private vendor tasked with building and operating the Texas Bullion Depository. 
“The Texas Bullion Depository will offer Texas safe, fully-insured storage of precious metals providing an alternative to the depositories largely located in and around New York City,” Hegar said. 
The depository will store gold and other precious metals, allowing customers to open accounts and potentially pay for transactions with them. - Texas Tribune
Texas will now join Utah as the two primary states that have either a public or private gold depository, and the ability for individuals, businesses, and government agencies to store their wealth in physical gold while also having the power to use it the same as if it were cash deposits in a bank.

Wednesday, June 14, 2017

Congress submits bill making it illegal to hold cash, Bitcoin, or other assets outside of a bank without informing them in writing

Just as the War on Drugs was never actually about slowing down or stopping the import and use of illegal narcotics, so too was the spurious War on Terror not about stopping individuals or groups from inciting violence for political means.  In fact, we already know that U.S. agencies have funded, trained, and armed the very terror groups that are supposedly on the FBI's Terror Watch List when they supported them in the taking over of Libya, and in the attemp to take over Syria.

So the question then has to be asked... what are the purposes behind the ideological wars against drugs and terror really all about?  Well, since the real victims going back to the 1970's when the War on Drugs was instituted by President Richard Nixon have been the millions of Americans incarcerated for victimless crimes, and the billions of dollars seized without a trial in what is known as Civil Forfeiture, then it is fairly obvious who these wars were really focused against.

And since the advent of the Patriot Act, which hasn't stopped a single terrorist or terror event following the terror attacks on 9/11, the ability of Americans to do as they please with their own money has been stymied in the government's attempt to monitor and regulate every single transaction individuals choose to conduct.

However, with the rise of cryptocurrencies, and the new fears coming out that decentralized virtual money could actually start or magnify a financial crisis, Congress on May 25 has submitted a bill making it illegal, and placing individuals subject to asset confiscation and imprisonment, for anyone to have a medium size amount of cash, Bitcoin, etc... outside of a bank without telling the government how much you have, where you have it, and why you have it through the filling out of new Federal forms.

Recently a new bill was introduced on the floor of the US Senate entitled, pleasantly,
“Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.” 
You can probably already guess its contents. 
Cash is evil. 
Bitcoin is evil. 
Now they’ve gone so far to include prepaid mobile phones, retail gift vouchers, or even electronic coupons. Evil, evil, and evil. 
Among the bill’s sweeping provisions, the government aims to greatly extend its authority to seize your assets through “Civil Asset Forfeiture”. 
Civil Asset Forfeiture rules allow the government to take whatever they want from you, without a trial or any due process. 
This new bill adds a laundry list of offenses for which they can legally seize your assets… all of which pertain to money laundering and other financial crimes.
Here’s the thing, though: they’ve also vastly expanded on the definition of such ‘financial crimes’, including failure to fill out a form if you happen to be transporting more than $10,000 worth of ‘monetary instruments’. 
Have too much cash? You’d better tell the government. 
If not, they’re authorizing themselves in this bill to seize not just the money you didn’t report, but ALL of your assets and bank accounts. 
They even go so far as to specifically name “safety deposit boxes” among the various assets that they can seize if you don’t fill out the form. - Sovereign Man

Kyrgyzstan is the newest country planning on creating a national gold backed cryptocurrency

The nation of Kyrgyzstan is quickly becoming one of the most important countries in the Eurasian sphere, as it is not only a part of the burgeoning Eurasian Economic Union (EEU), but they are also an important point along China's new Silk Road initiative.  And in preparation of their becoming a rising star for the future of emerging economies, the Prime Minister of Kyrgyzstan announced on June 14 that his nation in the process of planning for the creation of a gold backed sovereign cryptocurrency.

Kyrgyz authorities are preparing to release a national cryptocurrency. The ambitious project will engage the Russian company "crypto HH", which will become the main trader during the ICO (Initial Coin Offering - initial public offering cryptocurrency).Responsible for the project assigned to the local state-owned company "Trading House Kyrgyzstan", where the release of information has been confirmed officially. According to two sources close to the Kyrgyz government, the new cryptocurrency (its working title - GoldenRock) will be backed by gold. 
Kyrgyz authorities have decided to undertake the development of gold deposits, this state needs private investment. For quick money decided to release cryptocurrency - this is the first public project in the Eurasian Economic Community (EAEC). Each unit (a token) GoldenRock be backed by gold equivalent. The owner of the token after the development of the field will be able to exchange it for the metal. The decision of the exact value of the token is pending. - IZ

Gold and silver both spike higher on report of strong decline in retail sales leading into FOMC meeting

On June 14 the latest report on core retail sales was announced, and showed the largest decline since January of 2016.  And in addition, this drop in one of the economy's major indicators is providing the Fed an interesting dichotomy on the same day they are to announce the latest decision on whether to raise interest rates.
Headline retail sales tumbled 0.3% MoM in May, the biggest drop since January 2016 (and all the weather-related malarkey that was blamed on). 
Core retail sales also dropped the same... - Zerohedge

In response to this bad news for economic growth, gold and silver both spiked higher with the dollar falling over 50 bps back below 96 on the dollar index.

