Monday, August 3, 2020

Texas Bullion Depository Open for Business; Sets the Stage to Challenge Federal Government’s Monopoly on Money

by Peter Schiff, Schiff Gold:

The Texas Bullion Depository officially opened for business this week. The creation of the facility represents a power-shift away from the federal government and sets the foundation to undermine the Federal Reserve’s monopoly on money.

Countries that stockpile gold create a foundation of stability for their monetary systems. This is precisely why China, Russia, Turkey and several over countries are increasing their gold holdings. But it’s not just countries looking to gold to provide political clout and economic power. Texas recently laid the groundwork for its own gold depository. The reason? To wrest some economic power from the Federal Reserve by bringing some monetary autonomy to the Lone Star State.

Worth How Much? FIFA World Cup Trophy Is Beautiful Plus It’s Made With Lots Of 18K Gold

0

from Silver Doctors:

Some trophies are worth a lot of fiat currency, but the FIFA World Cup trophy is on an entirely different level. Here’s the details…

So the 2018 FIFA World Cup gets underway in Russia this week.

Team U.S.A will not be competing, having been eliminated by Trinidad & Tobago last October.

Granted, that’s probably a good thing, you know, with all the Russian spying, hacking, collusion, and all the other evil things that Russia does that forces our Treasury Department to levy sanctions on Russia so much so that we can’t even keep up.

Just One of Those Things

by Hugo Salinas Price, Plata:

“It was just one of those things” – Cole Porter

Take a look at this graph:

(The graph says, in Spanish, “Evolution of the human population”, and it only goes up as far as 6 billion humans; the world’s humans number about 7.3 billion today).

COMEX EFP Use Continues To Surge – Craig Hemke- (12/06/2018)

by Craig Hemke, Sprott Money:

Back in April, we first reported upon the surge in the use of “Exchanges For Physical” on the COMEX. We thought we should provide an update today.

As a refresher, here’s a link to the first report from eight weeks ago:

Recently, it was reported that Chris Powell of the Gold Anti-Trust Action Committee (GATA) had requested action and an investigation into this process from the U.S. Comptroller of the Currency, Joseph Otting. Below is a link to Chris’ letter, but note that Chris reports he has yet to receive any acknowledgment from the Comptroller’s office. This, despite the fact that the letter was dated five weeks ago!

Countries Around The World Have Begun Pulling Their Gold From US Vaults

0

by Alex Deluce, Gold Telegraph:

The United States of America is beginning to lose its reserve currency dominance. Countries around the world are working to find ways to circumvent the US dollar when it comes to trade and settlement. In addition to that, nations are requesting for their gold holdings stored overseas to return home.

Turkey has been the latest country to request their gold as they pulled 220 tons of gold out of the US Federal Reserve system on April 19, 2018. The countries 220 tons of gold is valued at $25.3 billion. Turkey has followed countries such as:

GOLD DOWN $4.70 TO $1295.60/SILVER DOWN 5 CENTS TO $16.86

by Harvey Organ, Harvey Organ Blog:

TRUMP AND KIM SIGN FIRST PHASE OF AN AGREEMENT HEADING TOWARDS DENUCLEARIZATION

GOLD: $1295.60 DOWN $4.70 (COMEX TO COMEX CLOSINGS)

Silver: $16.86 DOWN 5 CENTS (COMEX TO COMEX CLOSINGS)

Mongolia Wants More Gold

by Peter Schiff, Schiff Gold:

Mongolia wants more gold.

Last week, the Bank of Mongolia launched a campaign dubbed the “National Gold to the Fund of Treasuries.” The goal of the five-month campaign is to encourage miners and individuals to sell gold to the central bank, along with commercial banks, in order to increase their gold reserves.

The Bank of Mongolia has been buying gold since the beginning of the year. It purchased over 3.2 tons of the yellow metal in the first four months of 2018, according to Xinhua News. That represents an 8% increase over the same period in 2017.

When Will Gold’s “Summer Doldrums” End? History Says Pretty Soon

by John Rubino, Dollar Collapse:

This has been a uniquely boring stretch for gold and silver – especially considering all the things going on in the world that ought to light a fire under precious metals. In just the past few weeks, the US started a global trade war, Italy elected a populist government, emerging markets descended into yet another crisis, and inflation has risen from the dead – all of which would be expected to spook normal financial markets and send capital pouring into safe havens. But not this time, which leaves precious metals under the control of seasonal factors that have over the years generated the “sell in May and go away” rule-of-thumb.

So when do the summer doldrums end? Based on recent history, December is a pretty good bet. The arrows on the following chart mark the beginning of each year since 2014. Note how gold’s price frequently starts moving up either then or a few weeks before, in early December. This seasonal strength is due to Asian buying in anticipation of weddings and harvests, and though you’d think traders would anticipate – and therefore cancel – the cycle’s impact, it still seems to operate.

Common Sense Physics

by Keith Weiner, Monetary Metals:

One idea—let’s call it common sense physics—is that a force is pushing you outward into the door. If you picture the center of the circle that the car is making in its turn, there is an apparent radial force on you. The direction of this force is outward. It is called centrifugal force.

Or suppose you fill a jar with water and mixed soil sediments. You put it into a machine that spins it rapidly, with the lid facing inwards toward the center. After the machine spins for a while, you stop it and remove the jar. The heavier particles are at the bottom of the jar. Above them are the slightly less heavy, and so on, to the lightest. The water is at the top. This experiment confirms the idea. Something apparently pushes the heaviest particles farthest out from the center. Centrifugal force.

In any group of people who have not studied physics, this view is entirely uncontroversial. Indeed nearly everyone who hasn’t studied physics would agree with what we wrote above.

Sovereign Money Referendum: A Swiss Awakening to Fractional-Reserve Banking?

by Ronan Manly, BullionStar:

On Sunday 10 June 2018, Switzerland’s electorate voted on a referendum calling for the country’s commercial banks to be banned from creating money. In a country world-famous for its banking industry, this was quite an interesting turn of events.

Known as the Sovereign Money Initiative or ‘Vollgeld’, the referendum was brought to the Swiss electorate in the form of a ‘Popular Initiative‘. The Sovereign Money referendum proposed that commercial banks in Switzerland should no longer be allowed to create money out of thin air as they currently do, and that in future only the Swiss central bank should have the power to create money. Sovereign money as a concept refers to money issued or created by a State or central bank.

WHY HARRY DENT’S $400 FORECAST FOR GOLD IS WRONG…. Price Is Heading Up Much Higher

by Steve St. Angelo, SRSRocco Report:

Harry Dent has been making the rounds suggesting that for gold to get back to its pre-bubble price, it would need to fall to $400 or $450. If we were to believe Mr. Dent, then it would be bad news for gold investors. However, Harry Dent’s gold price forecast is quite faulty because he fails to consider the most critical factor.

Harry Dent has become well-known on the internet for his $750 gold price forecast. He bases a low gold price upon what he calls “The end of the Commodity Super-Cycle.” Dent sees nothing but massive deflation ahead. Thus this will cause the gold price to fall along with all commodities.

Gold May Surprise To The Upside Soon

by Dave Kranzler, Investment Research Dynamics:

The market sentiment toward the precious metals is quite negative. Additionally, gold and silver are fighting both the ongoing official price-management, which seems to have intensified over the last 12 months, and the rising dollar. The rise in the dollar is technical in nature – certainly it’s not based on U.S. systemic fundamentals. The current financial and economic environment, both here and globally, is very similar to the late 2007-mid-2008 environment. Remarkably, the financial roadside bombs planted and getting ready explode are more numerous and contain more powerful explosives than the ones that detonated in 2008.