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, December 12, 2017

Don't tell us... yes! It is another gold backed cryptocurrency making its IPO this week

It is almost getting to be a common theme in the cryptocurrency realm, as the arrival of a new week must mean the arrival of a new gold backed cryptocurrency up for an IPO.

On Dec. 11 Baselbit 4 finished its Pre-ICO offering, accumulating over $1 billion in the sale.  And this gold and silver backed cryptocurrency appears ready to forge ahead of many other gold backed cryptos that have sprung up in recent weeks.

BaselBit 4(#BB4), a crypto coin underpinned by blockchain and backed by the stability of .999 pure AG silver and .999 pure AU gold value, saw more than $1 billion traded in the first day of its ICO prelaunch today. 
Shielded from the volatility of fiat or typical crypto currencies, the BaselBit4(#BB4) is backed by real gold value allocated in the Monetary Lien System vaults, with each BaselBit4(#BB4) coin tied to ½ ounce of 99% pure gold value. Investors can effectively buy and transfer the smallest fractions of (#BB4) directly, anywhere at any time, using gold value or as fractional coins into Silver value as an effective payment mechanism and credit system. 
With its secure data key card e-wallet, set to be compatible online or at any VISA or MasterCard location, BaselBit4(#BB4) combines the loyalty rewards incentives of the major credit card platforms with the stable backing of precious metals. 
The fee generated by each BaselBit transaction is reinvested to buy more gold to back more currency as the platform grows. Non-depleting precious metal assets are provided by Queen Basel to Delaware-based Global Clear Digital Investment Bank & Trust. – Digital Journal

Bitcoin may or may not be in a mania, but many of the investors buying it certainly are

While talk about whether Bitcoin is in a bubble or asset mania is certainly up for debate, with extremely good points for and against this coming on both sides.  However one thing is definitely for certain, and that is that many investors buying cryptocurrencies are themselves caught up in a mania.

Bitcoin, which skyrocketed above $19,000 in value last week, is in a “mania” phase, according to securities regulator Joseph Borg who said some people are even borrowing money to get in on the action. 
“We've seen mortgages being taken out to buy bitcoin… People do credit cards, equity lines," he told CNBC. 
The president of the North American Securities Administrators Association (the oldest investor protection organization in the world), Borg said: “This is not something a guy who's making $100,000 a year, who's got a mortgage and two kids in college, ought to be invested in.” Russia Today
The most famous story of this type of mania comes from the Netherlands where a Dutch family sold everything... from their house to their shoes to put it all in Bitcoin.
Didi Taihuttu, his wife, three kids and their cat bet all they have on bitcoin. The Dutch family of five is in the process of selling pretty much everything they own — from their 2,500-square-foot house, to their shoes – and trading it in for the popular cryptocurrency. They have moved to a campsite in the Netherlands, where they're waiting for bitcoin to really take off. 
It's only been a few months, but the 39-year-old father of three says he doesn't regret a thing. "We were just like – sell it, sell it, what can we lose? Yeah, we can lose all the material stuff. Yeah, we can lose all our money. Yeah, we don't have three cars anymore. We don't have the motorcycle anymore. But in the end, I think we, as a family, will still be happy and just enjoying life." -

Monday, December 11, 2017

The Daily Economist update for Dec. 11 2017 - U.S. Finance and Economics Report

Move over Venezuela and their Petro Coin as former head of the CFTC announces establishment of OilCoin

As we know from last week, Venezuela's President Nicholas Maduro announced the creation of the Petro, which is a cryptocurrency to be backed by the oil reserves of the country.  However it appears that they are not the only Petro-crypto now on the block as on Dec. 11, a project involving the former head of the CFTC announced their own oil-backed cryptocurrency was ready for implemenation known as the OilCoin.

OilCoin, a project led by a team including Commissioner Bart Chilton of the U.S. Commodity Futures Trading Commission (2007-2014), is pleased to announce today the creation of the first legally-compliant digital currency based upon a physical asset. OilCoin will tokenize barrels of oil held in reserve with each token representing the value of one barrel. OilCoin's asset support will provide global users of digital currency with a meaningful safe haven from cryptocurrency volatility. OilCoin's public token sale (otherwise known as an ICO) is scheduled to begin in early 2018. – Business Insider

It's that time again for new year's forecasts and one major bank is predicting Bitcoin price falling back to $1000

Perhaps the biggest institution that compiles new year predictions would have to be the Coast to Coast radio program, which every year dedicates two complete days towards collecting hundreds of predictions from both listeners and recognized 'experts'.  But when it comes to finance and the economy there are only a few analysts that deem it prudent to dip their toes in the paranormal waters by forecasting trends which may or may not come to fruition in the financial and geo-political realms.

One of these institutions is that of Saxo Bank, which is often known for their wild speculations on future events, but came in 100% accurate in predicting the UK's Brexit two years in advance.

So with this in mind, what does Saxo Bank have in store for 2018?  Perhaps most interestingly or outrageous is their forecast for the Bitcoin price to drop back down to its January 2017 levels of $1000.

1) Bitcoin collapses to $1,000 
I thought this one was interesting, first and foremost, because Saxo hit the proverbial nail on the head last year in its “Outrageous Predictions for 2017,” in which they said
“we could see Bitcoin easily triple over the next year going from the current $700 level to +$2,100.” 
Well, they were almost right. Bitcoin not only reached $2,100, but ripped past four figures entirely and is now hovering around $14,000 as I write this. 
Saxo now predicts that, in 2018, Bitcoin will peak at $60,000 with a market capitalization of more than $1 trillion, after which a number of governments will engage in a coordinated attack to prohibit all cryptocurrencies. 
Simultaneously, governments launch their own blockchains and cryptocurrencies, and Bitcoin crashes to $1,000. 
2) The Federal Reserve loses control 
Saxo predicts that the US economy begins to suffer in 2018, and the bond market begins to melt down. This results in a massive spike in interest rates, which the US government cannot afford. 
Fearing for its own solvency, the Treasury Department assumes emergency powers to cap interest rates at 2.5% 
Meanwhile, “[t]he hapless Fed will be scapegoated by politicians for the economy’s weak performance, a bond market in vicious turmoil, and the aggravation of already worsening inequality brought on by years of post-global financial crisis quantitative easing.” 
3) China launches its own “petro-renminbi” 
You may have noticed that oil prices, almost everywhere in the world, are quoted in US dollars. 
Whether you’re talking about a barrel of oil drilled off the coast of Brazil, Saudi Arabia, Canada, or Norway, the price is nearly invariably quoted in US dollars. 
This means that anyone who buys and sells oil– from foreign governments to multinational corporations– transacts in US dollars. - Saxo Bank

