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Showing posts with label money. Show all posts
Showing posts with label money. Show all posts

Tuesday, May 30, 2017

UK to have gold dispensing ATM machines in every major city over next few years

An interesting thing has been happening in the United Kingdom ever since the Brexit vote took place a year ago in June.  And that is that the people there have re-awakened to the monetary power of gold, and where the Brits have been one of the driving factors in Europe's recent increase in physical gold purchasing.
When Britain voted to leave the European Union, the thoughts of Yorkshire teacher Grace Hall immediately turned to her family's bottom line. 
Three days later, as UK stocks and sterling plummeted, she put those thoughts into action and deposited part of her life savings -- 25,000 pounds -- into gold. 
"My husband and I are both worried about bank failures and our cash getting swallowed up," she said. "I'm also worried about our kids' jobs and their future." 
Hall was not alone. Dealers are seeing an unprecedented amount of interest in gold, much of it from first-time buyers, to take advantage of its role as a safe haven in times of stress or unexpected "black swan" events like Brexit. 
"The speed at which people are purchasing gold is unprecedented," said Joshua Saul, CEO of The Pure Gold Company, where Hall bought and keeps her Britannia coins. 
"We are seeing people convert as much as 40 to 50 percent of their net worth into physical gold, (compared to) 5 to 10 percent in the past," he said. 
Government-owned bar and coin producer, the Royal Mint, saw a 7-fold increase in sales of 100-gram bars, around half the size of a credit card and costing around $4,400, in the two weeks following the June 23 vote. - Fortune
And a year later the move away from the Pound and the Euro into gold doesn't appear to be slowing down, which has led Ex Oriente Lux to not only install a new gold dispensing ATM machine in West London, but to also have plans to install these machines in every major city in the UK over the next few years.

Gold vending machines are to be placed in every major city in Britain after the country's first machine was switched on in a West London shopping centre. 
The company behind the gold bar vending machines plans to install 50 across Britain over the next few years, allowing ordinary shoppers to invest in the precious metal as an investment. 
Michael McCleary, a businessman from Croydon, yesterday became the first person in Britain to buy a nugget from one of the machines. He paid in cash and bought a 1g "bar" of gold, costing £47. In reality the piece of gold was smaller and thinner than a mobile phone SIM card, but came in a presentation box. - UK Telegraph

Sunday, May 21, 2017

Bitcoin suddenly becoming the investment of the elite as price soars to over $2300 in some Asian exchanges

When Satoshi wrote his White Paper back in 2008 regarding the creation of a money form that would be secure and outside the control of sovereign entities, the underlying premise was that it would not only change the way commerce was conducted, but also provide the common person a means to store their wealth in an asset that was absent of monetary devaluation.

And while it took about five to six years for Bitcoin to move away from the fringe of society, where it was half seen as a novelty and half seen as the savior from the world's fiat monetary system, its sudden emergence into the mainstream has been incredibly robust and unlike anything ever seen in monetary history.

But as we enter into the second quarter of 2017, what was originally intended for the masses to be used as a medium of exchange has suddenly turned into a speculative investment that is being lapped up by the very institutions that would see it financialized instead of used as a real currency.  And the massive rise in value over just the past five months is threatening to categorize the cryptocurrency as a bubble, and scare away many individuals who might seek an alternative to the dollar, euro, or yen as a way to secure their wealth.

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Bitcoin price established its new all-time high at $2,087 earlier today after surging past its previous all-time high set at $2,050, with demand toward Bitcoin rising from institutional investors in the US, Japan and South Korea. 
At the time of writing, Bitcoin is being traded in Japan and South Korea, the second and third largest Bitcoin exchange markets in the world, at around $2,350, at an 11 percent premium relative to the global average Bitcoin price and the price listed by US-based Bitcoin exchanges. 
Analysts including Charles Hayter, the CEO of CryptoCompare, explained that the Japanese and South Korean Bitcoin exchange markets played a key role as the driving factor of Bitcoin’s recent price surge. In an interview with CNBC, Hayter stated: 
"Arbitrage between the fiat pairs drags markets up or down in line with leading markets. At present, volumes on the KRW and JPY pairs dominate trading with a combined 48 percent market share.” - Coin Telegraph
From a purely fundamental point of view, investors and owners of Bitcoin need to realize that the market is treating the cryptocurrency like a security, and at a time when nearly all other assets such as bonds, stocks, and real estate are at all time highs.  And one of the reasons that Bitcoin is skyrocketing in price and value right now is because institutional players are moving money into what they believe is one of the very few potentially undervalued assets.  But like with any security or investment that receives too much buying in a short amount of time in relation to selling, at some point it will hit terminal velocity, and the fall in price will be just as fast as the velocity in which it rose.