These strong moves in both gold and silver could be a prelude to even higher prices dependent upon the Fed's decision later today on whether to hike rates, leave them at current levels, or perhaps even to provide guidance that the central bank may be leaning back towards a policy of easing as economic indicators clearly point towards a slowdown if not outright recession.

Tuesday, June 13, 2017

Besides being a way for wealthy Asians to arbitrage currency, Bitcoin's most favorable customers may be those in the Pot industry

While many pro-Bitcoin advocates would like to tell the world that the hyper-sonic rise in value over the past five months has been primarily due to its growing popularity around the world, the fact of the matter is between 48-78% of all transactions for the cryptocurrency have taken place in South Korea, China, and Japan where wealthy Asians are using Bitcoin's ease of transferability to arbitrage the digital currency as a conduit to get out of their own sovereign fiat.

But there is actually one new and burgeoning industry that has taken Bitcoin to heart, especially since their access to normal banking systems has been restricted due to the Federal governments remaining stigma against their products.  And this is making entrepreneurs and business owners in the pot industry some of the most favorable customers of the cryptocurrency.

Cannabis companies are turning to the world’s most popular digital currency in an effort to get rid of all that cash. 
The inability to access traditional financial institutions is one of the marijuana industry’s biggest impediments. Legal cannabis was a $6 billion industry last year and is expected to grow to $50 billion by 2026, according to Cowen & Co. But because pot is illegal under federal law, big banks and credit-card companies steer clear. That’s forced most merchants to accept cash only, a logistical headache and constant security threat.  
Enter bitcoin, the cryptocurrency that consists of digital coins “mined” by computers solving increasingly complex math problems. At least two financial-technology startups, POSaBIT and SinglePoint Inc., use the cryptocurrency as an intermediate step that lets pot connoisseurs use their bank-issued credit cards to buy weed. - Bloomberg

Texas Gold Depository plans moving forward as state to create internal banking system where accounts are backed by gold

On June 12 the comptroller for the state of Texas finally named a head for its Gold Depository project and are in the process of finding a third party entity to run the new infrastructure.

The Texas Gold Depository will be something much greater than simply a state run institution to house gold and other precious metals.  It will be a way for other government agencies, corporations, and even individuals to both store gold, and then use that collateral like a bank account where they can draw and conduct financial transactions using the gold as if it were cash deposits.

Tom Smelker just became one of the most important men in Texas because he’s in charge of protecting the state’s gold. 
Texas Comptroller Glenn Hegar on Monday named Smelker, 63, a longtime comptroller employee, to oversee the soon-to-be-developed Texas Bullion Depository.
While it’s geared to give Texans a place to store precious metals, it’s not just for residents. 
Financial institutions, cities, school districts, businesses, individuals — even other countries — could do business there as well. And storage fees will be charged to generate revenue for the state. 
At the depository, Texans will be able to open accounts similar to checking and savings accounts at traditional banks — and monitor them online. 
People will be able to deposit gold and silver and use their account to make payments by using checks or electronic means. Many have likened the depository to a bank that doesn’t do any lending. – Star-Telegram
As trust in traditional banking begins to wane, especially in light of how leveraged fractional banking and central bank monetary policies have destroyed the purchasing power of the dollar, more individuals are looking for ways to store their wealth in hard assets like gold, but still be able to use it as money, just as America once did for the first 160 years.

Monday, June 12, 2017

Time to either be scared or ride the wave as Goldman Sachs and hedge funds now charting Bitcoin

Remember back so many years ago... like in 2010 and 2011 when Bitcoin was little more than a fringe idea left for anarcho-capitalists and hippies in New Hampshire to use as an underground means towards funding their online radio stations and Freedom Festivals?  Or when television shows like Almost Human referenced it as an alternative currency used outside the purview of the state?

My how times have changed in just a few short years, and now Bitcoin has become globally known as the easiest and safest way to transfer money without going through a bank or being monitored by the state.

Yet perhaps the biggest fear for the Bitcoin community is that either the banks themselves would seek to financialize the cryptocurrency for their own purposes, or governments would find it a threat to their hegemony and seek to regulate, restrict, or even outlaw it completely.  And one of these fears may be coming to pass as the most corrupt of the banking establishments has suddenly changed course and is covering Bitcoin for their clients and investors.
It's official: not only has bitcoin officially made its way to Wall Street, but confirming rumors that emerged over the weekend, "hedge" funds - starved of volatility in virtually all other asset classes -  are now not only actively trading the volatile digital currency, but as clients of the vampire squid, have petitioned Goldman's chief technician, Sheba Jafari to start covering it. 
In the report that Goldman released this afternoon ago, Jafaru concludes that "the balance of signals are looking broadly heavy" with the following view: "wary of a near-term top ahead of 3,134. Consider re-establishing bullish exposure between 2,330 and no lower than 1,915.
In other words, Goldman is bearish. Which probably means that bitcoin is set to make new all time highs shortly. - Zerohedge
For Bitcoin owners, they can only hope that simply charting and brokering Bitcoin for their clients is all that Goldman Sachs chooses to do, because if they come to the decision that the cryptocurrency is worthy of financialization, the get ready for a set of derivative products that will corrupt the natural pricing mechanism of Bitcoin the same way gold and silver are manipulated through paper futures trading.