Sunday, December 10, 2017

Former U.S. administration Asst. Secretary believes that Bitcoin is a speculative investment as well as a government experiment

In the early Sunday release on USA Watchdog, former Asst. Secretary of Housing and Urban Development, one Catherine Austin Fitts, provided her opinion on Bitcoin and other cryptocurrencies in light of their meteoric rise and volatile nature within financial markets.  And on the eve of the CME Group beginning a new paper futures contract for Bitcoin which will be settled in U.S. dollars, the former Department official believes that Bitcoin is purely a speculative investment, and that in fact it has the earmarks of being a government experiment in the realm of digital currency.

Greg Hunter: And that brings us to Control 101.  Ruled by an invisible government (Solari Report)... tell me how we are ruled by an invisible government. 
Catherine Austin Fitts:  So I did a really serious due diligence on Bitcoin and cryptocurrencies this year, and it produced a wonderful Solari Report which I recommend called Bitcoin The Op.  People are arguing whether it is a bubble or not, my attitude is look, it's an Op, and a big one. 
GH:  Explain that to people... it's an Op, a psy-op by the government? 
CAF:  If you look at the deep state we're basically talking about a group of people who can manipulate the Bond markets, the stock markets, the derivative markets, and the currency markets which are huge trillion dollar markets.  And the cryptocurrency market is tiny, with ownership very consolidated and concentrated.  So if there's any market in the world that is easy to manipulate it's cryptocurrencies. 
Here's the reality.  If I'm Mr. Global... and I want a digital currency, and I want to be able to do it economically on scale in a very big way, that means a lot of technology needs to get worked out, and the train tracks and payment systems have to get worked out, and it's very complicated and very hard. 
It's much cheaper to run the price of cryptocurrencies and of Bitcoin up to get every software developer in the world figuring out how to do that, as opposed to hiring them all and paying them to do it. 
You're going to get there much faster.
Before this interview we have already discovered White Paper documents from the NSA calling for the creation of a Blockchain type technology to run an encrypted digital currency system 12 years before the (still) anonymous Satoshi Nakamoto published his White Paper on the eve of the 2008 financial crisis.

For the entire interview you can watch the podcast below, with conversations regarding Bitcoin and cryptocurrencies beginning at 27:12.

While neither a gold standard or a Bitcoin standard could replace the dollar alone, could a combination of the two be a possible antidote?

Most economic analysts agree that a return to the gold standard is not really feasible anymore because the greed and wickedness of both governments and men would make it as untenable as in prior eras.  And in this we are talking about historical periods where gold was eventually 'clipped' into worthlessness, or where government officials were unwilling and unable to live within the means of a budget.

However there is a growing trend towards the creation of a dual-currency system, where one is used domestically while the other is used for international trade.  And while it is also believed that a singular cryptocurrency like Bitcoin would not be sustainable for taking over in commerce due to its extremely volatile nature, discussions are beginning to brew about melding the two assets into one and forging ahead with a gold backed Bitcoin type of cryptocurrency.

Amid declining public and market participant trust in central bank monetary policies and governmental meddling with the economy, the Bitcoin gold system could replace the agonizing remains of Bretton Woods. 
Gold – the ultimate safe-haven asset – is already being priced in Bitcoin. The largest cryptocurrency has posted a stunning rise in value this year, from around $1,000 per coin to above $15,000. Now, Bitcoin’s accession to conventional financial markets might require some solid asset backing, as wild swings in Bitcoin’s value still fend off some investors. 
Here’s when the gold-against-Bitcoin trade steps in. 
In many ways, gold and Bitcoin are similar types of assets. Bitcoin’s value draws its main support from its limited supply, as it requires an enormous computer processing capacity to create new coins. The global supply of gold is rather tight as well, as gold mining is very labor and investment intensive. 
“The marriage of cryptocurrencies and gold enables alternative choices to holding more than fiat currency,” analysts of the Hutch Report wrote. 
“Although we can't imagine fiat currencies to be replaced overnight, the promises of gold backed cryptos do look compelling moving into the future and they are certainly important to follow.” – Sputnik News
Ironically a combination of the two are already being discussed between the BRICS nations as they prepare for both a new bi-lateral gold trade platform and a new Yuan denominated oil contract.  Additionally, both Russia and China are already in the process of creating cryptocurrency versions of the Yuan and Ruble, which means that melding them with gold one day soon may already be on the table.

Oil producing countries could follow in Venezuela's footsteps and use cryptocurrencies in trade to negate the Petrodollar

While the world mulls over whether President Nicholas Maduro's new scheme of creating an oil backed cryptocurrency is a viable attempt to attack the Petrodollar, or just a short-term play to remain in power as the nation flounders under hyperinflation, the potential of moving the global oil trade to a cryptocurrency platform is becoming more and more a serious discussion among oil producing nations.

