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Showing posts with label royal mint. Show all posts
Showing posts with label royal mint. Show all posts

Saturday, May 20, 2017

ZenGold is the newest gold backed crypto-currency to hit the markets as ICO set for May 26

Last week the nation of Dubai announced the creation of a blockchain based crypto-currency that would be backed by physical gold, and would be compliant with the new dictates of Sharia law finance.  And this gold-backed crypto-currency idea was quickly followed by a plan between the Chicago Mercantile Exchange (CME) to do the same with physical gold backed by the UK Royal Mint.

Now a third company is seeking to get off the ground by creating a new gold-backed crypto through an Initial Coin Offering (ICO) on May 26.

Image result for gold backed cryptocurrency
ZenGold, a project developed on Metaverse Blockchain, announces its ICO campaign on Friday, May 26, 2017 3:00 PM (GMT+8). 
ZenGold aims to create crypto assets that are backed by physical gold in order to enable investors to instantly buy and transfer even a very small fraction of gold anywhere in the world while having pertinent asset information securely stored onto an unalterable Metaverse Blockchain. 
The ICO will last for 15 days. The closing date is Friday, June 9, 2017 3:00 PM (GMT+8). The total number of 63.000.000 ZGC tokens will be distributed within the campaign (if the set sum is achieved before the closing date, the campaign will end before June 9). 
BTC, ETH, ETC and ETP will be accepted during ICO campaign. The “Early bird” bonuses (up to 20%) will be announced by ZenGold for those contributing at the early stages of ICO. 
ZGC tokens will enable its holders to use gold as an effective payment mechanism and credit system while benefiting from the transactional functionalities of Blockchain technology. The gold-backed tokens will be minted into existence only by the purchase of an actual gold. Thus 1 ZGC token will always represent the ownership of 1 gram of the physical gold securely stored in Shanghai Gold Exchange. The developing team has set its sights on establishing ZGC token as a better alternative to the traditional form of storing value and making a strong case for reshaping the financial service industry in the future. 
By providing efficient governance and security strategy as well as clear business vision, ZenGold invites the investors to become early holders of ZGC tokens. Those interested can invest via three different channels: 
www.zengold.org(accepting payments in BTC, ETP and ETH).
www.ico365.com(accepting payments in BTC and ETH).
www.btc9.com/ico(accepting payments in BTC). - Coin Telegraph

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

Wednesday, April 12, 2017

Did the CME ditch the London Gold Fix to instead start its own gold blockchain trading platform?

About a month ago, the CME Group along with Thompson-Reuters ended their contract early with the LBMA in which they ran the daily benchmark auctions to fix gold prices in the Western markets.  And while there has been speculation as to why they chose to summarily leave their five year contract with the LBMA two years early, there have been few evidenced reasons for their cutting ties with the daily gold fix.

Until now?

On April 12 the Chicago Mercantile Exchange (CME Group) announced they were in the final stages of testing for a new gold trading platform that will run using Blockchain technology, and will open up the buying and selling of paper (digital) gold that is reportedly backstopped using physical gold from the British Royal Mint.

Image result for digital gold tokens
Model using Digital Gold Tokens in lieu of physical gold
Pretty soon, pension funds and other institutional traders will be able to buy and sell gold using a trading platform inspired by the digital currency bitcoin. 
U.S. futures and options exchange CME Group announced on Tuesday that it is in the final stages of testing a platform for spot gold that’s based on the blockchain, the pioneering distributed-ledger technology that powers the bitcoin network.
CME built the platform in partnership with the U.K. Royal Mint, which has helped supply $1 billion in gold bullion to back transactions executed on the network, and blockchain company AlphaPoint. 
The platform isn’t expected to launch until later this year, according to news releases from the CME Group and AlphaPoint. 
Physical gold will be represented on the platform by tokens called RMGs—short for Royal Mint Gold. The platform is the first digital gold product targeted at institutional investors, and its also the first to work with a government entity, according to the releases. - Marketwatch

Thursday, June 9, 2016

As the world begins to realize that gold is money, Britain to allow individuals in their pension funds to own gold from Royal Mint

As public and private pensions and retirement funds around the world find themselves in massive shortfalls, with many now unable to keep their promises made to their workers, Britain is finally capitulating to the idea that gold is not only money, but a vital store of wealth in a world of zero interest rates and declining returns.  And on June 9, the Royal Mint announced they are allowing investors and individuals who own pensions and retirement funds to be able to buy physical gold rather than simply paper and equity assets.

This new programs is the result of a law passed in the UK back in 2014 that once again recognized gold as a standard of wealth (money), and it has taken two years and the advent of failed monetary policies by their government and central bank to finally implement the allowance of gold purchases to help shore up their insolvent pension programs.


Investors will be able to buy 100g or 1kg bars and hold them in the Royal Mint's bullion vault storage facility. The vault is located at Llantrisant in South Wales and is guarded by the Ministry of Defense. The most expensive single bar weighing one kilogram can be purchased for £28,286 ($41,131). 
Investors will be charged up to one percent a year (plus VAT) for the privilege of owning the bars, based on the daily market value. 
"The Royal Mint benefits from a centuries-old reputation as a trusted bullion provider and manufacturer of coins on a global scale. The move to make Royal Mint gold bullion available for holding within pension schemes opens us up to a whole new marketplace," said Chris Howard, director of bullion at the Royal Mint. 
While previously it was possible to buy gold bullion from the Royal Mint, customers couldn’t do that as part of their pension savings. 
The move to offer UK pension investors the option to buy gold bars follows the decision in 2014 by the Financial Conduct Authority (FCA) to make gold bullion a standard asset. The FCA’s decision then prohibited financial consultants from advising clients to invest in gold. - Russia Today