Orocrypt ICO to be the next gold backed cryptocurrency as investors begin to demand resource backed virtual money

First there was OneGram, which was a gold backed cryptocurrency that spawned out of Islam's approval of gold investment through Sharia law financing.  And this was quickly followed up by ZenGold, which is a secular based cryptocurrency that will also be backed by physical gold.

Now on June 12 the country of Panama is jumping on board the growing demand of investors who want to get into cryptocurrencies, but are wary of virtual money that is backed only by 'Units of Electronic Work'.

As an investment, holding physical gold has always been troublesome. The fact that it needs to be stored in a safe place so that it can’t be stolen, misplaced or robbed has always been an issue. There is also the question of how to buy and sell gold with the assuredness that it is pure. Selling gold requires time, energy and effort and thus the liquidity of gold is certainly less than cash. 
Now, however, Panama-based company Orocrypt is creating a “crypto-alternative” that will enable easier trading, holding and investing in precious metals, including gold. 
Orocrypt is putting precious metals on the Blockchain 
Orocrypt is all set to launch an equity token followed by a gold token in October, where each token will be representative of 30 grams of LBMA quality gold. This token will be fully backed up by physical gold which will be stored safely and will be audited.
The token will not only be fully convertible into physical gold at the demand of the investor but also compatible with all Ethereum wallets. Orocrypt is, thus, bringing precious metals to the Blockchain. 
The company has built robust mechanisms surrounding this process with gold being stored at diverse geographical locations like the Cayman Islands, Switzerland, Liechtenstein and Hong Kong, and the auditing will be carried out by Société Générale de Surveillance SA. 
Orocrypt ICO all set to roll out 
The Initial Coin Offer (ICO) of the OROC token, which represents common shares in Orocrypt Inc. and gives the token holder rights and privileges akin to shareholders, will begin on June 14, 2017. Only 45 percent of Class A tokenized shares are being sold, so that means there are only 500,000 out of the total 1,112,000 tokens up for grabs.
The price of each share is €9 and these shares are of a non-divisible nature, which means that there will be no shares in decimal points. If during the token issue the investor funds sent to Orocrypt are in excess of multiples of nine, the fraction will be donated to certain charities. 
Investors are eligible for a five percent discount on the token price in the first week of the ICO, and in the second week, a two percent discount is available. – Coin Telegraph

Sunday, June 11, 2017

Investors betting heavily on gold price going both up and down leading into next week's Fed FOMC meeting

In the latest Commitment of Traders (COT) report, investors speculating in the paper gold markets are putting down massive bets both for and against the gold price leading up to next week's Fed FOMC meeting that could determine the next move in interest rates.

Bullish speculators increased their gold bets by the largest amount on record. 
Speculators betting on a gold drop also made large increased to their own positions. 
Next week's major event is the FOMC meeting and conference and we expect that Janet Yellen will offer investors nothing unexpected. 
Asian gold demand has been subdued with a large rise in May Indian imports that we expect will fall in June as jewelers de-stock. 
With expectations of a lackluster Fed meeting, we see no reason to change our short-term position and we expect gold and silver to follow current momentum downwards next week. 
The latest Commitment of Traders (COT) report showed a week of speculators jumping into gold on both the long and the short side. On the long side, we saw a massive gross increase in speculative longs as traders added more than 50,000 contracts on the COT week - the largest increase in our records going back to 2006! 
Shorts were not sleeping either, as they increased their own positions for the week by more than 10,000 contracts. After a strong start to the week and a rise close to $1300, gold ended the week on a three-day losing streak and down around 1% on the week - which matched our call for last week. Silver followed gold down for the week with a drop a little under 2%. – Seeking Alpha

Russia intrigued about using Ethereum platform to run its oil and gas industry

Over the past few weeks there has been a great deal of chatter regarding Russia's central bank looking into adopting its own sovereign cryptocurrency sometime in the future.  And while this topic had significant discussion during the recent St. Petersburg International Economic Forum (SPIEF), the reality is that the Eurasian power is much more intrigued in blockchain technology rather than in cryptocurrencies.

And even more specific... the Ethereum platform model, which according to a new report is being seriously looked at as a means to integrate Russia's oil and gas industry.