The gradual acceptance of digital currencies, with major exchanges about to launch bitcoin futures trading, may prompt some oil producing nations to ditch the US dollar in crude trade in favor of cryptocurrencies, an oil analyst says. 
Russia, Iran and Venezuela have more than one thing in common. All three are major oil producing nations dependent on the dollar since the global crude market is traditionally dominated by contracts denominated in US currency.   
Moscow, Tehran and Caracas are also facing US sanctions; penalties which are proving effective since the sanctioned countries are dependent on the US dollar to sell their crude. 
A decentralized currency – allowing anonymous transactions along with blockchain technology support to facilitate oil contracts – may be the ideal tool to allow the oil producing trio to turn their back on the greenback. 
“The advent of cryptocurrencies, therefore, represents a fresh catalyst for commodity-producing countries wishing to abandon the dollar as a means of payment for oil,” said Stephen Brennock, oil analyst at PVM Oil Associates, in a research note seen by CNBC. 
Several oil producers have already voiced plans to ditch the dollar in oil trading. Last week, Venezuela announced it will launch its own cryptocurrency, the “Petro,” which will be backed by the country’s vast natural resource reserves. – Russia Today

Saturday, December 9, 2017

BRICS planned alternative gold market could mean severe consequences for not only Western control over gold, but also the dollar

Many people forget that the original dollar reserve currency agreement in 1946 was based on a gold standard.  And it was only through the corruption of the U.S. government, as well as the desires of central banks to remove the metal from backing global currencies, that we reside in the debt fueled financial monstrosity we have today.

But through a combination of technological as well as geopolitical changes taking place over the past decade, there is a clarion call occurring that is seeking a way to return to the gold standard in some form or fashion.  And it may be coming from the coalition known as the BRICS, who's planned gold trade platform could not only mean severe consequences to the West's stranglehold over the gold markets, but could also put a dagger into the heart of the reserve currency itself.

The BRICS counties are considering starting an internal gold trading platform, according to Russian officials. When this happens, the global economy will be significantly reshaped, and the West will lose its dominance, predicts a precious metals expert. 
In 2016, 24,338 tons of physical gold were traded, which was 43 percent more than in 2015, according to Claudio Grass, of Precious Metal Advisory Switzerland. 
Gold moving from the West to the East 
“We have to put the BRICS initiative into a broader context. It is just part of a geopolitical tectonic shift which started decades ago. We have seen a constant outflow of physical gold from the West to the East. At the same time, the West has lost the economic war, and as a consequence, the focus now turns to the financial system. China dominates the world economy and has displaced the US as the world’s most formidable economic powerhouse,” he told RT. 
The creation of a new gold standard by BRICS is also a step to end the US dollar’s domination of the global economy 
“As Bejing and Moscow understand that America used the dollar to control the world, by implementing a new kind of ‘Gold standard 2.0’ they want to distance themselves from this control. Furthermore, the vast majority of the people in Asia sees gold as superior, or ‘real’ money, something the West has forgotten, because of all the paper wealth (credit) they have accumulated,” said Grass. 
The expert notes the BRICS countries account for 40 percent of the world’s population and around 23 percent of the world’s domestic product. 
"In combination with the announcement of pricing oil in yuan, using a gold-backed futures contract in Shanghai, the establishment of the Asian Infrastructure Investment Bank and the New Development Bank, China is setting up an alternative to the post-Bretton Woods establishment. This is certainly a game changer,” said Grass. – Russia Today

While money and volatility were seeking the cryptocurrency markets late last week, slamdowns in gold and silver take ratio to whopping 80:1

In the alternative markets it was a tale of two securities last week as in one market a massive amount of buying led to extreme volatility in the price while on the other side of the ledger the dumping of gold and silver contracts pushed the metals out of their long-standing range and below their 200 day moving averages.

Bitcoin trading saw the price of the cryptocurrency skyrocket from $11,600 on Dec. 6 to over $19,000 in a few foreign exchanges.  Then by the end of trading on Friday the price had fallen back below $14,000, to an average close throughout the exchanges of around $15,000 per coin.

However while gold was definitely slammed down by continuous selling and shorting between Dec. 6 and 8, it was silver that saw the largest drop in price, so much in fact that at one time during the day the gold to silver ratio hit a whopping 80:1.

To anybody who’s a contrarian or a value investor, silver is desperately trying to tell you something…  The gold to silver ratio shot above 80 yesterday: 
Moves like we have seen over the last month have broken the sideways channel we were in since this summer. The difference now, however, is that since late November, the move has been more than 8.5%. 
Anybody who uses the gold to silver ratio as a factor in deciding which metal to purchase would be favoring silver right now. – Silver Doctors

Friday, December 8, 2017

Largest online gold seller now accepting Bitcoin for payment, but still pricing bullion in dollars

Apmex is considered to be the world's largest online gold seller, and it has been surprising that they took this long to open up their payment systems to accept Bitcoin.  But now it has finally happened as on Dec. 7, the online metal retailer jumped onto the cryptocurrency bandwagon.

For more than 15 years, APMEX has been an industry leader and along the way has adapted to the growing needs of our customer base. As bitcoin becomes more popular and widely accepted as payment, we are thrilled to welcome the use of this cryptocurrency for buying Gold, Silver and other Precious Metals by integrating BitPay into our website. 
With BitPay integration, APMEX customers can now pay using bitcoin and complete their order in seconds. Because bitcoin works like cash for the Internet, customers enjoy a quick process, as the only delay is in the “mining” required of all bitcoin purchases. Additionally, all eligible bitcoin orders will be processed and shipped within one business day of your payment’s clearing and processing with the QuickShip® guarantee (domestic orders only). 
Buyers can make purchases with bitcoin at any time, from nearly anywhere, just as with most credit cards. International orders become significantly easier as cryptocurrency like bitcoin is accepted worldwide without conversion. Also, many customers prefer Bitcoin payment because of the anonymity offered by a blockchain purchase. - Apmex
Apmex is not the first online gold seller to accept Bitcoin as payment, but they are by far the largest.  But as with nearly all retailers who accept Bitcoin as payment, it must be done through a third party conduit since prices remain tied to dollar denominations, and not priced in Bitcoin itself.

Hidden amid the meteoric rise of Bitcoin over the past week is a little known crypto that is now the 4th largest in market cap

Most people who deal in the cryptocurrency sphere have heard of Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Dash, and Ripple, but how many times have you heard investors talk about a cryptocurrency called IOTA?  Well perhaps they should begin to because in the midst of Bitcoin's historic rise from $11,000 to $19,000 in the course of just a few days, IOTA rose even greater in multiples to now become the 4th largest cryptocurrency in market cap size.