Saturday, May 20, 2017

Bitcoin growing as a currency as UK company to use it as payment at 27 airports

One of the biggest debates in recent weeks as the value of Bitcoin skyrockets to nearly $2000 per coin is whether the crypto-currency is really a medium of exchange, or simply a security that allows one to store their wealth in a decentralized digital wallet.  And while the argument has been strongly on the side of it being a security thanks to Chinese and Japanese investors using it simply as a way to find an alternative to their own devaluing currencies, on May 19 a British company is pulling Bitcoin back onto the currency side of the ledger by allowing its use at all 27 UK airports for extraneous payments such as short and long-term parking.

SkyParkSecure, an airport parking provider in the United Kingdom, is now accepting bitcoin for payments at a number of airports across the region in cities including London, Liverpool, Glasgow and Belfast. 
Are you a frequent flier in and around the UK? A parking provider will now take your bitcoin. SkyParkSecure will automatically convert the fiat pricing of a parking ticket into Bitcoin for quicker and seamless payments directly from your cryptocurrency wallet. 
Based in the North-West of England in Blackpool, SkyParkSecure doesn’t own or operate car parks but acts as a booking platform for airport parking and a host of other travel services including hotels and lounges. The parking provider claims to have facilitated over 1.6 million bookings on its website and ropes in customers with discounted rates. 
Now, SkyParkSecure has laid claim to becoming the first independent UK travel company to accept bitcoin for airport parking. - Crypto Coin News

Thursday, May 11, 2017

Economist Harry Dent honorably pays off bet between a Bull and Bear in the argument to predict direction of gold prices

In the gold sphere there are a ton of different analysts making predictions on where the price of gold is going in light of the Fed's half-decade long policies of quantitative easing, and near zero interest rates.  And of the more well known and popular analysts on either side of the fence, the one who stands out the most on the bearish side of gold is none other than Harry Dent.

Harry Dent is an economist who specializes in trends and demographics, and has a better than average track record of success in many areas of his analysis.  However he became the butt of many criticisms when a few years back he publicly predicted that the price of gold was going down to below $700 an ounce, and likely to reach around $250 before beginning a trend back up.

And the primary premises for his bearish outlook for gold?  That assets were going to hit a deflationary cycle and that gold is more of a commodity than it is money.

So with Dent's analysis out there for all to see in hear, it was not surprising that someone in the gold industry would take his forecasts as a challenge and seek to put Harry on the spot for his future price predictions.  And that someone was Jeff Clark from Goldsilver.com, and an associate of the site's founder Mike Maloney.

So what was the bet you might ask?  Well it was fairly straight forward... within two years time of the agreed upon bet, the price of gold itself would determine who won.  And if it crossed below $700 (or very close to that number) anytime intra-day or closing, then Harry Dent would be considered the winner.

If it did not, and of course we know that it never even dropped to three figures during that period, then Jeff Clark was determined the winner.

And the prize?  A single ounce of gold.

Two years ago I bet economist Harry Dent an ounce of gold that the price wouldn’t fall to his prediction of $750/ounce. 
He had made some noise in the gold community that year about how gold was going to crater. He advised selling your gold and buying dollars. He even stated that $750 wasn’t the stopping point, that the price would fall to as low as $250. 
I couldn’t pass it up. I wrote an open letter to him, citing why I thought he was wrong, and offered to bet him a one-ounce gold Eagle. I even raised the target to $800 and gave his prediction two full years to come to fruition. He accepted. 
My bet was a bold one at the time… if you remember early 2015, the gold price had been falling for two years, and showed little sign of stabilizing. Almost no one thought the bottom was in. Market participants had been decimated. Gold showed some life in January that year, but by the time we finalized our agreement in March the price had fallen another 12%. It dropped below $1,100 that summer, and by December hit $1,049. My wager was not looking so good. 
But gold never fell to $800—never even cracked three figures. I won. And yes, he paid up. (He kept his word and sent me a check for the proceeds, including a little extra for a purchase premium; you may not agree with his predictions, but this speaks highly of his character). - Gold Silver
In the end there is one thing to remember among all the forecasting that is and has taken place over the past several years, and that is that as we go through this current cycle of declining prices in the gold sphere, the price of gold has ended each year higher than the same time as the prior year going back to 2015.  And that trend is likely to continue as long as the economy needs to rely upon the central banks having to pump out more and more credit just to survive.

Arizona officially removes taxation on gold and silver purchases and sales

On May 10 the Arizona state legislature completed its approval of Bill 2014 which removes the state taxation on the sale and purchase of physical gold and silver.

This move is also the first step by the state to once again recognize gold and silver as Constitutional money, and to begin the process towards one day allowing the precious metals to be used in commerce within its borders.

Arizona also joins Utah, Idaho, Texas, Oklahoma, and Virginia in either proposing or passing legislation to work towards the legalization of gold and silver as money.

