Another Step Forward for Sound Money: Location Picked for Texas Gold Depository

The Texas Bullion Depository took a step closer becoming operational earlier this month when officials announced the location of the new facility. The creation of a state bullion depository in Texas represents a power shift away from the federal government to the state, and it provides a blueprint that could ultimately end the Federal Reserve’s monopoly on money.
Gov. Greg Abbot signed legislation creating the state gold bullion and precious metal depository in June of 2015. The facility will not only provide a secure place for individuals, business, cities, counties, government agencies and even other countries to store gold and other precious metals, the law also creates a mechanism to facilitate the everyday use of gold and silver in business transactions. In short, a person will be able to deposit gold or silver in the depository and pay other people through electronic means or checks – in sound money.
Earlier this summer, Texas Comptroller Glenn Hegar announced Austin-based Lone Star Tangible Assets will build and operate the Texas Bullion Depository. On Nov. 3, the company announced it will construct the facility in the city of Leander, located about 30 miles northwest of Austin. According to the Community Impact Newspaper, the Leander City Council has approved an economic development agreement with Lone Star. Construction of the depository is expected to begin in early 2018. Lone Star officials say it will take about a year to complete construction of the 60,000-square-foot secure facility located on a 10-acre campus.

This post was published at Schiffgold on NOVEMBER 16, 2017.

Thompson Reuters GFMS Outlook: Gold Above $1,400 in 2018

Analysts at Thomson Reuters expect the price of gold to push back over $1,300 and then continue to rise above $1,400 through next year, primarily driven by overvalued stock markets, according to the GFMS Gold Survey 2017 Q3 Update and Outlook.
Gold briefly broke through the key $1,300 level in late August. Safe-haven buying served as a key driver, as heated rhetoric between the US and North Korea was at a peak late last summer. But gold fell back below $1,300 and has traded within a tight range over the last few weeks as investors mull future Federal Reserve moves and the impact of GOP tax reform – if Congress can get it done. Lackluster investment demand in the West, particularly North America, has also led to a supply surplus.
Thompson Reuters analysts say the initial push above $1,300 was an overextension of the price at the time, and they call the drop back below that level ‘a healthy correction for the price that has formed a base for a more sustainable move above $1,300 later this year.’

This post was published at Schiffgold on NOVEMBER 16, 2017.

Deepening Crisis In Hyper-inflationary Venezuela and Zimbabwe

– Deepening Crisis In Hyper-inflationary Venezuela and Zimbabwe
– Real inflation in Zimbabwe is 313 percent annually and 112 percent on a monthly basis
– Venezuela’s new 100,000-bolivar note is worth less oday thehan USD 2.50
– Maduro announces plans to eliminate all physical cash
– Gold rises in response to ongoing crises
***
A military coup-de-grace in Zimbabwe and a bankrupt Venezuela. Both countries have extreme hyperinflation, citizens are starving and basic medical treatment is near impossible to find. These are the real world problems 47.5 million people are currently facing.
Presidents Robert Mugabe and Nicolas Maduro both deny the crises in their respective countries. For Maduro it is the media propagating false truths. In Zimbabwe the response to hyperinflation has been to declare it illegal.
Both countries are in the media spotlight after a significant week that has left one man powerless and another scrambling to restore faith in his bankrupt country.

This post was published at Gold Core on November 16, 2017.

NOV 15/A ANOTHER RAID ON GOLD AND SILVER: GOLD DOWN $5.15 AND SILVER DOWN 10 CENTS/MARKETS IN ASIA CRUMBLE WHICH SET THE MOOD FOR EUROPE AND THE DOW/THE ALL IMPORTANT CPI SHOWS CONSIDERABLE ADVAN…

GOLD: $1277.7 DOWN $5.15
Silver: $16.98 DOWN 10 cents
Closing access prices:
Gold $1278.30
silver: $17.01`
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: $1289.94 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1281.20
PREMIUM FIRST FIX: $9.39
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SECOND SHANGHAI GOLD FIX: $1292.56
NY GOLD PRICE AT THE EXACT SAME TIME: $1282.40
Premium of Shanghai 2nd fix/NY:$10.16
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LONDON FIRST GOLD FIX: 5:30 am est $1285.70
NY PRICING AT THE EXACT SAME TIME: $1285.70
LONDON SECOND GOLD FIX 10 AM: $1282.20
NY PRICING AT THE EXACT SAME TIME. 1282.60
For comex gold:
NOVEMBER/
NOTICES FILINGS TODAY FOR OCT CONTRACT MONTH:0 NOTICE(S) FOR nil OZ.
TOTAL NOTICES SO FAR: 991 FOR 99,100 OZ (3.082TONNES)
For silver:
NOVEMBER
2 NOTICE(S) FILED TODAY FOR
10,000 OZ/
Total number of notices filed so far this month: 874 for 4,370,000 oz
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Bitcoin: BID $7121 OFFER /$7145 up $532.00 (MORNING)
BITCOIN : BID $7257 OFFER: $7282 // UP $668.00(CLOSING)

This post was published at Harvey Organ Blog on November 15, 2017.

SegWit2x’s Failure Confirms Bitcoin’s Status As Digital Gold

When 10,000 Bitcoins were used to buy two pizzas, the digital currency was a truly decentralized peer-to-peer payment network that operated across the globe instantly.
Today, the price has risen nearly a million-fold, but the network is no longer quite as functional as it was back in those days.
Bitcoin still struggles with its identity, as many would like it to revolutionize money, but they are equally happy sitting on hordes of it and watching it appreciate in value faster than perhaps any other asset in history.
A single dollar invested in Bitcoin on the original Bitcoin pizza day would be worth over $3 mln today.
While upgrades have been made to Bitcoin along the way, it looks like Bitcoin is becoming less of a payment network and is instead evolving into digital gold. The failure of SegWit2x, which aimed to decrease transaction costs and improve confirmation speed, failed for a number of reasons.
Some of them were good, and some were mere straw men. But at the end of the day, one thing is clear: there is clearly no rush to increase Bitcoin’s capacity.

This post was published at Zero Hedge on Nov 15, 2017.