One of the most extravagant predictions sees bitcoin at $1 million within three years. But that's a story for another time. 
Bitcoin, undoubtedly the most talked about asset class today, has spurted over 1,500 per cent on a year-date-basis so far and over 115 per cent in the past one month.
But a little known cryptocurrency has put to shame the meteoric rise in bitcoin. 
With a rally of astounding nearly 1,000 per cent in the past one month alone, IOTA is now the fourth biggest crytocurrency in terms of market capitalisation after bitcoin, ethereum and bitcoin cash. 
Prices of IOTA surged 980 per cent to $4.14 on December 7, 2017 from $0.38 on November 7. The e-currency has surged over 180 per cent in December so far. – Economic Times of India

History may show that government manipulation of gold and money is the catalyst for what we are seeing in Bitcoin

Even the most ardent supporters of Bitcoin and cryptocurrencies have been shocked by the recent volatility in the Bitcoin price that has ranged in a single day from over $19,000 on a few exchanges, to back below $14,000 hours later.  Yet overall, the move towards $20,000 per coin and beyond has been expected, but perhaps just not in this chaotic fashion.

But there is an interesting thing to look at when it comes to money, currency, and any form or function that becomes accepted as a medium of exchange.  When governments become involved in manipulating the monetary status quo, individuals will in short order move their 'good money' out of that recognized standard and into something else that is beyond the touch of government control.

Ie.... Gresham's Law

In fact there is a great example of this during the time of the Roman Empire for what we are seeing today in people and businesses ditching fiat currencies for cryptocurrencies, while at the same time bypassing the most recognizable form of wealth protection in gold and silver.

In the year 301 AD, the Roman unit of barter was the denarius, which had originally been 95% pure silver when introduced by Augustus at the end of the first century BC but by the time of Diocletian’s rule, it had moved to 50,000 denarii to a pound of gold. Ten year later, it took 120,000 denarii to buy a pound of gold and by 337, that figure was 20,000,000. What had occurred in a mere 400 years was that a slow and agonizing erosion in the purchasing power of the Roman currency accelerated to full fiat disintegration and that complete and total disregard for the denarius was attributed as one of the underlying causes of the Fall of the Roman Empire. Nothing was more evident in the underlying rot permeating Roman society, economics and national security than the refusal by the Barbarian armies to accept anything but gold as payment for their leaving the Roman legions alone. Rejection of the currency of the Roman Empire was complete and irreversible. – Silver Doctors
And while today's governments do not 'clip' their bullion coins with other metals as was done in the past, they instead do this in a round about way by forcing the price down in the commodity through paper derivatives, and then 'clip' those derivatives by issuing billions of ounces more in paper than there is of actual physical metal.

Debasing a currency has been the foundation for numerous consequences throughout history, including a populace rejecting those currencies outright (hyperinflation), rebellion by the people (French Revolution), or opening the door for tyrannical despots to take over (Adolph Hitler).

Up until 2011, gold and silver were the go-to wealth protection for a devaluing monetary system, and a flight to sound money.  But since both fiat currencies, as well as gold and silver, have been manipulated to the point of lost confidence, the real winner in all of this have been the cryptocurrencies, and a big reason why Bitcoin is experiencing such meteoric growth, while at the same time incredible volatility.

Thursday, December 7, 2017

The Daily Economist update for Dec. 7 2017 - U.S. Finance and Economics Report

Wednesday, December 6, 2017

China's Petroyuan market moving ahead full steam with live testing of yuan denominated oil contracts beginning this weekend

One has to wonder if the turmoil that is about to hit the Middle East because of President Trump's recognition of Jerusalem as the capital of Israel is in part the catalyst leading China to begin live testing of their new Yuan-denominated oil contract this weekend.  Because once it goes online in the Shanghai markets, the battle over future control of the Petrocurrency is on.

China’s moves to set up trading oil in yuan have sparked enthusiasm about what could be a shift in the global financial system: a reduced role for the U.S. dollar. Players like Adam Levinson, founder of hedge fund Graticule Asset Management Asia, call it a "huge story" to come. 
But with policy makers prioritizing market stability over internationalization, plans laid back in 2012 to start oil-futures trading priced in yuan or dollars in Shanghai that year are still pending. The latest from the city’s International Energy Exchange: it’s coming soon, with test trades scheduled this weekend. - Bloomberg
If there is anything that could sway OPEC nations to dump the Petrodollar in favor of the Petroyuan, it is the U.S. getting even more involved in Middle Eastern geo-politics.

Bitcoin price crashes through $13,000 on all exchanges during final hour of trading day

In overnight Asian trading on Dec. 6, Bitcoin tentatively pushed through $13,000 to touch a new all-time high before pulling back before the open of U.S. markets.  However during this last hour of the trading day, not only has the price of the cryptocurrency surged back over the 13,000 handle, but it has now done so on all major exchanges.

Interestingly as well, precious metal analyst and trends researcher Bo Polny just a week ago published a video in which his analysis predicted Bitcoin to quickly go to over $14,000 before the end of the year.

It's a new week so that must mean it's time for another gold backed cryptocurrency ICO

It is definitely not a stretch to equate the rise of cryptocurrencies here in 2017 to the Dot Com boom of the late 90's, where internet companies sprung up almost daily like weeds in early spring.  And in fact we have seen an increase in new cryptocurrencies emerge this year at a rate of more than one per day.

End of 2016: Between 600-700

Dec. 6, 2017: 1324

As a whole, the cryptocurrency sector is diverse in many ways, from completely unbacked ones like Bitcoin and Litecoin, to resource backed ones like GoldMint and Darico.  And interestingly enough, the resource backed ones, particularly those backed by physical gold, are starting to accelerate as a return to Sound Money is part and parcel with the world's ongoing paradigm shift of populism.

And since we are on the topic of gold backed cryptocurrencies it should come as no surprise that a new one is ready to ICO this week.