You’ve likely heard of Bitcoin as the future of money, but it is not the only cryptocurrency in the running for cashless economy dominance. The second largest among them is found on the Ethereum blockchain and is called Ether. One of the critical differences between Bitcoin and Ether is that while Bitcoin is first and foremost a currency, Ether, however, can be a platform for a variety of decentralized applications. In short, Ether can do much more than Bitcoin. 
The adaptive quality of the platform may be part of the reason why Russia, under President Vladimir Putin, seem to be showing great interest in Ethereum. Reporting from Bloomberg reveals that Putin has been thinking about digital currency. “The digital economy isn’t a separate industry, it’s essentially the foundation for creating brand new business models,” he said at last week’s St. Petersburg Economic Forum. 
Russia could be looking at Ethereum as a way to expand the country’s economic profile of fossil fuels with technology. Bloomberg’s Leonid Bershidsky suggests that Putin is “…under the impression that, to wean the country off its oil dependence, they needed a major leap in some specific area of technology that wasn’t yet dominated by Western, Chinese, or Japanese tech giants.” - Futurism

Global money supply now requires gold to be priced at $67,000 per ounce if metal returned to back currencies

On June 11 economist Jim Rickards tweeted out an update as to what the price of gold would need to be to cover the money supplies of most of the primary economies if the precious metals returned to back global currencies.  And if you added up the M2 money supplies for U.S., China, ECB, M2 as of today, that price would be around $67,000 per ounce.

Interestingly as well, if you were to use Bitcoin to back all that currency then its price would be approximately $17.1 million per coin.
And sadly, this extrapolation will only get higher for gold and Bitcoin since it is likely the ECB, FED, Bank of Japan, and Bank of China will continue to increase their money printing, especially as the global economy appears headed into either a massive recession, or another potential crisis.

Saturday, June 10, 2017

Well respected gold and silver analyst forecasts major event within 26 days that will shock the metals market and push prices much higher

As is normally the course for each weekend, King World News provides ground breaking interviews with many of the top investment, money managers, and metals analysts in the financial industry.  But an interesting thing occurred over the past two days in regards to a new interview with well respected London metals analyst Andrew Maguire...

Someone, or something, deleted a major portion of the interview from their network, and it was specifically the portion tied to a major event Andrew is forecasting for the gold markets.

King World News note:  After the release of the audio interview with London whistleblower and metals trader Andrew Maguire, a KWN staff member noticed that something very strange had occurred.  A portion of the audio had been deleted (by some unknown entity) that discussed a major event that is going to take place in 26 days.  Here is the question and answer that was deleted from the already released audio interview, but was transcribed by the KWN staff member who was able to retrieve it from an unaffected copy. 
Eric King:  “This summer surprise that you say is in front of us in the gold market, Andrew, I know you can’t say specifically what that is, but can you give a hint at what is in front of us that’s going to be the shocker in 26 days?” 
Andrew Maguire:  “What we are going to see is a massive amount (absolutely enormous tonnage) of physical gold buying coming in and it’s completely unexpected and unanticipated.”  King World News note:  Again, this portion of the tape was stripped out of Maguire’s KWN audio interview by some unknown entity.  What is interesting is that some entity did not want that portion of the audio interview to be heard by the KWN global audience, which includes key government officials from across the globe.  All we can say at this point is that this summer surprise is obviously very troubling to the Federal Reserve, Bank for International Settlements, and other Western central banks involved in the paper manipulation of the gold market because it comes at a time when the physical gold market is already extremely tight.   
After the above deleted portion of tape, the KWN audio interview with Andrew Maguire continued.  It left off with a comment and then a question about how the powers that be might handle this behind the scenes emergency: 
Eric King:  “Andrew, we know that the powers that be monitor all critical conversations.  So the fact that you know this order is coming means they know this order (for enormous physical gold tonnage) is coming as well.  Do you think they will put a smash on the metals ahead of that?” 
Andrew Maguire:  “The competing sovereign central bank's are buying... - King World News  (Click this link to go to the interview)

State of Montana to directly invest in Bitcoin mining operation and Blockchain based data center

As we wrote in an article earlier this week, both regulation and how Bitcoin will be accepted within the U.S. appears to be varied between the states.  And on June 10 the state of Montana has introduced a new approach which includes actual taxpayer funding to facilitate investment in a data center which will act as both a Bitcoin mining operation, and as a Blockchain test facility.

In the first-ever reported case of a US State funding what looks to be a Bitcoin mining operation, Montana’s Governor recently announced that $416,000 was awarded to a “data center that provides blockchain security services for the bitcoin network.” 
Governor Steve Bullock recently announced $1,124,030 in economic development grants to assist Main Street businesses across Montana with creating 116 jobs, providing workforce training and developing plans for growth and expansion. 
The funds are being awarded through the Big Sky Economic Development Trust Fund (BSTF) and the Primary Sector Workforce Training Grant (WTG) programs at the Department of Commerce, Office of Tourism and Business Development. 
“Missoula County received $416,000 of BSTF Job Creation funds to assist Project Spokane, LLC to expand, which will allow the company to create 65 new jobs in Bonner. The BSTF funds will be used for purchase of equipment, machinery, furniture and software and for wage reimbursement.” - Brave New Coin

Friday, June 9, 2017

Russia and China's gold purchasing intrinsically tied to weaning their economies off the dollar

Over the past four to five years, both Russia and China have been purchasing physical gold and are by far the largest buyers of any sovereign nation.  And while their 'official reports' show that they hold in the range of between 1500-3000 tons respectively, insiders acknowledge that the actual number is more like between 18,000 and 30,000 tons.