Sound money advocates scored a major victory today when the Arizona state senate voted 16-13 to remove all income taxation of precious metals at the state level. The measure heads to Governor Doug Ducey, who is expected to sign it into law. 
Under House Bill 2014, introduced by Representative Mark Finchem (R-Tucson), Arizona taxpayers will simply back out all precious metals “gains” and “losses” reported on their federal tax returns from the calculation of their Arizona adjusted gross income (AGI). 
Dr. Ron Paul noted, “HB 2014 is a very important and timely piece of legislation. The Federal Reserve’s failure to reignite the economy with record-low interest rates since the last crash is a sign that we may soon see the dollar’s collapse. It is therefore imperative that the law protect people’s right to use alternatives to what may soon be virtually worthless Federal Reserve Notes.” - Goldseek

Monday, May 8, 2017

Money psychology: Is Bitcoin price already too high for desirability as a currency?

The advent of Bitcoin, as well as rise of the blockchain and its growing number of different crypto-currencies, is bringing forth a great debate on whether these constructs of digital money are the wave of the future for consumers, savers, and investors.

But there are a few very interesting things that are bing missed by most individuals in the Bitcoin eco-sphere, and these are the psychology of money, and the fact that as Bitcoin has now crossed over $1600 per coin, and is being forecast to possibly go as high as $4000 by the end of the year, has the crypto-currency priced itself out of the general market?  And perhaps even more, has it already destroyed its psychological value to individuals as a viable form of money?

A layman's definition of what money is can be determined as this:  An idea backed by confidence.  And for something to be considered a medium of exchange (money) it must have the intrinsic properties that all monies have (store of value, divisible, fungible, portable, etc...), but it also must have the confidence, be it forced (by government), or voluntarily accepted (by critical mass of consumers and retailers), to act as a recognized medium of exchange.

Thus as the price of Bitcoin in dollars as well as other currencies skyrockets due to speculation and investor sentiment, the question that has to be asked is whether or not Bitcoin has priced itself out of the ability to become an accepted currency, simply by the fact that the majority of individuals today can only afford to purchase fractions of the currency, rather than whole Bitcoin's themselves.

Picture this.  A person has $20 they can afford to use to purchase Bitcoin, so they create a digital wallet and go through an exchange to buy some of the crypto-currency.  Now this individual understands the basics of monetary division when it comes to dollars as they have used quarters, dimes, nickles, and pennies for nearly all of their lives.

But at today's price, $20 will buy that individual only .0125 of a Bitcoin, which in physical terms would equate to a penny and a quarter of a penny.  So psychologically, that individual has exchanged $20 for a penny.


Now of course in the crypto-currency realm .0125% of a Bitcoin is not valued at one cent, but you can see the psychology of this as people used to dealing in round numbers and limited fractions in their money now have to go outside the box to try to come to the understanding that it will be unlikely they will ever own a single full Bitcoin since more than half of Americans alone cannot even afford to pay $500 if a sudden emergency required them to come up with those funds in addition to their normal budget.

Then of course there is the reality that the amount of retailers who deal in Bitcoin is still quite limited, and the marketing of Bitcoin as a viable medium of exchange in the mainstream is almost negligible.  And also the fact remains that if people don't see Bitcoin promoted in the mainstream media, or shown in some viable application from the commercial advertising they are programmed to trust, then Bitcoin, as well as other crypto-currencies, will remain as fringe ideas and concepts, or as simply a construct traded in financial markets under the guise of a speculative investment.

Wednesday, April 19, 2017

MIT Professor believes Bitcoin or other crypto-currencies could save financial system

The original idea and concept of Bitcoin was to create a de-centralized form of currency that could not be manipulated, devalued, or financialized by governments or central banks who throughout history have used the power to print money as the means to accumulate wealth and power at the highest levels.  And indeed, the very nature of the world's most current fiat monetary construct has done just that as less than 20 individuals hold more wealth than half the world's population.

This is why gold and silver are and were so important in the past because left to their own devices, they provided individuals, communities, and even nations a stable and often un-inflationary form of money that not only grew productivity, but kept a check on corrupt governments until they seized the power to either 'clip', or replace gold and silver outright.

But in the 21st century the world is rushing headlong into a new paradigm of digital money, and at stake is the age old battle over who controls the ability to 'print' that money.  And according to a Professor at MIT, the advent of Bitcoin or some other decentralized crypto-currency could be the answer to both improving and perhaps even saving the financial system.

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Simon Johnson, a professor at MIT’s Sloan School of Management, says some form of digital currency could fundamentally improve the financial system.
“How do you feel about the way that our existing financial system operates?” Johnson asked the audience at the Business of Blockchain conference, an event organized by MIT Technology Review. “I myself have a lot of concerns. The system we have is not robust—it almost collapsed in the fall of 2008 in the United States, the most sophisticated financial market in the world.” 
In theory, a cryptocurrency such as Bitcoin might make the financial system more stable by providing a way to monitor and trace transactions. Indeed, it may be no coincidence that the paper outlining the concept for Bitcoin was released in 2008, during the financial meltdown. The open-source code for the currency was released several months later, in 2009. Bitcoin was invented by the pseudonymous Satoshi Nakamoto, whose identity remains a subject of great speculation. 
Cryptocurrencies might also remove many of the hurdles that make it harder for poorer people to use the financial system, even in advanced countries, Johnson said: “It is absolutely shameful and really embarrassing that so many people in the United States—one of the richest counties in the history of the world—do not participate in the formal financial system." - Technology Review
In reality a completely Bitcoin based financial system would not be feasible as the 21 million total bitcoins ever to be mined would not fully support both a government and consumer's needs for over 200 countries.  However, a combination of an international trade currency, which would be designated for use by banks and governments only, coupled with a crypto-currency like Bitcoin for use by consumers and businesses that would not be allowed to be traded in financial markets, could solve many of the inefficiencies and corruptions that inevitably spawn over time from the use of a singular form of money.

