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Showing posts with label gold backed currency. Show all posts
Showing posts with label gold backed currency. Show all posts

Sunday, June 11, 2017

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.

Tuesday, May 16, 2017

Return of a gold backed currency could begin in Zimbabwe as government looks at finally stabilizing Zimdollar

The African nation of Zimbabwe has long been the poster child of fiat currency failures.  It first began when Mugabe hyper-inflated their 'dollar' in the late 1990's, and then was followed by the country simply going on a U.S. dollar standard that failed during the years leading up to, and following the 2008 financial crisis.

Then more recently Zimbabwe has tried to tether their currency to the RMB with limited results.

So after three failed attempts to stabilize their monetary system over a 20 year period it appears that President Mugabe is now considering a return to a gold standard, and could be the first country in over 45 years to back their money with precious metals.

Government is working on a plan to establish a gold reserve set to anchor the introduction of a local currency when the right time comes for the return to the Zimdollar, it has been learnt. 
This comes at a time when the country is grappling with cash shortages and economists believe the issuance of a gold backed local currency would help stimulate economic activity. 
Modelled around the $200 million Afreximbank facility, which is backing the current bond notes in circulation, economists believe the local currency will ease liquidity challenges and stimulate aggregate demand. 
Plans to create a gold reserve involve investing in the efficient operations of Government's gold mining firms, including Sabi, Elvington and Jena gold mines. - All Africa

Saturday, May 13, 2017

Will the future of crypto-currencies be fiat like Bitcoin, or gold backed like the CME is creating?

Despite all the hoopla of crypto-currencies like Bitcoin being the potential future of money, the fact of the matter is they are no different than nearly all other currencies except that they will be limited in production, and outside the control of governments and central banks.  And it is this caveat of being a fiat based currency (backed by nothing) that could find gold backed digital money a more favorable choice for individuals to own.

Last week we wrote about a new gold-backed crypto-currency being created in the country of Dubai, which is pretty certain to be backed by real gold since they are required to follow the new standards laid out by the Sharia Finance Council back in December.  And on May 11 the Chicago Mercantile Exchange has now joined in the movement to put gold and silver on the Blockchain when they signed an agreement with the British Royal Mint to create their own gold backed currency that is expected to also be tied directly to physical gold.


Because of its scarcity, portability, divisibility and current valuation, many people are calling bitcoin the modern "digital gold." And like gold, bitcoin seems to be establishing itself as a popular store of value. 
But now CME Group, one of the world's largest providers of gold futures contracts, wants to bring real, physical gold to a blockchain-based asset, and it has landed a big partnership with the U.K.'s Royal Mint. 
By any standard, CME Group is a juggernaut in the world of high finance. Handling approximately $1 quadrillion worth of derivatives contracts annually, it is an influential player in the global gold market. And having roots in commodity trading since 1898, it is no stranger to the challenges of an evolving marketplace. Which is why the company has now set its sights on blockchain technology. 
According to a blog post by Sandra Ro, CME Group's head of digitization, the new asset will be a token known as RMG (Royal Mint Gold), and backed by physical gold in the Royal Mint vaults. Currently being tested for security and speed, RMG will allow instant transfers of gold to anyone anywhere in the world. And, Ro insists, it will bring a new era of accountability and gold-trading standards, saying, "There is no rehypothecation, there is no lending on that gold, and there will be enough physical gold to represent all the RMGs that are issued." With an initial launch planned for summer of this year, The Royal Mint plans to back the token with up to $1 billion in physical gold bullion. - Nasdaq

Thursday, May 4, 2017

After Sharia Finance law changes, Dubai going full bore into gold as it works to create world's first gold backed digital currency

When the global body that oversees all things financial under the Islamic code of Sharia law accepted the personal ownership of gold back in December, the nation of Dubai appears to now be going full bore towards becoming ground zero for this potentially lucrative market.  And with their new partnership last month with the Shanghai Gold Exchange to facilitate futures contracts for gold delivery from Asia, they are not simply waiting on the laurels for their next new product.

And what might that product be?  How about a gold backed currency expected to run on the blockchain in the digital sphere.