Since the world has no longer been on a gold standard over the past 46 years, and the primary monetary vehicle of choice over that time has been the U.S. dollar and its sister vehicle, the U.S. Treasury, one has to ask for what real purpose would these nations be accumulating so much gold for if the most liquid asset is to hold dollar denominated debt?

That answer may be more geo-political than financial as experts are recognizing that Russia and China's gold accumulation program is all above lessening their need for the dollar, and subsequently providing a mechanism for global trade that lessens the entire world's need and use of the reserve currency.

In recent years, Russia and China have actively been purchasing the yellow metal and have significantly enlarged their national gold reserves. 
According to Philip Klinkmüller, a financial expert with Hopf-Klinkmüller Capital Management, there is a visible trend in Russia and China to buy more bullion to end their dependency on the US dollar. 
The expert suggested that in the years to come global financial markets will see a significant devaluation of the American currency. 
"According to our estimates, there will be a downward trend in the dollar exchange rate in the next 15 years. In the long-run, it cannot be guaranteed that the dollar will remain a global reserve currency," Klinkmüller told Sputnik Germany. 
Bullion was traditionally a major part of the Russia’s and China’s gold and foreign exchange reserves. At the same time, nearly 60 percent of global exchange reserves are denominated in dollars. 
On the one hand, gold is a national reserve in the event of a crisis. On the other hand, gold reserves help compensate losses from a fluctuating dollar. 
By stockpiling bullion, Russia and China want to get more independent in trading gold and cut their reliance on the US dollar, according to Jochen Stanzl, a market analyst at CMC Markets. – Sputnik News

In helping to try to legitimize Bitcoin and remove its criminal stigma, pro-Bitcoin advocates ask Congress to go after unregulated exchanges

Perhaps in an attempt to appease the government and help legitimize Bitcoin and other cryptocurrencies as being a viable asset in the financial system, a number of pro-Bitcoin advocates spoke before Congress at a hearing on June 8 in which they pleaded with the government's regulatory arm to go after unlicensed and unregulated cryptocurrency exchanges since they were the ones most likely to help facilitate illegal activity using Bitcoin and others.

Bitcoin and blockchain experts are urging US lawmakers to ramp up pressure on unlicensed offshore exchanges. 
Coming yesterday during a hearing held by a subcommittee within the US House of Representatives, the calls followed a notable string of ransomware attacks that have seen consumer data held hostage in exchange for bitcoin payments. The situation has also seen politicians taking a renewed interest in the more negative aspects of cryptocurrency technology in response. 
Yet, the core problem, panelists told the committee members, is not in bitcoin purchases, it's that when criminals do use bitcoin or other cryptocurrencies for illicit purposes, they often go through exchanges hosted outside the US. 
In statements, panelists sought to portray these businesses as unlicensed, unregulated and unwilling to abide by basic anti-money laundering and know-your-customer regulations, rules that digital currency exchanges in the US and Western Europe must abide by. 
"Nearly 100% of ransomware campaigns cash out through platforms such as these. It's a huge problem," said Kathryn Haun, a former Assistant US Attorney and now a lecturer at Stanford University. "Not surprisingly, the bad actors are not using the Coinbases of the world." - Coindesk
The fact of the matter is, Bitcoin and other cryptocurrencies are no longer 'under the radar' mediums of exchange, but viable forms of currency that are accepted and traded as both money, and as securities in markets all across the globe.  But it is events such as the Ransomware attack, and the stigma of it being used in money laundering that are bringing Bitcoin advocates to realize that a modicum of regulation by central authorities may help eliminate the fears that one day government's will come in with their power and try to criminalize or eliminate cryptocurrencies entirely.

With stocks at all time highs, now may be the last chance to take control over your retirement and use it to own gold, silver, or Bitcoin

Let me say straightaway that this article is not investment advice, but a discussion regarding one of probably several avenues now available that are dedicated towards you taking control over your 401K, IRA, and other managed retirement accounts.  And for those retirees who eight years ago saw their managed retirement portfolios lose upwards of 60% during the last stock market collapse, at least today there are alternatives in an era where stocks are once again overvalued beyond comprehension, bond yields are at rock bottom, and any collapses in the banking system could easily lead to you losing your money via a bail-in.

Thanks to companies like Perpetual Assets, who have created a legal way for individuals to take charge of their money and retirement vehicles through self-directed IRA's, one no longer has to rely upon fee based managed retirement accounts, or brokers who limit your ability to buy and own assets they refuse to put your money into.

In fact how many of you reading this article have asked your broker about directing some of your money into cryptocurrencies like Bitcoin, when they have been by far the most profitable investments in decades?  Chances are great that if you have, your broker would have attempted to dissuade you from this asset class, or told you that they don't work in cryptocurrencies.

Additionally if you are wary of digital currencies as assets then there is always physical gold and silver to own as a hedge against what the dollar and the central banks have and are doing through near zero interest rates and monetary expansion.  And again the chances are good that your broker would have tried to push you into an ETF, or paper based gold and silver investments because there is very little profit to be made, and very few fees if any for your broker to get in buying gold, silver, and Bitcoin for your retirement portfolio.