World’s first 100% physical gold-backed cryptocurrency – CURRENSEE announces its launch.  Historically, gold has been the mode of payment and wealth preservation. However, it requires expensive security, safekeeping, and insurance. CURRENSEE Coin will bring the unique characteristics of Gold into the Blockchain space with its long-established role as a store of value with cryptocurrency’s global payments network technology. 
“We want to give investors the opportunity to purchase before we list on exchange“, confirmed R. Mitteysh, co -founder – CURRENSEE, adding further he said “We are also offering lucrative bonus under various referral programs.” 
Juned Khan, co-founder – CURRENSEE said “The basic principle is very simple. The issued coin will represent One gram of gold which in itself will be held in a secure, insured and audited vault. In addition, every single transaction will generate a small transaction fee of which 80% will be reinvested into more gold”. This will cumulatively increase the amount in Gold that will back each of the coins. In essence, the real value of each coin will increase over time because of the Gold being reinvested from the transaction fees. He added “This will ultimately make CURRENSEE very unique when compared to the characteristics of other cryptocurrencies”. 
Major advantage of the CURRENSEE is that it will have an intrinsic value just as Gold. This is unlike other existing cryptocurrencies that have no intrinsic value, because their value is based on demand and supply and the altitude of users on the specific Cryptocurrency. 
The amount of CURRENSEE coins that will be issued at the Initial Coin Offering (ICO) will be 15,000,000 tokens. All these will be available for purchase through the official website of CURRENSEE. The gold that will back the coin will be insured by Lloyds Group which will ensure that all the funds and gold that involves the Coin offering is safe. – News BTC

Despite decline in gold price for November, gold accumulations in ETF's increase by 9.1 tons as buyers still moving to safe havens

Since supply and demand do not control the gold price in Western markets, it is often difficult to see how much volume and buying affects the fundamentals of the precious metal.  And despite the fact that the price of gold has remained stagnant and within a tight range for most of November, buyers are still flocking in as seen by a new report in which ETF's increased their gold holdings by 9.1 tons.

Gold held by global exchange-traded funds increased their holdings by 9.1 tonnes in November, said the World Gold Council in a monthly report Wednesday. 
This pushed total holdings to 2,357 tonnes, an increase of 198 for the year to date, said the industry-backed gold organization. This means an addition of $8.5 billion to assets under management, an increase of 8.3% since last December. 
The November inflows were concentrated in European ETFs, as investors added 15.8 tonnes through funds listed in the region, the Gold Council said. Meanwhile, North American ETFs collectively posted outflows of 5.4 tonnes, the second straight monthly decline. Asian ETFs lost 0.3 tonne, while holdings by ETFs in other regions lost 0.9 tonne. 
In North America, iShares Gold Trust added 7 tonnes, while SPDR Gold Shares led outflows worldwide, with 11.2 tonnes leaving the vaults, the Gold Council said. In Europe, three currency-hedged funds grew: db Physical Gold Euro Hedged ETC added 5.3 tonnes, UBS ETF CH-Gold CHF Hedged added 4.2 tonnes and db Physical Gold ETC EUR added 2.3 tonne. Also, ETFS Physical Gold added 2.3 tonnes. - Kitco
Cryptocurrencies, and to a smaller extent physical gold, have remained strong assets for investors seeking safe havens as global bond markets provide little return on their money.  And in the latter half of 2017 we have been seeing large institutions move into the gold markets, but this buying has done little to move up the price in the paper driven markets.

The Daily Economist update for Dec. 6 2017 - Gold, Bitcoin, and Cryptocurrency Report

Russia proposing regulations to criminalize the creation of unregulated cryptocurrencies, but not their ownership

In an interesting proposal by a member of Russia's Finance Ministry on Dec 6, the Eurasian power is suggesting that regulators focus on criminalizing the creation and even mining of unregulated cryptocurrencies while at the same time withholding punishment from investors who simply buy, sell, or own these forms of digital money.

As the Russian government is working on laws to regulate virtual currencies, the country's finance ministry has proposed making their mining illegal. However, buying them will not be punishable. 
"The penalties will be different, mostly administrative, but if someone created the cryptocurrency for the purpose of settlements, then there will be a criminal punishment," said Deputy Finance Minister Aleksey Moiseev. 
Criminal penalties can also be applied to the creation of a financial pyramid or the issuance of a cryptocurrency to avoid tax, he said. The minister stressed buying bitcoin, and other cryptocurrencies would be legal. 
Moiseev added that work on the bill could drag on, as it includes many new words and concepts now absent in Russian legislation. 
At the moment, bitcoin mining and selling are not regulated by Russian law. President Vladimir Putin has ordered the government to create legislation governing the status of bitcoin, other cryptocurrencies, mining, initial coin offerings, as well as defining everything that relates to digital money by July 2018. 
The Ministry of Finance earlier suggested introducing mandatory registration of cryptocurrency miners and only to allow legal entities and individual entrepreneurs to participate. – Russia Today
Most governments are recognizing that trying to ban outright ownership of cryptocurrencies is a untenable and costly endeavor, but through regulation they can attempt to keep cryptos like Bitcoin from challenging sovereign and central bank authority over money.  Additionally, regulating new ICO's and the creation of cryptocurrencies as if they were securities is the only way possible to stop investors from high risk should they invest in the growing number of ponzi cryptos that are sprouting up in the financial landscape.

J.P. Morgan backtracks on Bitcoin as the cryptocurrency's market cap now greater than their own

In a ironic twist today on Dec. 6, J.P. Morgan has now backtracked on their view of Bitcoin at the same time that the cryptocurrency's market cap grew to become greater than their own.

In fact not only has J.P. Morgan reversed their opinion on investors buying and selling Bitcoin in their portfolios, but analysts from the investment bank are even going so far as to call the cryptocurrency the 'New Gold'.