Image result for gold backed digital currency
(Image use courtesy of News BTC)
Linking a digital currency to gold is an intriguing concept. Various countries want to issue national digital currencies linked to their regular valuta. OneGram, a company in Dubai, is doing things very differently. The Islamic financial services and technology company is looking to establish the world’s first gold-backed digital currency. For some investors, this will create a product combining the best of both worlds. 
Combining digital currency and a gold-backed asset is an intriguing turn of events. Investors often see gold as a safe haven asset during turbulent financial periods. At the same time, the interest in digital currency and cryptocurrency has never been higher. OneGram acknowledges both trends and aims to provide the best of both worlds to traders around the globe. - News BTC
Currently the paper gold markets see more activity than the physical gold markets because most investors would rather trust in other entities storing their gold than them taking delivery and dealing with the demands of physical ownership.  However, as the new Silk Road project seeks to eventually encompass nearly 2/3rds of the world in the coming years, and China is striving towards the implementation of a gold backed trade system to counter the dollar and ensure bi-lateral trade stability, having your money stored in gold but accessible through a digital format will be a great alternative from what was done in ancient times when you had to transport camel loads of gold for use on the original Silk Road.

Thursday, March 30, 2017

Russia may soon take new 'SWIFT' type platform and expand it through gold payments and bi-lateral trade

Last week we wrote about Russia finally completing its alternative payment system that now makes it virtually invulnerable to any economic warfare performed by the U.S. through the global SWIFT system.  In fact, it has been this exact type of sanction that has stifled economies in Iran, Iraq, North Korea, and even the former Soviet Union during the Cold War.

But while on the surface Russia has indicated that their primary purpose for implementing their new payment system was to defend against the U.S. cutting them off from access to dollars through SWIFT, the fact that they have created several different new economic coalitions over the past five years means that the now have the power to do even more than just protect against U.S. economic aggression.

In fact, since they have also become the world's top energy producer and distributor, as well as one of the largest holders of gold on the planet, Moscow is prepared to even use their new payment system to collapse the petrodollar and turn the tables on America's domination through its 40+ year control over the reserve currency.

During a meeting with Russian President Vladimir Putin last Wednesday, Central Bank governor Elvira Nabiullina stated that: 
“There were threats that we can be disconnected from SWIFT. We have finished working on our own payment system, and if something happens, all operations in SWIFT format will work inside the country. We have created an alternative.” 
The alternative system, known by its abbreviation SPFS, is analogous to SWIFT for financial transactions taking place in Russia and has been in the works for years, with 330 Russian banks connected over a year ago. This number will likely increase now that it has been successfully developed and implemented. Nabiullina also added during the meeting that 90 percent of ATMs in Russia are now compatible with Mir, a Russian version of the Visa and Mastercard payment systems that is used domestically. However, the SPFS is still far from perfect, not operating from 9 pm to 5 am Moscow time and with a transfer cost of 5 cents per transaction. 
Whether Russia’s aim in creating and implementing an alternative to SWIFT is based chiefly on protecting its own economy or not, the move further illustrates how the concentration of international power is steadily moving eastward. Along with parallel efforts by China and other BRICS nations, U.S. and Western economic hegemony is unraveling, a stark reality that U.S. interests - particularly those of the “deep state” - are desperate to avoid. - Mint Press News
However using this new SPFS system for sovereign and bi-lateral payments may be just the first step, as rumors of it connecting with China's CIPS system to create an eventual gold backed monetary system are already on the radar.

According to an article published yesterday by Sputnik, progress made in promoting bilateral trade in yuan is the first step towards an even more ambitions plan — using gold to make transactions: 
The clearing center is one of a range of measures the People's Bank of China and the Russian Central Bank have been looking at to deepen their co-operation. One measure under consideration is the joint organization of trade in gold. In recent years, China and Russia have been the world's most active buyers of the precious metal. 
On a visit to China last year, deputy head of the Russian Central Bank Sergey Shvetsov said that the two countries want to facilitate more transactions in gold between the two countries. 
The possibility of trading in gold has been discussed by Russian officials over the last year. Last April, First Deputy Governor of the Russian Central Bank Sergey Shvetsov told TASS: 
“BRICS countries are large economies with large reserves of gold and an impressive volume of production and consumption of this precious metal. In China, the gold trade is conducted in Shanghai, in Russia it is in Moscow. Our idea is to create a link between the two cities in order to increase trade between the two markets." - Russia Insider

Monday, February 13, 2017

As Iran moves away from dollar completely, the Islamic state could provide unlimited potential for gold and Bitcoin

Almost from the moment that President Barack Obama shipped Iran over $100 billion worth of cash, gold, and other frozen assets that the U.S. had controlled during their decade's long sanctions against the Islamic State, the Middle Eastern oil power began fomenting a new policy in which they would completely divest themselves from the dollar, and protect themselves from any future attempts by the U.S. in using the reserve currency as an economic weapon.

