This post was published at BitcoinMeister
This post was published at BitcoinMeister
Once again North Korean risk is supporting gold. Today and Monday there is not much US economic data releases. One needs to look for signs of weekend profit taking in everything. Hedge funds have already taken positions for next quarter. Retail traders will take positions for the next quarter from today and till next week. I reiterate that Asian physical demand and premiums on physical will be the key to price moves. A subdued demand in Asia can result in another wave of sell off in precious metals and base metals.
Negative sentiment on bitcoins and cryptocurrencies will also prevent gold and silver from a big crash.
This post was published at GoldSeek on 22 September 2017.
The price of shares in The Swiss National Bank is up 11 days in a row, soaring 150% in the last two months.
That sounds like a ‘tulip’ bubble-like ‘fraud’…
The SNB is up over 120% in Q3 so far – more than double ‘bubble’ Bitcoin…
This post was published at Zero Hedge on Sep 22, 2017.
This week’s Outside the Box is from one of my favorite writers and analysts. Howard Marks of Oaktree Capital is simply an investing legend. He writes several ‘memos’ a year on the world of investing, and I put quotes around the word memos because they are typically longer than what you would think of as a memo. This week’s selection is reduced from the full memo, which you can see here.
(And for those who are wondering what I omitted, Howard did a long section on Bitcoin that I had to edit out. If you’re interested, click on the link above, go down about halfway, and you’ll find that section.)
Oaktree Capital, which is a $100 billion hedge fund, runs the largest distressed debt fund in the world, according to its wiki. Distressed-debt hedge funds are among my favorite investment styles. Where others see risk, great distressed investors simply say let’s lower the valuation of the asset until we take out the risk. It’s all about the market finding its own level. And the really good funds can offer some quite pleasurable investments noncorrelated to market returns. The problem is getting access to them. Oh well. More from the wiki:
This post was published at Mauldin Economics on SEPTEMBER 20, 2017.
Even some of the biggest supporters of Bitcoin and other cryptocurrencies recognize the stability of gold.
Last week was a bad week for Bitcoin. It’s price dropped significantly in the wake of a Chinese government crackdown on cryptocurrency exchanges in the country. Bitcoin’s price has recovered a bit this week, but a recent article published by The Cointelegraph still proclaimed now is a good time for gold.
Cryptocurrencies, especially Bitcoin, have flown a little too close to the sun recently, and it has seen them get burned by a few key monetary institutions, as well as governments. This attack on Bitcoin, as well as fear and speculation around other markets, could spell a good time for investment in gold. Seen as an insurance policy, gold has been a steady and safe investment for hundreds of years. As markets, beyond even the crypto market, get spooked, investors could see a safety net in the precious metal.’
The Cointelegraph article emphasized gold as a ‘safe steady investment.’
This post was published at Schiffgold on SEPTEMBER 20, 2017.
Bridgewater Associates founder Ray Dalio, the 68-year-old founder of the world’s largest hedge fund, said bitcoin is “in a bubble” during an interview on CNBC Tuesday morning, arguing that the so-called currency is too difficult to spend, and too volatile to be a useful store of value.
During the interview, Dalio argued that most investors who buy the digital currency do so with the hope of making a quick speculative profit, undermining bitcoin’s functionality as a currency.
‘There are two things that are required for a currency. The first thing is that you can transact in it, it’s a medium of exchange. The second thing is it’s a store of value. Bitcoin today…you can’t spend it very easily.
In terms of a storehold of wealth, it’s not an effective storehold of wealth because it has volatility to it. Unlike gold, let’s say, which reflects the value of money, its more stable than the value of money, bitcoin is a highly speculative market.’
This post was published at Zero Hedge on Sep 19, 2017.
Gold is down over 1% this morning, extending recent weakness to 3-week lows on the basis that the world didn’t end (and the debt ceiling was extended) we presume. Notably, both USDJPY and Bitcoin are mirroring the precious metal’s move…
It seems gold’s stop-run over the election night highs prompted the reversal…
This post was published at Zero Hedge on Sep 18, 2017.
Previously, we have discussed the issue of a currency’s backing. From comments and emails, we realize this topic could use a bit more illumination. And there are some related concepts that should be addressed at the same time.