As former President Calvin Coolidge once said, "The business of America is business", but what he really should have meant was that the government has no place in interfering with business and free markets.  And in a free market, money is determined to be what consumers and producers agree for it to be, and without interference from corrupt men and women who control the means of its production.

Wednesday, April 12, 2017

Maine legislator wants state to join AZ, TX, UT, and ID by removing sales tax from purchase of gold and silver

On April 11 a state Senator from Maine is seeking to follow the growing trend of other states in recognizing gold and silver as money once again by calling for the removal of state sales tax from the purchase of precious metals.

Speaking this week with the state's Committee on Taxation, Senator Eric Brakey is pushing a measure to have state taxes removed from the buying and selling of gold and silver bullion since many dealers and buyers are simply going across the border to states which currently do not have tax impositions on precious metal transactions.

If Sen. Eric Brakey gets his way, buying silver and gold may get cheaper for Mainers.
State Sen. Eric Brakey, R-Auburn, is pushing a measure to exempt gold and silver coins and bullion from the state sales tax. 
Brakey, an Auburn Republican, is pushing a measure to exempt gold and silver coins and bullion from the state sales tax. 
Douglas Carnrick of Winslow told lawmakers that many coin collectors and investors simply buy their gold and silver out of state — and then forget that they’re still required to pay the sales tax on their own later. 
Since about half of the states don’t impose sales tax on gold and silver purchases, it’s not hard for buyers to avoid shelling out for sales tax online or by traveling to nearby states that exempt precious metals sales. 
“The reason for this is, gold and silver coinage and bullion are not normal goods like everything else we charge a sales tax on,” Brakey told the Committee on Taxation this week. He said they are a form of currency for many. - Sun Journal

Wednesday, April 5, 2017

Texas now joins in on the rebellion as legislature submits bill to make gold and silver legal tender

2017 has been a watershed year so far for states desiring to break away (rebel) from irresponsible fiscal policies out of Washington, and diabolical monetary policies issued by the central bank.  By this we mean that more and more states are looking hard at the potential of having gold and silver as money in the wake of rising inflation and a devaluing dollar.

So far three states have either submitted or passed legislation allowing for the metals to once again be recognized and accepted as Constitutional money, and now we can add a fourth as the great state of Texas is currently debating a new bill to allow gold and silver to become once again legal tender.

A bill introduced in the Texas Senate would establish gold and silver as legal tender in Texas. Passage of the bill would create currency competition in the state and serve to undermine the Federal Reserve’s monopoly on money. 
Sen. Bob Hall introduced Senate Bill 2097 (SB2097) on March 10. The bill includes a number of provisions to establish gold and silver as legal tender in Texas. It declares specifically that  certain gold and silver coins are legal tender, and prohibits any tax, charge, assessment, fee, or penalty on any exchange of Federal Reserve notes (dollars) for gold or silver. The bill authorizes the payment of taxes and fees in gold & silver in certain circumstances. It would also prohibit the seizure of gold or silver by state authorities. SB2097 also included provisions relating to gold and silver clauses in contracts, prohibiting payment in dollars if the contract calls for payment in gold and silver. Legally enforcing these contracts through state law would serve to encourage their use. 
Along with the establishment of a Texas gold depository authorized in 2015, passage of SB2097 would set in place all four steps states can take to encourage sound money and take on the Federal Reserve. - 10th Amendment Center
Ironically Texas had already forged ahead with another important step towards allowing gold and silver to be used as legal tender prior to SB2097 when they created a gold depository a few years back, and ordered gold owned by the state's university system to be repatriated from the Federal Reserve.  And in fact they, along with Utah, are the only current states to have either a public or private depository to hold gold for use in commerce.

Bitcoin finally to function as a currency as Japanese retailers rush to allow the digital money as payment

In the opinion of the staff here at The Daily Economist, a large number of Bitcoin advocates over the past few years have sold out the original mission of the crypto-currency as being primarily a form of decentralized money that individuals and entities could use as a medium of exchange for goods and services and instead have welcomed its financialization by both Wall Street type markets, and third party conduits.  By this we mean that Bitcoin has been seen and purchased more as a speculative investment versus used as a form of money.

But with the Japanese government suddenly buying into the crypto-currency last week, and setting forth a regulatory framework to allow it to function as a medium of exchange within their nation's borders, Japanese retailers on April 5 are now rushing in to get on board to accept Bitcoin in their online and brick and mortar stores.