Additionally, Iran has been none too keen on transitioning towards the Euro as a full time replacement, and this has opened the door for the government to find alternative mediums of exchange that are outside the dominion of Western central banks.

Image result for sharia law gold
As Iran moves away from using the US dollar, bitcoin has emerged as a potential replacement. The cryptocurrency could thrive in a country where more than 50 million people are connected to the internet, financial experts claim. 
In the wake of US President Donald Trump’s travel restrictions on seven countries including Iran, the governor of the Central Bank of Iran announced last month that the US dollar will be replaced with a stable reserve currency more frequently used in foreign trades. 
Two possible replacements are being explored such as using one currency, potentially the euro, or allowing Iranians to select from multiple currencies, reported the Coin Telegraph. 
The announcement has caught the attention of the country’s first bitcoin exchange, BTXCapital, which sees Iran as a market with potential to grow. “The market is massive. A large population with a high proportion connected to the internet means there is a lot of completely untapped market potential,” Ganesh Jung, CEO of Draglet who develop an exchange platform used by BTXCapital, told IBTimes UK. - Russia Today
Yet because Iranian and Islamic law designates currency as being only physical money and coins, the use of Bitcoin would most probably be limited to official government and bank settlements, which are allowed now in a digital capacity through SWIFT.

This leaves backing their domestic currency with a much different form of money, and following December's ruling by the Council on Sharia Finance regarding investment and ownership of gold, we could soon see Iran become the first nation in 46 years to back their currency with a precious metal to protect it from the effects of the dollar.

Eurasian Golden Triangle
“We’re seeing the emergence of a true Eurasian Golden Triangle with China, Russia and Iran as the three key points,” Engdahl underscores. 
“With the stated plan to route the Silk Road rail infrastructure to assist the mining of new gold for currency backing of the Eurasian member states, including now Iran with its significant own unexploited gold, the hyper-inflated, debt-bloated dollar system is gaining a formidable positive alternative, one committed to peace and development,” the researcher concludes. - Hang The Bankers
In the past year foreigners have been selling more dollar reserves than they have been buying, with Japan and China dumping nearly $1 trillion over the past 12 months.  And with all signals pointing towards the Euro collapsing once elections in France, Italy, and Holland take place, Iran is looking to be well prepared for the next monetary system to emerge, whether it be with gold, Bitcoin, or a combination of both.


Wednesday, December 23, 2015

Zimbabwe dollar? Welcome to the future of the Zimbabwe Yuan

On Dec. 22, one of the most infamous economies in the world over the past 20 years may soon be divesting themselves of dollar hegemony and moving over into the camp of the Chinese Yuan.  In a move dedicated towards strengthening both monetary and trade ties with the Far East power, Zimbabwe’s Finance Minister said that very soon the Yuan could be used as one of many currencies within the African nation’s economy, and help support their financial system by including it in a basket that already allows use of the dollar in everyday transactions.
Zimbabwe of course is well known for entering into a hyper-inflationary environment so great, a $100 trillion Zimbabwe note could barely buy a citizen a couple eggs, and other nominal type item.

Read more on this article here...

Monday, November 9, 2015

Got Karatbars? We could be less than a month away from China taking control over the global gold price

Back in June of this year, the newly created Shanghai Gold Exchange (SGE) announced plans to establish their own gold price between now and the end of the year.  And with the SGE being the only true physical gold market currently operating where customers buy and sell gold for cash based on an actual price, it would be only natural that China earns the right for price discovery over the London and Comex facilities who only deal in paper gold contracts.