The 2008 Financial Crisis should have been the same type of wake-up call for our generations as it was for our grandfathers following the 1929 stock market crash, and subsequent Great Depression.  And you can see this how many of them in that generation lost trust in Wall Street, in managed brokers, in banks, and in anything to do with debt and credit.  And with the actions of the Fed helping to prop up stocks to ungodly levels over the past nine years since the last crash, and re-create bubbles in housing and bonds, this may be your last chance to be able to secure your profits in your managed 401K and IRA accounts, and get that money out of their hands and into yours, where you can not only have managed access and control over it, but also to invest in any type of asset class such as gold, silver, and cryptocurrencies that are not available today through your standard Wall Street money manager.

Thursday, June 8, 2017

Gold slammed one day before UK elections out of fear of price breakout over $1300

Earlier this morning, and just before the ECB's rate hike announcement, someone dumped $4 billion in naked short gold contracts onto the Comex futures market in order to slam down the price heading into two potentially large events which could have easily pushed gold over its next level resistance.

This naked shorting was the largest in over a month when the bullion banks sought to coax the price lower 17 days in a row to embark on some short covering of contracts going back to the November Presidential elections.

However, Draghi's interest rate nothing burger coupled with the former FBI director James Comey appearing before Congress were probably not the primary reasons for the slamdown in gold today.  But instead it may well be tomorrow's UK elections which are the main fear for those holding short positions in the precious metals as the last time there was a major election in Britain, gold shot up over $100 in a single day.
The metal broke through a more aggressively drawn resistance line already this week and now must meet the challenge of a few more resistance zones.
Gold bugs have tried to be patient with it these last few months and are hoping they are rewarded with a new breakout. 
King World News note: That is why the price of gold was pushed lower today. If the price of gold takes out the $1,300 – $1,310 resistance zone, it will indicate a massive breakout is underway. And as Adams correctly pointed out, that would trigger:
“…if it (gold) can just get over $1310 or so, it should have a good chance to once again challenge its highs from last July.” 
KWN note continues:  So, yes, if that major breakout would have unfolded today, it would have opened the door for the price of gold to challenge the highs near $1,380 from July.  - King World News

The attacks against Qatar aren't about the funding of Islamic terrorism, but rather the fate of the petrodollar

It is not a coincidence that just a few weeks after President Donald Trump visited Saudi Arabia and solidified their long-standing partnership with a historic arms deal that nearly overnight, OPEC nations converged en masse against one of their own who had been potentially leaning towards joining the new energy coalition being created in Eurasia.

Diplomats involved in the agreement between Russia and OPEC saw the extensive oil diplomacy as an area of non-confrontation that both sides used to open up channels at the highest levels to secure a common goal, namely to bolster oil prices. The deal involved direct talks between Putin and his Saudi and Iranian counterparts, while the breakthrough came from a late night phone call between the Russian and Saudi oil ministers. 
Similarly, when Qatar bought a 19.5 percent stake in Rosneft in a 10.2 billion-euro ($10.6 billion) deal that also involved Glencore Plc this month, one attraction for the tiny gas-rich emirate was geopolitical, according to a person familiar with the negotiations. Qatar saw the investment as a path to potential business and political links, said the person, who declined to be named due to the sensitivity of the issue. 
Changing Picture 
“What is occurring now is about the bigger picture,” said Theodore Karasik, senior adviser at Gulf State Analytics. He sat on Dubai’s Russian Business Council until this year. “It’s not just about Syria, but all of the Levant and, because of Egypt and Libya, North Africa too.” 
The changes are likely to accelerate with U.S. President-elect Donald Trump’s more transactional approach to foreign policy, he said. 
The deal with the Qatar Investment Authority is also notable because Russia and Qatar have had a particularly difficult relationship. Moscow sees the emirate as a sponsor of Islamist terrorist groups in Chechnya during the Russian republic’s long separatist war, and again now in Syria. Russian agents assassinated the Chechen rebel leader Zelimkhan Yandarbiyev in Doha, the Qatari capital, in 2004. 
That made it all the more striking last week, when Emir of Qatar Tamim bin Hamad Al Thani called Putin to talk business, even as Russian aircraft were bombing Qatar-backed rebels into submission in Aleppo. According to a Kremlin statement, the two leaders discussed the Rosneft deal and how to “further promote political, trade, economic and humanitarian cooperation.” - Bloomberg
Qatar is a incredibly ripe and enticing fruit for both Russia and Saudi Arabia, but for different reasons.  This is because Qatar is the largest exporter of LNG in the world, and for Russia to get them into their fold would solidify their goal of becoming the new replacement for the dying OPEC cartel.  On the flip side Saudi Arabia, who has by far more ties to funding terrorism than Qatar does, is desperate to find a new alternative to their diminishing oil production and is in large part the reason behind their attempts to conduct a war in Yemen.