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A few days after Japan recognized bitcoin as a legal method of payment, two of the country’s biggest retailers have sealed cooperation agreements with bitcoin exchanges to begin accepting the digital currency. 
The two leading retail groups, Bic Camera and Recruit Lifestyle, have announced trials of a bitcoin payment option, according to Japanese daily Nikkei. 
Bic Camera, a consumer chain selling electronics, has partnered with the Tokyo-based bitcoin exchange bitFlyer. The retailer will test the digital currency in two outlets. 
Consumers will be able to pay up to 100,000 yen ($900) using bitcoin, getting reward points at the same rate as for cash payments. 
Recruit Lifestyle, the retail branch of human resources conglomerate Recruit Holdings, is cooperating with another Tokyo bitcoin exchange operator Coincheck to include bitcoin payment option into its AirRegi application. 
The step will enable over 260,000 outlets across the country to start accepting bitcoin. Coincheck will process payments made by consumers using the app, converting bitcoins into yen and transferring the funds to the store. 
Japan is poised to become one of the leading cryptocurrency markets. Nearly 4,500 Japanese stores are currently accepting bitcoin while over 700,000 outlets actively use other modes of digital payments. - Russia Today

Wednesday, March 22, 2017

Bitcoin goes Wall Street as an exchange brings margin trading into crypto-currency investing

Despite the recent no-go for a Bitcoin ETF on Wall Street, the financialization of the crypto-currency continues as Coinbase, a popular Bitcoin exchange, is now introducing margin trading for investors of the digital money.

GDAX, the cryptocurrency exchange run by Coinbase, has added margin trading to the platform. 
Eligible traders can now trade up to 3X leveraged orders on Bitcoin, Ethereum and Litecoin order books. 
If you’re unfamiliar with trading and exchanges, margin trading is when you borrow money from your broker to buy or sell more stock than you can afford. It’s essentially a short-term loan. By buying or selling on margin, traders can increase their leverage and buying power, potentially generating profits beyond what their own cash balance would have supported. 
This feature is mainly geared toward institutional investors. That’s because Coinbase has launched the feature attempting to fit within the boundaries of the Commodity Exchange Act. - Tech Crunch
In just the past week sovereign controls by both the Chinese and U.S. governments have wiped out one of Bitcoin's primary functions as privacy is no longer applicable for those who buy or sell Bitcoin in many exchanges.  And now with this new derivative trading scheme available from another exchange, the crypto-currency may soon become extremely leveraged beyond its mined production limit of 16 million Bitcoins.

This has always been the biggest fear for Bitcoin purists... that a government or financial market would co-opt digital currencies and make their underlying potential null and void as a 'decentralized form of money'.  And it has always been the actions of third party conduits, such as with crypto-currency exchanges, that have placed digital forms of money like Bitcoin in jeopardy of simply becoming another leveraged asset that Wall Street can profit off of to the detriment of the holders.

Tuesday, March 21, 2017

As European countries rush headlong towards the cashless society, the Swiss still consider cash to be king

Like with most central bankers and politicians, their justifications for nearly any new monetary agenda is steeped in the foundation of imposing greater controls over people, and removing their freedoms to conduct commerce as they see fit.  And perhaps no greater example of this can be seen in the global movement to ban cash, and usher everyone into a completely digital society.

Several European countries like Sweden, Norway and Denmark are already well on their way towards the banning of physical cash, and many other EU nations have imposed capital controls disallowing the use of cash in large transactions.  And even the advent of crypto-currencies has helped spawn the idea of a cashless Africa, with nations like South Africa and Rawanda working hard towards forcing everyone onto a digital banking model.

But one country is remaining defiant in the wake of this global move to take away physical currency from the hands of the people, and that nation is the one who's history is steeped in banking, and the right of individuals to do with their money as they see fit.

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When it comes to cash and its future, Swiss authorities seem to have a totally opposite view to that of their Indian counterparts -- for them cash is "more reliable" and enjoys a low opportunity cost. 
Among other benefits over cashless payments, cash provides "more effective budget control" and can be used without any technical know-how, while it also offers a comprehensive protection with regard to financial privacy, a top official of Swiss National bank (SNB) has said. 
Amid a debate on future of cash globally and the ambitious demonetisation move carried out by India, SNB's deputy head Fritz Zurbruegg said there remains a continuing robust demand for cash among general public and banknotes are like the country's 'calling cards' in case of Switzerland. - India Times
The truth of the matter is, the recent push for a cashless society has little to do with convenience, and more with the failed banks and central banks who have leveraged their monetary systems to the point of insolvency.  And they believe that their last chance at survival is to eliminate the one factor that keeps them from expanding money supplies even more through a digital system, and that is the anchor of physical cash and the fear that individuals could bankrupt them in a day if they called for a run on their institutions.