After Jamie Dimon drew a line in the sand for JPMorgan, calling it a ‘fraud,’ the company has once again stepped over that line, praising the digital coin as a ‘new gold.’ 
Analysts at JPMorgan believe that Bitcoin has changed its shape and that it could soon be joining gold as a reliable, long-term way to store wealth. Recent growth and recent changes have seen Bitcoin lean more towards being digital gold, and this is where JPMorgan see its value. 
“Potential to elevate cryptocurrencies to an emerging asset class” 
According to JPMorgan analyst Nikolaos Panigirtzoglou, the incredible spike in the value of Bitcoin is allowing it to start competing as an asset class; and seemingly at the same time drop out of the currency race. 
There are changes afoot in the Bitcoin market, especially when it comes to making the digital currency easier to invest in. Panigirtzoglou said
“The prospective launch of Bitcoin futures contracts by established exchanges, in particular, has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors.” – Coin Telegraph
One must wonder why now for this sudden turn of opinion since it appears that J.P. Morgan is actually getting in late to the cryptocurrency party.  Because whenever an investment bank begins pushing a particular asset class, it usually means they have already bought in their own position when the prices were much lower, and are hyping it to clients as a means to profit rather than to help them in an altruistic manner.

Tuesday, December 5, 2017

Early forecasts for 2018 by J.P. Morgan has gold prices higher by end of the year

As we head towards the backstretch of 2017 it will not be took long before economic and financial analysts begin to publish their forecasts for the coming year.  And already we have begun to see predictions on where gold might go from J.P. Morgan where on Dec. 4, the bullion bank informed clients that the precious metal price should move a bit higher by the end of next year, to a value of around $1340.

Gold prices will only see a relief from a more aggressive Federal Reserve in the end of 2018, says JP Morgan in its 2018 outlook, advising traders to short gold for now. 
JP Morgan’s 2018 Global Commodities Outlook sees gold prices averaging $1,295 an ounce in 2018, with levels going up only in the second half of the year to $1,340. 
“Current trade recommendations (mostly tactical): short gold,” JP Morgan said. “We have been short gold since late summer and are rolling this position into 2018.” 
The outlook projects a similar path for all precious metals: “Given solid economic growth, a possible bottoming out in inflation and the potential further Fed repricing in 1H18 US real rates should rise in 1Q and 2Q, thus pushing prices lower,” the outlook said. 
“Precious metals prices should stabilize mid-year and move higher into 2H on the assumption that given the aging US cycle the US economy might become increasingly vulnerable to further rate hikes ultimately pressuring real rates lower as the Fed potentially takes a pause,” the report added. - Kitco

Forget corporations, Bitcoin market cap just passed the annual GDP of both Greece and New Zealand

A new report out on Dec. 5 shows that the market cap of Bitcoin is not only bypassing the market caps of corporations, but is quickly aiming its sights on the GDP of nations.

In fact with Bitcoin reaching another new all-time high this morning of over $12,000 per coin, the combined market cap of the cryptocurrency is now greater than the annual GDP of both Greece and New Zealand, making it larger than the economies of 144 countries.

Bitcoin's unprecedented rally has boosted the cryptocurrency’s market cap to over $200 billion. That is more than the annual output of entire economies such as Greece and New Zealand. 
Views on bitcoin are broadly divided with some investors worried over the bubble nature of the phenomena, while others see it as a good investment. 
Regardless of the debate, bitcoin keeps marching on toward new record highs.
The world’s leading virtual currency has set another record, hitting $11,900 at 8:00 GMT on Tuesday. Starting the year below $1,000, the bitcoin token has surged nearly 1,200 percent. 
Crypto market tracker puts the total value of all bitcoins in circulation at more than $199 billion. The figure exceeds New Zealand's projected GDP for 2017 at about $198 billion. 
Its market capitalization is also bigger than the economies of Greece, Iraq, Qatar, and Kuwait, according to International Monetary Fund World Economic Outlook, released in April. If bitcoin were a country, it would be the 50th wealthiest nation in the world, ahead of 144 countries. – Russia Today

Monday, December 4, 2017

De-dollarization continuing beyond BRICS gold trade scheme as Russia's markets to soon sell Yuan denominated bonds

Last week the BRICS coalition announced a plan to conduct direct bi-lateral trading of physical gold, with the expectation that this scheme would eventually lead to gold backed trade in products, services, and commodities.  Now on Dec. 4 it appears that Russia is taking de-dollarization to the next level by preparing to open up its markets to sell Russian bonds that will be denominated in the Yuan currency.

The Moscow stock exchange will soon issue nearly $1 billion-worth of yuan-denominated bonds. It could become the start of a new financial system not based on the US dollar, analysts say. 
Russia will issue the 6 billion yuan (about $900 million) bonds with a five-year maturity in December or January. The Central Bank says it is testing the water for future investments. 
“Such steps will make it possible to remove the dollar from mutual settlements and use only yuan and rubles (mostly yuan for the moment) in the mid-term, if more specialists from the Russian financial sector work in this direction,” Gleb Zadoya, Head of Analytics at Analitika Online told RT. 
Russian bonds in yuan could be interesting for the Chinese, as China has trillions of dollars of excessive liquidity, as well as hundreds of thousands of new investors who are interested in trying new markets, the analyst said. 
For Russia, facing a new round of US sanctions aimed at its bond market, it is a great opportunity to get closer to China, according to Zadoya. 
Petr Pushkarev, Chief Analyst at TeleTrade, says investing in Russian yuan bonds is a great opportunity for Chinese investors to diversify their dollar-dominated portfolios. – Russia Today

The Daily Economist update for Dec. 4 2017 - U.S. Finance and Economics Report

Congress discussing new bill to make it illegal not to disclose your ownership of cryptocurrencies to the government

In the wake of last night's announcement by UK Finance Ministers that Bitcoin and other cryptocurrencies need to be strongly regulated due to their potential for funding terrorism and acting as a medium of exchange in money laundering, a potential new bill in the U.S. is being debated that would force all Americans who own cryptocurrencies of any fashion to report their ownership to government authorities.