Let’s start with an analogy, the engineering concepts of accuracy and precision. These related words are oft-confused, but not the same thing. The former refers to how close a measurement gets to reality, and the latter refers the repeatability of the measurement. If you put 1kg mass on a scale and it says 1.9501kg it is not accurate. However, if you do it again and again, and it consistently reads 1.9501kg it is precise.
There are three concepts pertaining to a currency: fiat, irredeemable, and unbacked. Let’s compare and contrast the dollar and bitcoin with respect to each.
Fiat means law or force. It is a government decree. Obviously, the dollar is fiat and bitcoin is not. No one mistakes this, but confusion comes from substituting fiat for the other related concepts.
Irredeemable means the currency is not redeemable. You cannot present the currency to its issuer, and demand that he take back his currency and hand over a fixed amount of gold. This amount is the size of the deposit. No one would hand an ounce or a ton of gold over to a bank, without a contractual obligation that the bank must return that ounce or ton. No one would agree to allow the bank to hand over a reduced amount, or to allow the bank to say ‘hey, just walk to the market down the street, sell our paper for whatever amount of gold it might be worth today.’ Both bitcoin and the dollar are irredeemable, and their value in an exchange market does not change this fact.
This post was published at GoldSeek on Monday, 18 September 2017.
– Bitcoin price action shows cryptos vulnerable to commentary and government policies
– Bitcoin falls to low of $2,980, down by $1,000 in week as China flexes muscles
– Volatility major issue: In 3 days btc fell 40% before bouncing 25% off lows
– BIS state risks of cryptos cannot yet be fully assessed and says technology still unproven
– Apple and Google developing a payment API for cryptos – may give governments full oversight
– Bitcoin and cryptos current volatility and exposure to governments underlines gold’s safe haven status
Even for bitcoin last week was an eventful week. The price hit a recent low of $2,980, falling 40% and recovering by nearly 25% in the space of three days.
Last week was a good example of the vulnerabilities in the cryptocurrency space to government announcements regarding the infrastructure the ecosystem.
This last year has seen unprecedented progress and development in the bitcoin and crypto arena. From the price reaching new highs to an explosion in Initial Coin Offerings.
The fall in price by over $1,000 should serve as a reminder that markets will stumble when they try to run before they can walk. As much as early adopters like to declare bitcoin the new currency and declare is true safe haven, the last week has shown that gold is a far better long-term safe haven.
This post was published at Gold Core on September 18, 2017.
Since the warning about Cryptos was posted on the site over a week ago, entitled The Cryptocrash and Gold, Cryptos have plunged about 30% and more still if you factor in overnight losses, not helped of course by the expected development of China banning them. So now what? – is this the start of the bursting of this monstrous bubble?
It could be – looking at the 6-month chart for the Bitcoin Investment Trust, which serves as a Bitcoin proxy, we can see that the volume pattern around this latest peak definitely looks negative compared to that around the last peak back in June, with modest volume on the rally and heavy volume on the decline this month.
This post was published at Clive Maund on September 15, 2017.
GOLD: $1325.65 UP $1.15
Silver: $17.77 DOWN 2 CENT(S)
Closing access prices:
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
SHANGHAI FIRST GOLD FIX: $1328.81 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1321.40
PREMIUM FIRST FIX: $7.41
SECOND SHANGHAI GOLD FIX: $1323.20
NY GOLD PRICE AT THE EXACT SAME TIME: $1321.30
Premium of Shanghai 2nd fix/NY:$4.82
LONDON FIRST GOLD FIX: 5:30 am est $1323.20
NY PRICING AT THE EXACT SAME TIME: $1322.85
LONDON SECOND GOLD FIX 10 AM: $1324.55
NY PRICING AT THE EXACT SAME TIME. 1325.25
For comex gold:
NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 0 NOTICE(S) FOR nil OZ.
TOTAL NOTICES SO FAR: 54 FOR 5400 OZ (0.1679 TONNES)
355 NOTICES FILED TODAY FOR
Total number of notices filed so far this month: 5,253 for 26,265,000 oz
This post was published at Harvey Organ Blog on September 14, 2017.
Just keep buying iPhones ‘Murica…
Nasdaq underperformed intraday thanks to APPL’s disappointing move, but ripped back into the close – S&P, Dow, and Nasdaq at record highs, (even with Dow hit by MCD and AAPL)
This post was published at Zero Hedge on Sep 12, 2017.