Should Qatar fully move into Russia's camp, then the acceleration of the breakup of the petrodollar system will become inevitable.  And according to some analysts in the Middle East, these swift overnight threats against Qatar are a last ditch effort to stop the petrodollar's hemorrhaging, and perhaps even formulate a replacement as the oil-dollar system is getting ready to come to an end.
The blockade of Qatar by Saudi Arabia, Egypt, the United Arab Emirates and Yemen is not a problem that will affect the Gulf states, North Africa and the Middle East alone. This is one of the most important and distinctive historical phases of the global crisis that we are now in. The blockade of Qatar is aimed at replacing the petro-dollar system developed in conjunction with the 1973 oil crisis in both economic and political terms, and making a new economic-political order in the region. - Daily Sabah

Bitcoin regulation in the U.S. still in the 'Wild West' stage as each state is passing different laws regarding its use

There are two types of recognized money in the United States... Constitutional money (gold and silver), and whatever Congress determines to be legal tender.  And this means that for the 50 states, they are somewhat limited in what they themselves can deem as money in this new era of cryptocurrencies.

And this is why it will be a very long time before there is a both a standardized acceptance, and a designated universal platform regarding monetary regulation of Bitcoin and other cryptocurrencies.  But for now these digital currencies are functioning in the realm of 'old west' territories where governance came from a local administrator since there has yet to be full guidance given regarding their labeling and use from the Federal government.

Take for example the state of New Hampshire, which on June 7 signed into law the exemption of Bitcoin from their own local monetary transmission regulations.
The governor of New Hampshire has signed a bill into law that exempts digital currency traders from the state's money transmission regulations. 
Public records show that Gov. Chris Sununu signed measure on 2nd June, more than a month after the state's legislature completed work on the bill. The measure was first introduced in January. 
According to the text of the bill, the new rules exempt "persons conducting business using transactions conducted in whole or in part in virtual currency" from the state's money transmitter regulations. 
The newly-signed bill also stands out for what is effectively deregulation for the state's trader community, whereas other states have looked to beef up rules for those who engage in similar activities. As might be expected, the effort was cheered by community members who have called for fewer regulations for those who work with digital currencies like bitcoin. - Coindesk
Or in the state of Vermont from a month ago, which passed a law labeling Bitcoin as 'Permissible Investment', which is a way for the state to skirt around the Constitution since individual states do not have the power to designate something as money or a currency outside the two types outlined at the beginning of this article.
On May 4 the Governor of Vermont, Phil Scott, signed a bill into law that recognizes bitcoin as a “permissible investment” for money transmission operations. Many bitcoin proponents believe the state is becoming an innovative region as Vermont authorities have crafted quite a few bitcoin and blockchain friendly statutes. 
Vermont’s latest amendment clearly defines bitcoin and alternative digital currencies as a “means of stored value that can be a medium of exchange, a unit of account, and store of value. Has an equivalent value in money or acts as a substitute for money and also may be centralized or decentralized.” 
As far as virtual currencies are concerned “permissible investments shall be held in trust for the benefit for the purchasers and holders of the licensee’s outstanding payment instruments and stored value obligations,” explains Vermont bill 182. - Bitcoin
Unlike Japan, which has all of its monetary statutes determined at the central government level, the United States is made up of 50 semi-autonomous and semi-sovereign territories that have some, but mostly limited, powers in designating monetary policies within their own borders.  But once a transaction occurs across state lines, then instantly the monetary oversight of that transaction falls under the authority of the Federal government.

And until Congress sees fit to make a law or determination on the use of cryptocurrencies as money or legal tender, then use of Bitcoin and their brother cryptos will remain a sort of 'black market' industry, and the ability for a critical mass of individuals and businesses accepting it as money will remain on the fringe of society.

Wednesday, June 7, 2017

Billionaire Mark Cuban loves the Blockchain, but thinks Bitcoin is a bubble

Asset prices are surely in the eyes of the beholder as it really depends on who you are as an investor in determining how you see cryptocurrencies fitting into the financial system.

For some they see it as a means of revolution, and a medium of exchange outside the power and authority of banks and governments.  For others it is a long-term investment, and a hedge against the devaluation of fiat currencies.

But for those who put their money in traditional assets like stocks, bonds, and real estate, the Bitcoin phenomenon is often seen as a fad, and as something that is unlikely to last over the long-term.  And it now appears that one of Bitcoin's biggest critics is a man who made his fortune selling a company for billions of dollars during the Dot Com boom, and where he sees the cryptocurrency as a similar bubble to the internet companies who became overvalued just a few years before they completely went bust.

Add billionaire Mark Cuban to those who are skeptical of bitcoin and the cryptocurrency universe. "I think it's in a bubble. I just don't know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble," Cuban said in a tweetstorm on Tuesday.  
Cuban's tweetstorm comes on the heels of bitcoin's latest record high near $2,900 a coin. The cryptocurrency has gained in 33 of the past 38 sessions, tacking on 144% over that time. It's up 200% so far in 2017. - Business Insider
Cuban went on to tweet that he loves the Blockchain and sees it becoming an important platform for business and finance well into the future.
Interestingly for Mark Cuban and many 'traditional' Wall Street investors who don't get the cryptocurrency phenomenon, Asian investors are jumping into ones like Bitcoin and Etherium with both feet.  And perhaps the one question that remains for the future of Bitcoin is which region of the world do you think will have control over the global financial system a few years from now?  The West, or the East?  And perhaps the winner will truly determine the fate of cryptocurrencies as a viable asset and medium of exchange.