If politicians and establishment economists really wanted to 'stop' money laundering, and the funding of drug cartels or terrorism, then all they would need to do is shutdown or nationalize the banks themselves for they are the ones who are committing this avenue of crime.  But since the West has almost completely merged into a fascist state, where governments and corporations act as one in their own common interests, then that leaves the people who have done nothing wrong to become their scapegoats, and this means that their agenda is really dedicated towards taking away our money so that they can take their fraud and theft to even greater and higher levels.

Tuesday, March 14, 2017

Idaho follows Arizona this month in voting to eliminate state taxes on gold and silver purchases

With the growing expectations of a possible collapse in the dollar and other fiat currencies thanks to the nation's $20 trillion in debt, and the upcoming debate over increasing the debt ceiling, the Idaho legislature on March 14 voted overwhelmingly to eliminate capital gains and sales taxes on the buying and selling of gold and silver.

In a vote of 56-13, Idaho's legislative body joins that of Arizona who last week also voted to remove state taxation from the Constitutional monetary metals, and systematically declared that gold and silver are no longer simply commodities, but actual legal tender.

By an overwhelming 56-13 margin, the Idaho House of Representatives today voted to end all Idaho taxation on precious metals, e.g. gold and silver coins and bars. 
Bill sponsor Representative Mike Moyle (R) and the entire Republican caucus voted for the measure. If the Republican-controlled Idaho Senate follows suit and Governor Butch Otter (R) signs the bill, Idaho citizens will better be able to use gold and silver as a form of savings which protects against ongoing devaluation of America’s currency. 
Backed by the Sound Money Defense League, Idaho Freedom Foundation, Money Metals Exchange, and grassroots activists, HB 206 expands Idaho’s existing sales tax exemption to end Idaho income taxation of sales of “precious metals bullion” and “monetized bullion.” - Money Metals

Friday, March 10, 2017

The Live Free or Die state of New Hampshire looking at passing bill to de-regulate Bitcoin

Out of all the states in the Union, New Hampshire has long been known as the Northern rebel to the Federalization of the country that came following the end of the Civil War.  And with a state of motto of 'Live free or die', pockets of capitalists and anarcho-capitalists have flourished in New Hampshire as the state's laissez-faire mindset has allowed for more economic freedom than most.

So perhaps it is not surprising that the locale that was one of the original 'primordial soups' around the world for Bitcoin expansion is now pushing through legislation that would completely de-regulate the crypto-currency, and in essence promote its use in banking, commerce, and peer-to-peer financial transactions.

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HB 436 was introduced, drafted and proposed by Keith Ammon, Barbara Biggie and John Hunt, who are early adopters and supporters of Bitcoin. In fact, Keith Ammon introduced many people to Bitcoin as early as May 2011, when Bitcoin wasn’t legal. 
Hunt played an important role in getting the bill passed by the House of Representatives, as he brought the bill out of committee, defended it with Ammon and ultimately convinced the House to pass the bill. Ammon is particularly dedicated to passing the bill in the state of New Hampshire due to his involvement with the New Hampshire Liberty Alliance, a nonpartisan coalition formed to increase individual freedom. 
One of the main arguments presented by Hunt and Ammon when defending the bill was that if the US government doesn’t consider Bitcoin as legal tender, it shouldn’t fall under the regulatory guidance designed for money transmission services or products. The bill read
“‘Virtual currency’” means a digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but does not have legal tender status as recognized by the United States government.” 
If the bill is passed by the Senate within 60 days, or two months, New Hampshire residents will be able to utilize Bitcoin without being subjected to tight money transmission regulations or policies. While it is still unclear if this would allow businesses to refrain from collecting user identity and data for KYC regulations and AML purposes, it will grant users in New Hampshire financial freedom and privacy. - Coin Telegraph

Monday, March 6, 2017

Ron Paul to speak to Arizona legislature to help push through bill to make gold and silver legal tender

On Wednesday March 8, former Congressman and Audit the Fed champion Ron Paul will be speaking to the Arizona Senate Finance Committee regarding Bill HB2014, and the benefits of making gold and silver legal tender in the state.

HB2014 encompasses two key components regarding gold and silver.  First, it recognizes the metals as legal tender in accordance with the Constitution of the United States, and second it would remove any state capital gains taxes on the sale of these metals, making it easier for Arizonan's to begin the process of using gold and silver as money now, or in the near future.