Yet even this is just the beginning of a full fledged shift away from Western control over all facets of the monetary system, and a return to sound money where currencies are backed by gold in some capacity.  The rise of the Yuan as a global medium for trade is accelerating at tremendous rates, and their accumulation of what some believe to be 30,000 tons or more of gold will only solidify the belief that once the dollar's power is broken, then the world will rush back to a gold based system.
On June 25, a representative from the Shanghai Gold Exchange announced that they are planning on establishing a new physical gold price mechanism by the end of the year that will compete with London and the U.S. Comex. Expected to be denominated in Yuan, this new gold price platform comes less than 10 days after China became the first Asian country invited to be a part of the London gold fix, and unlike the U.S. Comex, will deal in direct physical gold sales rather than in paper futures and derivative contracts.  
When the Shanghai Gold Exchange (SGE) opened in 2014, it set out to usurp the West's control over gold and their pricing of gold through the paper markets. And in less than a year, the SGE has created the world's largest gold fund, and is now ready to take over pricing and price discovery for the monetary metal. In fact, sources claim that right now premiums on large sales of gold bullion are ranging as high as $600 over the current paper spot price. - Examiner

For more than 40 years the world has experimented with a purely fiat form of money, backed by nothing except government confidence, and military might.  But the problem is and has always been the fiduciary irresponsibility of government's to control their monetary supplies, and as we saw just recently from U.S. Treasury Secretary Jack Lew, Washington cannot function and would collapse if they do not have the power to borrow more and more money, and increase the debt load to just under $20 trillion by the middle of 2017.

“At that point, we expect Treasury would be left with less than $30 billion to meet all of the nation’s commitments—an amount far short of net expenditures on certain days, which can be as high as $60 billion. Operating the United States government with no borrowing authority, and with only the cash on hand on a given day, would be profoundly irresponsible. 
As I wrote previously, we anticipate that a remaining cash balance of less than $30 billion would be depleted quickly.” - Jack Lew in a letter to Congress, Fortune
So as the world rushes headlong towards a crossroads, where monetary and economic collapse is inevitable since most nations have hyper-inflated their currencies through the printing of unprecedented money, what is the one thing that will protect you from whatever comes, and prepare you for the new system that is by all accounts expected to be based on gold?

The solution may be in a company called Karatbars




Buying gold through Karatbars is one of the easiest things on the net.  In fact, the business model of Karatbars is to sell gold in affordable quantities, such as 1, 2.5, and 5 gram increments, and allow customers to get into the metal without having to shell out $1200+ for a single ounce coin.

And as added perks to signing up with Karatbars, as a customer or affiliate, Karatbars is working on a new e-wallet system that functions just like an offshore bank account, and is outside the authority of the banking system.  From there, you can take your fiat currency in any denomination... dollars, euros, yen, etc... and purchase physical gold which can either be delivered directly to you, or stored for free at one of Karatbar's vaults.

Additionally, any gold that you buy can easily be sold back to Karatbars, or any metals dealer, and if with Karatbars it is then exchanged for currency that is uploaded to you through a pre-loaded debit Mastercard which is connected directly to your e-wallet.  And as we know, MasterCard is recognized in nearly every country around the world, and usable in any currency that accepts it.

But perhaps the best feature with Karatbars is their affiliate program, where you can earn money off commissions from getting others to sign up and become a customer or affiliate.  Not only do you receive commissions from their purchasing of physical gold, but you also earn commissions from anyone who buys a commission package, with that money going directly into your debit MasterCard when you have enough units to cycle.

Imagine the ability to earn the money in which to buy your gold savings simply by purchasing a commission affiliate package one time, and then getting others to sign up and do the same thing.

How many businesses or entrepreneurs can build an infinite business with spending less than $400 of their own money?  And there is never a mandatory requirement to buy beyond what you desire, on your own schedule.  And there is nothing to lose, because you're using money (paper dollars) to buy gold (physical money) and in the end you don't lose a thing.


The global financial system, along with dozens of respected economists, are telling us that now is the time for the end of our current form of money, and the beginning of the transition into a new monetary system that is expected to be backed by gold.  And with banks, governments, and even Harvard professors mandating that central banks have no choice but to eliminate cash from usage by the people to stave off collapse, will you wait until it is too late to make a decision on how you will protect your wealth, and be able to function within the coming new monetary system?

To learn more about Karatbars, you can contact the individual who sent you this article, and click on their referral link to open a free account and begin buying, or building your own gold savings or business with the company of the future.