The US Senate is reportedly considering a bill to outlaw the concealment of ownership of digital currency accounts by American citizens domestically and abroad.
The Senate Judiciary Committee says existing anti-money laundering (AML) laws need to be modernized. 
The bill will amend the definition of ‘financial account’ and ‘financial institution’ to include cryptocurrencies and digital exchanges.
Experts warn that if the law is passed, it will likely have far-reaching effects for digital currencies’ users both in the US and abroad. 
“It’s bad… I think it’s going to end in a very confrontational way between bitcoin—even bitcoin holders and users—and the US Government,” said Tone Vays, the head of research at BraveNewCoin and a 10-year Wall Street veteran. – Russia Today
The U.S. already has regulations in place through FATCA which force foreign banks to have to disclose accounts held by American citizens under the guise of cracking down on tax avoidance and hidden safe havens.

It appears we are now starting to see the crackdown on cryptocurrencies by sovereign governments at a time when more and more wealthy individuals are funneling their cash into alternative forms of currency, and where fears of capital flight are becoming more prevalent in the face of a future financial crash.

Sunday, December 3, 2017

Mining consortium to use cryptocurrency ICO to raise capital for future gold projects instead of borrowing money from banks

One of the primary reasons why gold producers are so beholden to the Comex and other futures markets is the fact that many of these companies are obligated through debt to the same bullion banks that run the paper gold derivative market.  And there is a running fear in the mining industry that if they chose to sell their output to another market, such as the Shanghai Gold Exchange, these banks would instantly call on those loans and bankrupt the miners.

So with the advent of the Blockchain, cryptocurrencies, and the ICO (Initial Coin Offering), there is now an alternative to the traditional lending model by which mining companies used in the past to raise capital.  And a international consortium of gold miners are buying into this new frontier and instituting their own ICO to raise capital outside the banking system.

Golden Alliance was established as an international investment consortium of mining and consulting companies to create profits from implementation of gold and other mining investment projects. 
The group has announced a Golden Alliance Coin (GDA) token sale to raise $50 mln and invest in the mining projects the group is currently working on. 
Out of which $25 mln is planned to be used to purchase 25 percent of Golden Alliance. The funds exceeding this amount will be invested in the future portfolio of gold and other ore mining Golden Alliance projects. 
People will get paid dividends in the form of gold or cryptocurrencies. Dividends will be issued proportionally to the number of tokens you hold. 
Investors are likely to make significant profits from the guarantee of investments which are actually in real gold, silver and other precious metals, and in gold reserves. Furthermore, investors will also benefit from the company’s investments in exploration, verification and extraction in the fields and at new mines the company plans to explore. 
The ICO is scheduled to begin on Nov. 27, 2017, and will last for 31 days. There’s a total supply of 500 mln tokens. One GDA token is equal to about $0.10. – The Merkle

Traditional banking models may be in their final days as 25% of millennials surveyed are investing in Bitcoin over bank accounts

With the exponential rise of cryptocurrencies, as well as the myriad of banking alternatives such as with Paypal and GoldMoney, traditional banking models may be seeing their twilight as a new survey out shows that the millennial generation is putting their money more and more into cryptocurrencies versus in old school bank accounts.

In the survey conducted by Blockchain Capital, an estimated 25% of millennials reported that they are eschewing banks to instead put their excess money into cryptocurrencies.

Graphic courtesy of Coin Telegraph
One in four millennials are investing their hard-earned money in the leading digital currency Bitcoin instead of opening traditional bank accounts. They claim that they earn more from their Bitcoin investments and their money is safer, according to a survey
Based on the survey conducted Blockchain Capital, 70% of the 10,000 millennials who were polled claimed that they are not content with the interest rates offered by banks and almost 65% said that their money is safer in Bitcoin because they personally control it. 
The survey also showed that nearly two-thirds of female respondents have begun to branch out from Bitcoin and invested in other digital currencies in order to diversify their portfolio. 
Despite their preference of Bitcoin as a form of investment, slightly less than 50% of the millennials surveyed said that they are also looking for a more convenient form of banking and 45% stated that they want their banks to integrate Bitcoin wallets in their operation so that they can directly invest in cryptocurrencies through their existing bank accounts. 
The survey also estimated that the majority of millennials will invest around two-thirds of their savings into virtual currencies. According to the site founder Andrew Sung, the survey results showed that the younger generation is much quicker to embrace new technologies than their older counterparts. – Coin Telegraph

Move over Bezos, Buffet, and Bill Gates, there are now some Bitcoin Billionaires to join your club

A new report was published on Dec. 3 which revealed that a couple of Bitcoin owners are now (at least on paper) billionaires due to the amount of Bitcoin they own, and the value of the cryptocurrency as it reached another new all-time high.

Among the myriad of large stakeholders in Bitcoin outside of the mysterious Satoshi Namamoto are the Winklevoss Twins, who in addition to being early adopters of the cryptocurrency, have been vying to use their holdings to try to create a Bitcoin ETF on the New York Stock Exchange.

The Winklevoss twins, Cameron and Tyler, have become the first Bitcoin billionaires, The Telegraph reported Sunday. 
The Winklevoss bought one percent of the total amount of Bitcoin for the price of $11 million back in 2013. Since then, the price of a coin has seen nearly a 100-fold increase. The twin-brothers don't sell their assets intentionally as they regard Bitcoin as a long-term investment and a "better version of gold." – Sputnik News
While research done on the blockchain shows that about 1% of the owners of Bitcoin wallets own over 99% of the current amount of mined Bitcoins, it would take holding approximately 100,000 Bitcoins to equate to $1 billion in USD.  And with this being said, there are a multitude of Bitcoin holders who have over 100 Bitcoins, making them Bitcoin millionaires. 

Expectations grow for Russia and China to establish alternative gold pricing as BRICS forge new gold trade alliance

Most precious metal analysts and owners of gold had expected that China would challenge London and New York's long standing control over the gold price when they opened the Shanghai Gold Exchange in 2015.  However the price difference between the two markets has only been about $25 over spot on a few occasions, which really wasn't enough to force the expected arbitrage which would have siphoned gold away from the West, and into China's markets.