Image result for ron paul gold standard
Audit the Fed is not the only focus of the growing anti-Fed movement. For example, this Wednesday the Arizona Senate Finance and Rules Committees will consider legislation (HB 2014) officially defining gold, silver, and other precious metals as legal tender. The bill also exempts transactions in precious metals from state capital gains taxes, thus ensuring that people are not punished by the taxman for rejecting Federal Reserve notes in favor of gold or silver. Since inflation increases the value of precious metals, these taxes give the government one more way to profit from the Federal Reserve’s currency debasement. 
HB 2014 is a very important and timely piece of legislation. The Federal Reserve’s failure to reignite the economy with record-low interest rates since the last crash is a sign that we may soon see the dollar’s collapse. It is therefore imperative that the law protect people’s right to use alternatives to what may soon be virtually worthless Federal Reserve notes. 
This Wednesday I will be in Arizona to help rally support for HB 2014, speaking on behalf of the bill before the Arizona Senate Finance Committee at 9:00 a.m. I will also be speaking at a rally at noon at the Arizona state capitol. I hope every supporter of sound money in the Phoenix area joins me to show their support for ending the Fed’s money monopoly. - Ron Paul Institute

Bitcoin vs. gold? How about a new crypto-currency that will be backed by gold

As the USD price of Bitcoin reached and then surpassed the USD value of gold last week, there has been a great deal of discussion over which is a better form of wealth protection to own.  In fact, both Bitcoin advocates and gold bugs alike agree at the foundation that both are better alternatives to holding one's money in fiat currencies like the dollar or euro, and in financial institutions that are only solvent because central banks have been printing money to prop them up.

But this is where the similarities end as at their core, one is no different than all sovereign based fiat currencies created and backed by nothing while the other is a physical tangible asset that has a 5000 year track record of being used as both money, and a globally recognized store of wealth.

So the questions that have to be addressed regarding the rise of Bitcoin at the present are; is Bitcoin actual money, is it a viable medium of exchange, does it function as a store of wealth, and lastly, does its volatility make it more of a speculative investment rather than a currency able to be used in all types of commerce?

Yet rather than try to argue and debate each of these points regarding the future use and acceptance of Bitcoin, what if the future of crypto-currencies was to actually back them with something tangible?  And that is exactly what is now emerging between a U.S. and Australian company as the two have created a new crypto-currency called OZcoinGold that provides all the decentralized and secure features that are intrinsic with most other forms of digital money on the Blockchain, but it is also being backed by physical gold at a ratio of 1 oz to every 100 OZcoins.


A US company, in partnership with an Australian publicly listed mining company, will launch the world's first crypto-currency backed by gold. www.ozgld.comThe launch will be at the South By Southwest (SXSW) on March 10th, 2017 in Austin, Texas. 
The creation of OZcoinGold, a crypto-currency developed on the 3rd Gen. blockchain, was conceived by CTO Joh Breytenbach when he realized that capital intensive public listed commodity and resource companies experience excessive expenses when raising capital for expansion as well as high regulatory restrictions and high loan costs. 
Further Ira stated "An advantage to the owner of OZcoinGold is that gold is purchased at the regular Gold price Benchmark, thus ignoring the Bid - Ask variation, which can be significant." 
The value proposition is that the gold mining company has a proven reserve of 600,000 ounces of gold under the international geocode which is sufficient as a security over any financial instrument. Further "assayed reserves" are estimated at more than 10 million ounces of gold. The mine has given OZcoinGold security over 100,000 ounces of this gold reserve. 
The OZcoinGold is issued in the ratio of 100 OZcoinGold per one ounce of 24 karat gold. So each ounce of Gold backs one hundred OZcoinGold coins. - Yahoo Finance

Wednesday, March 1, 2017

World's largest retailer Walmart pushing customers towards eliminating use of cash in their stores

As governments around the world mull over, or actually start to implement the elimination of physical cash, the world's largest retailer Walmart is now jumping onto this bandwagon.

In a new initiative announced on Feb. 28, the retail giant updated their mobile app with a new feature meant to entice customers to perform their pharmaceutical and money changing activities online, with the carrot incentive of no longer having to wait in line to fill out their documentation or to pay for these services.

Image result for walmart cashless
Walmart yesterday launched a new initiative in its drive towards zero-cash at its stores. 
The world's largest retailer has added a new feature to its mobile app, which would allow its pharmacy and money services customers to beat long queues, The Street reported.
Whether it was about refilling a prescription or wiring money, all tasks could be done without paperwork and checking prescriptions before stepping into the store, the report said. 
Walmart said while customers would still need to visit the store to pick up prescriptions and verify payments made through money services, express lanes would be set up to cut waiting times to as little as 40 seconds as against six to 11 minutes at present.
The app and express lanes would be introduced at 1,200 locations in March,  and extended to 4,700 US stores by the fall. - Domain B
In 2016 Walmart introduced an app called Walmart Pay in which customers would no longer need to use physical cash, or even receive a physical receipt when checking out as they would pay and document their purchases completely on their smartphones.

While cashless retail shopping is not widespread in the U.S. at this time, a growing number of countries in Europe are nearly 100% cashless, with many of their own retailers no longer even accepting physical cash as payment for items or services.

Tuesday, February 28, 2017

After years of vilifying Bitcoin, now the Mainstream Media sees it as a savior for China's monetary system

First they ignore you, then they laugh at you, then they fight you, then you win.  These were the words of a famous revolutionary who used non-violent protest as the means to overthrow the British Empire from its hold over India.