Friday, May 29, 2015

Got Karatbars? Gold prices could go over $60,000 per ounce if China backs currency with metal

There were two significant events coming out of Asia this week that will in all likelihood have extreme consequences for the price of gold going forward.  On May 27, China announced that they are setting up a new gold fund to facilitate new projects along the Belt and Road, or 'Silk Road' trade route that are tied to developing mining interests for nation's along this trade corridor.

On the same day, metal's analyst Bill Holter confirmed a story that came from Bloomberg which forecasted that should China decide to back their currency with gold, then the price of the metal would have to increase 50 times to be able to cover the enormous money supply that they, and the rest of the world, have printed over the past decade.

China has launched a fund that is expected to raise around $16 billion for gold-related investments, including developing gold mining projects, as part of the "Belt and Road Initiative".
The fund, expected to raise the target amount in three phrases, will be managed by Xi'an Silk Road Fund Management, a joint venture led by two large gold producers Shandong Gold Group and Shaanxi Gold Group, according to Shanghai Securities News. - China Daily

And here is the interview with Bill Holter on the price of gold to back the Chinese currency.





As we have mentioned numerous times before here at The Daily Economist, the world is rushing headlong back to a gold standard, with the U.S. being the primary opposition since it would mean an end to their petro-dollar reserve currency.  But the world no longer needs a Bretton Woods moment to transact in a new global reserve, and when China finally does announce a gold backed currency, or gold backed trade note along the new Silk Road corridor, the more than 50% of the population will no longer be using the dollar for any form of trade, and that critical mass will make gold the new reserve by de facto choice.

So if gold is headed towards the new standard, how can you protect your wealth and prepare for the future?  The answer lies in Karatbars.  A business model that not only allows you and anyone you contact to purchase gold in affordable increments, but in Karatbars you can also earn money and commissions by simply recruiting others to purchase gold from the company.

The answer lies in Karatbars.



Buying gold through Karatbars is one of the easiest things on the net.  In fact, the business model of Karatbars is to sell gold in affordable quantities, such as 1, 2.5, and 5 gram increments, and allow customers to get into the metal without having to shell out $1200+ for a single ounce coin.

And as added perks to signing up with Karatbars, as a customer or affiliate, you can have the power to move your money into a free e-wallet that functions just like an offshore bank account, and is outside the authority of the banking system.  From there, you can take your fiat currency in any denomination... dollars, euros, yen, etc... and purchase physical gold which can either be delivered directly to you, or stored for free at one of Karatbar's vaults.

Additionally, any gold that you buy can easily be sold back to Karatbards, or any metals dealer, and if with Karatbars it is then exchanged for currency that is uploaded to you through a pre-loaded debit Mastercard which is connected directly to your e-wallet.  And as we know, MasterCard is recognized in nearly every country around the world, and usable in any currency that accepts it.

But perhaps the best feature with Karatbars is their affiliate program, where you can earn money off commissions from getting others to sign up and become a customer or affiliate.  Not only do you receive commissions from their purchasing of physical gold, but you also earn commissions from anyone who buys a commission package, with that money going directly into your debit MasterCard when you have enough units to cycle.

Imagine the ability to earn the money in which to buy your gold savings simply by purchasing a commission affiliate package one time, and then getting others to sign up and do the same thing.

How many businesses or entrepreneurs can build an infinite business with spending less than $400 of their own money?  And there is never a mandatory requirement to buy beyond what you desire, on your own schedule.  And there is nothing to lose, because you're using money (paper dollars) to buy gold (physical money) and in the end you don't lose a thing.

How to make money in both the Dual and Uni-level systems of Karatbars




How to make a six figure income using Karatbars in just 7 weeks.



The global financial system, along with dozens of respected economists, are telling us that now is the time for the end of our current form of money, and the beginning of the transition into a new monetary system that is expected to be backed by gold.  And with banks, governments, and even Harvard professors mandating that central banks have no choice but to eliminate cash from usage by the people to stave off collapse, will you wait until it is too late to make a decision on how you will protect your wealth, and be able to function within the coming new monetary system?

To learn more about Karatbars you can contact the Finance Examiner at [email protected], or create your own account free account with Karatbars as either a customer, or an affiliate (business builder), by clicking the link below, and filling out the one page document.


https://www.karatbars.com/signup.php?s=argonath