Inevitably this may soon change as four of the world's largest gold producers are in the process of collaborating on a new gold trade alliance from which they are expected to create a totally new form of gold pricing to challenge the London and New York paper markets.

Since Russia, China, India, Brazil & South Africa are all either large producers or consumers of gold, or both, it is highly likely that the BRICS bloc they constitute could focus its cross-border gold trading network on trading physical gold. 
Gold pricing benchmarks from such a system would be based on physical gold transactions, which is a departure from the way the international gold price is currently established. 
Such a system would also be a threat to “gold” trading markets in London and New York. The London Over-the-Counter (OTC) and the New York COMEX futures exchange currently set the international gold price. 
OTC and COMEX are really trading synthetic derivatives on gold, and are completely detached from the physical gold market. In London, the derivative is fractionally-backed unallocated gold positions which are predominantly cash-settled. In New York the derivative is exchange-traded gold future contracts which are predominantly cash-settled and backed by very little real gold. 
The major gold producers Russia, China and other BRICS nations could change the way the international gold prices are set currently - in a synthetic trading environment which has very little to do with the physical gold market. – Russia Today

Saturday, December 2, 2017

The Daily Economist update for Dec. 2 2017 - Gold, Bitcoin, and Cryptocurrency Report

It is time to create our own Sound Money shopping days this holiday season with an annual Gold, Silver, and Cryptocurrency Wednesdays

In earlier generations, parents and grandparents would buy their children U.S. Savings Bonds as a gift that would grow over time for their future.  

But with the dollar having lost over 98% of its purchasing power in the past 100 years, buying bonds is no longer a worthwhile endeavor to teach children about money, or to engage in any type of real savings.

So this year we hope to bring back the gift of savings by changing over from insolvent money to sound money.  And just as retail and online stores focus your attention to shopping for gifts on Black Friday and Cyber Monday during the six weeks of Christmas, we want you to do the same in buying gifts that hold their wealth, which will also send a message to the keepers of the financial system who have destroyed the value of your money through taxation and inflation.

Gold Wednesday

On Wednesday, December 6 we are calling for everyone to go out and shop for physical gold in any denomination or capacity you like.  From one gram of gold at your local or online coin dealer to start a child’s college fund, to a full ounce which can be your savings account outside of a banking system that no longer provides you interest on your money.  Gold is and always has been the greatest wealth protection for more than 5000 years.

Silver Wednesday

Then on Wednesday, December 13, we are calling for everyone to go out and shop for physical silver in any denomination or capacity you like.  From a single ounce which is right now considered by many to be the most undervalued asset in the market, to shopping locally or online for silver dimes, quarters, and half dollars which can provide your children a spotlight into our nation’s history when silver was used everyday in our economy as money.

Cryptocurrency Wednesday

Graphic Courtesy of BTC Manager

Finally on Wednesday, December 20, we are calling for everyone to go out and find one of the over 1300 operating cryptocurrencies on the Blockchain, and after first downloading a crypto wallet, purchase some type of de-centralized digital currency that is already becoming the future of money.  From unbacked currencies like Bitcoin and Ethereum which have gained thousands of percent in value since the beginning of the year, to resource backed ones like Darico and GoldMint that protect your tokens with physical gold, a gift of cryptocurrency will prepare you and your children for the revolution that is taking place before our eyes through the blockchain.

Beginning in 2017 our goal is to make this as much a yearly tradition as Black Friday and Cyber Monday now are between the days of Thanksgiving and December 25.  And as more and more people look towards a return of sound money in their wallets and portfolios, the wealth that has been stolen by central banks during the past 100 years can be returned to you and your future generations. 

Friday, December 1, 2017

Singapore based Digix to become next company to issue a gold backed cryptocurrency

On Dec. 1, a Singapore based company called Digix announced they had received an initial infusion of capital to go ahead with their proposed venture of creating a gold backed cryptocurrency.

Using the Etherum Blockchain as its primary platform, Digix intents to evolve its DigixDao system to usher in a 'digital form' of the Gold Standard by tokenizing physical gold in a cryptocurrency.

Singapore-based Digix has secured US$1.25 million in seed funding, it announced today.
The funding will help the startup continue building its DigixDAO platform for trading gold-backed digital tokens on the Ethereum blockchain. 
By tokenizing gold bullion, Digix is aiming to create a cryptocurrency that can provide more stability for investors. Unlike the majority of cryptocurrencies currently being traded, each Digix token will represent a real, physical asset – in its case, a piece of gold stored in a secure vault somewhere in Singapore. 
This reflects the concept of the gold standard, under which most of the world’s currencies were directly linked to the value of gold. Most countries abandoned the gold standard in favor of the fiat system – where the value of money is not based on the value of a commodity – during the 20th century. 
By using the distributed ledger, Digix is able to securely record and track ownership of its gold-backed tokens. – Tech in Asia

Darico pre-ICO launch today as new cryptocurrency to meld gold, Bitcoin, and Ethereum

2017 has seen a number of cryptocurrencies emerge that are resource backed, and which have used commodities such as gold and even diamonds in their foundation.  But one company is taking this a step further by integrating cryptocurrencies themselves as collateral for their new crypto token, and are set for their pre-ICO sale here on Dec. 1.

With so many crypto options to choose from, investors are keenly dialed into the safest and most secure trading instruments. In light of this demand for more secure cryptos, Darico is launching its own initiative, which represents an asset-backed cryptocurrency. 
The launch of the Darico’s initial coin offering (ICO) and trading of its Darico coins are designed specifically to provide a safer and more accessible gateway to cryptocurrency investments. The project melds existing cryptocurrencies such as Bitcoin and Ethereum as well as one of the world’s longest standing and secure financial instruments, i.e. gold. 
“Darico stands for decentralized, asset-backed, return-focused, investment-grade coin and it describes the concept of a cryptocurrency that’s backed by a basket of assets,” explained Mojtaba Asadian, the founder of Darico. – Finance Magnates