Now in 2017 there is another revolution going on that is for the future of the world's money.  And where even as recently as three years ago the mainstream establishment media was both scoffing at and vilifying the advent of crypto-currencies and those who embraced them, on Feb. 27 that same mainstream media is now hailing Bitcoin as the potential savior for the monetary system of the world's second largest economy.

China’s new bank regulator, Guo Shuqing, is by all reports the reformer the second-biggest economy desperately needs. His 17 months as stock market watchdog served up so many directives so rapidly that traders called him “Whirlwind Guo.” 
He arrives on the banking scene at a moment when China’s financial system is in a whirl of its own. The immediate challenge - murky, debt-laden banks threatening China’s economic outlook - is well known. But a longer-term threat, an existential one, is landing along with Guo: a Chinese government version of Bitcoin that makes you wonder if the nation will even need banks in 10 years. 
In creating its own cryptocurrency, Beijing is taking the whole if-you-can’t-beat-them-join-them concept to new heights. Earlier this month, the People’s Bank of China sent shockwaves through Bitcoin circles by halting withdrawals and bringing the heads of cryptocurrency exchanges in for a good talking-to. Then last week, the PBoC announced it’s going digital in a big way. As China mints its own block-chain medium, will it ban Bitcoin transactions? Given the tight correlation between zigs in the yuan and zags in Bitcoin values, the PBoC’s entry could be a game changer - and not necessarily for the worse. - Barron's

Sunday, February 26, 2017

State of Idaho joins Utah and Arizona in forging legislation to recognize gold and silver as money

Earlier this year, the states of Utah and Arizona both proposed legislation to eliminate state taxes on the buying and selling of gold and silver in a first step initiative to have them once again recognized as money and legal tender.  Now on Feb. 24 we can add the state of Idaho to the mix as the growing trend towards returning to sound money is starting to pick of steam.

A bill introduced in the Idaho House would eliminate state capital gains taxes on gold and silver specie, and encourage its use as currency. Final approval of the legislation would help undermine the Federal Reserve’s monopoly on money. 
House Majority Leader Mike Moyle introduced House Bill 206 (H206) on Feb. 23. The legislation would amend Idaho revenue statutes, providing “that capital gains and losses on precious metals bullion and monetized bullion sales be added to or subtracted from Idaho taxable income.” 
The Framers of our nation established that gold and silver are money, but federal taxing authorities in recent decades have required taxpayers to pay taxes on this form of money when its exchange for Federal Reserve Notes results in nominal capital “gains.” 
Similar to a bill recently passed by Arizona’s state House, Idaho H206 is a pure and tax neutral proposal. That’s because both precious metals gains (income) and losses are backed out of the calculation of one’s Idaho taxable income.   While HB206’s passage will have little fiscal impact as to Idaho tax revenues, it will have a larger impact on Idahoans’ freedoms. 
Enjoying the backing of the Sound Money Defense League, the Idaho Freedom Foundation, and Money Metals Exchange (an Idaho-based national precious metals dealer), the Idaho proposal seeks to correct the misclassification of precious metals by the IRS as “property” rather than money.  It is only because of this misclassification in the first place that precious metals income and losses are included in the federal adjusted gross income number that flows through to the taxpayer’s Idaho tax return. - Tenth Amendment Center

Saturday, February 25, 2017

As Bitcoin and gold converge at $1250, which asset is the best to buy with your money?

On Friday Feb. 24 we saw the price of gold end the week over $1250, and bitcoin near its own all-time high of nearly $1230 begging the question of which asset of the two is the best to buy if you have the money.

Followers of either gold or bitcoin have strong arguments both for and against each asset, while there are also a number of investors who are in favor of owning both as a means of wealth protection.  However, if an individual only had $1250 to spend on one or the other, what parameters would separate the two to make one stand out more than the other.


Bitcoin has the potential for much bigger growth, and in this it acts as both a form of currency and type of investment.  But Bitcoin relies upon many factors such as widespread public acceptance to function in commerce, and the hope that governments do not criminalize the crypto-currency as being a threat to their monetary systems.

Additionally however, Bitcoin is completely portable and transferable, and can be taken across borders without anyone having knowledge of its existence.

But perhaps it's biggest failing is that it is not tangible in the physical sense, and has as much emotional value to an individual as their plastic debit card, or even as poker chips do while gambling in a casino.

Live New York Gold Chart [Kitco Inc.]

Gold on the other hand has a history stretching back to the beginning of mankind, and has been both money and a store of wealth of over 5000 years.  And while it is much more difficult to store in larger quantities than Bitcoin, and much more difficult to transfer across borders and customs than if someone simply carried a pen drive with them in their carry-on luggage, gold is easily the most recognizable form of money and could be used for commerce in just about every city, nation, or village on the planet.

As fiat currencies show their age and their accelerating decline in value, assets like gold and Bitcoin will both reign as strong alternatives for people to transfer their wealth into for the distant future.  And the question of which one to choose will become a real issue in the days ahead now that both have reached virtual equilibrium in both price and desirability.