Technical chart for the GLD ETF showing trend towards higher prices as paper gold compliments the physical gold price

With gold's decent 1% move yesterday to nearly $1300, the positive technical indicators that began in late May have now moved into the paper gold markets as well.  And on June 7, the technical chart for the GLD ETF is now in line with the physical gold price charts, which signal a move towards even higher gold prices.

The 2017 high of $1,298.8 was set on Tuesday. Gold has been above a "golden cross" where the 50-day simple moving average moved above its 200-day simple moving average on May 22. A "golden cross" indicates that higher prices lie ahead. My monthly value level of $1,152.6 with a quarterly pivot is $1,233.2 and a weekly pivot of $1,273.7. My annual risky levels have been $1,660.1 and $1,674.1 since the beginning of the year. 
The weekly chart for the Gold Bullion ETF ($123.10 on June 6) is positive, with the ETF above its five-week modified moving average of $120.33 and above its 200-week simple moving average of $118.39, which is the "reversion to the mean" tested several times between the week of Feb. 24 and the week of May 19. Weekly momentum is projected to rise to $69.72 this week, up from $62.38 on June 2. Buy weakness to my weekly value level of $121.14. My quarterly value level is $116.89, with my annual risky level of $160.24. – The Street

Bail-ins are back in vogue as one insolvent Spanish bank takes over another while CoCo bond holders lose 97% of value

It has been four years since the concept of a bail-in, or the using of customer deposits and assets to recapitalize a bankrupt financial institution was first used in Cyprus, but on June 7 the second one in the Eurozone has now taken place as CoCo (Contingent Convertible) bondholders of the Spanish bank Banco Popular just received their own haircut of more than 97% as the bank was taken over by another well known insolvent institution.

Last night the European Central Bank's 'Single Resolution Mechanism' agreed to allow Santander to purchase Banco Popular for just one Euro, and will be allowed to draw funds from the ECB to help recapitalize its new asset.  And ironically this move will allow Senior debt holders to be protected on the positive side of the bailout, but leave CoCo bond holders with nearly nothing as their bonds are more than likely to be converted into bank shares at extremely discounted prices.

There is a rule in Financial Institutions that any bank that calls itself “popular” generally isn’t. This was proved last night. But, congratulations if you were a holder of Spain’s Banco Popular’s Senior Debt – they did a Zebedee “boing!” on the basis last night’s last minute Santander rescue makes the bonds money good. 
Bad news for the Equity and COCO AT1 holders – who have the distinction of holding the first major bank capital bonds to be bailed-in/wiped out under EU regulations. Banco Popular senior debt is 12 points higher this morning. 
The AT1 perps are trading at 2.6%, down 50 points!!,and even that price looks optimistic. Ahah. We’ve not seen crashes like that since 2008. 
The Single Resolution Board agreed the sale of Popular for One Euro to Santander. Santander will launch a Euro 7 bln rights issue to recapitalise the bank, but that’s not a massive ask for Popular’s business. At one time Pop was the top Spanish bank – a great SME platform, strong retail business and solid management. Now it’s just another name to be restructured and synergised (is that a word?) into the maw of Santander. - Zerohedge
Oh, and who was protected during this bail-in, and subsequent takeover of Banco Popular?  Germany of course, who holds the majority of senior debt positions on the Spanish banks, and who the ECB is really there to protect over all others in the biggest dirty little secret of the Eurozone project.

Tuesday, June 6, 2017

Massive overnight surge in Bitcoin and other cryptocurrencies shoot industry market cap to over $100 billion

With so many economic and geo-political events causing confidence in local currencies to falter, overnight buying of Bitcoin and other cryptocurrencies out of Asia have skyrocketed the entire industry to achieve a milestone market cap of over $100 billion.

Bitcoin and Etherium are of course still leading the way as the father of all cryptos achieved a new all-time high (excluding local markets with high premiums) of over $2900 per coin.  And at this price, Bitcoin has risen over 200% since just the beginning of 2017.

Bitcoin approaches a new all-time high (ATH) in price and market cap as we re-enter a mode of price discovery. All of this occurs in the settling of an unresolved block size and scalability debate set to be disrupted with the UASF on August 1. Cryptocurrencies, as a whole, now hold over $100 billion in market cap for the first time. While bitcoin (BTC) leads the pack at just over $46.6 billion, or 47.9 percent of all cryptocurrencies, the recent surge in these other coins has helped to push the total cap over the top. - Bitcoin Magazine
In relation to other global markets, the market cap of cryptocurrencies is still relatively low when you compare them to several other markets, including a few of the major currencies traded in the Forex markets.

Gold: - $7,809,188,577,120

Forex: (Daily trading) - $5,300,000,000,000

S&P 500 - $20,000,000,000,000