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Leonid Bershidsky: Authoritarian cryptocurrencies are coming

Tue, 10/17/2017 - 11:34

By Leonid Bershidsky
Bloomberg News
Tuesday, October 17, 2017

With Russia and China both embracing the idea of sovereign cryptocurrencies, it's time to ask a simple question: Why is a technology threatening to decentralize money so attractive to highly centralized, authoritarian regimes?

Last weekend Argumenti i Fakti, a pro-government newspaper, quoted Russian Communication Minister Nikolai Nikiforov as saying President Vladimir Putin had ordered the swift launching of a "crypto-ruble." According to the report, Nikiforov said the currency would use "Russian cryptography" and would be impossible to "mine" like bitcoin because it would be "a closed model with a definite volume of regulated emission." This follows statements by Central Bank Governor Elvira Nabiullina and Finance Minister Anton Siluanov, who stressed the need for the Russian state to bring cryptocurrency emission and use under control.

... Dispatch continues below ...


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Nikidforov's vague description of the crypto-ruble sounds similar to recent unofficial Chinese proposals. Yao Qian, deputy director of the People's Bank of China's technology division, has discussed a central bank-issued electronic currency for which commercial banks would administer "wallets." Other Chinese officials and state-affiliated researchers have also echoed the idea.

To those who believe bitcoin's main innovation is the exclusion of a central authority -- a peer-to-peer system in which transactions are validated by "miners" -- the interest of China and Russia is baffling. But those governments aren't looking to give up control to the blockchain. On the contrary, they are trying to figure out how to lower the cost for a centralized issuer to control everything that's going on in the financial system. ...

... For the remainder of the report:

https://www.bloomberg.com/view/articles/2017-10-17/authoritarian-cryptoc...

* * *

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Wednesday-Saturday, October 25-28, 2017
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Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

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Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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To contribute to GATA, please visit:

http://www.gata.org/node/16

Gold options trading begins in India

Tue, 10/17/2017 - 11:15

There's never enough gold derivatives.

* * *

MCX Launches Commodity Options Trading with Gold on Dhanteras

From The Times of India, Mumbai
Monday, October 17, 2017

NEW DELHI -- Finance minister Arun Jaitley today launched an options contract in gold on the Multi Commodity Exchange (MCX) on the auspicious occasion of Dhanteras.

Options are an instrument that give the buyer a right to buy or sell at a present price on a future date. They are of two types: calls (right to buy) and puts (right to sell). According to market experts, options are also a much better hedging instrument as compared to futures for hedgers.

A gold option contract, with 1-kilogram futures as underlying and expiring on November 28, 2017, and January 29, 2018, are made available for trading from today.

Saurabh Chandra, chairman of MCX said: "The launch denotes one of the most significant reform measures since modern commodity derivatives trading started 14 years ago. There has been a very conscious effort by the government and the Securities and Exchange Board of India to develop and integrate commodity markets in a phased manner. We are encouraged by the support and the approach, marked with a great degree of pragmatism. The introduction of options gives a strong impetus toward systematic development and transformation of commodity derivatives market in India, ushering in a new era in price risk management in response to stakeholder expectations." ...

... For the remainder of the report:

https://economictimes.indiatimes.com/markets/stocks/news/mcx-launches-in...

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clients for the upcoming 'Everything Bubble'

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We have helped thousands of clients in buying and selling bullion, arranging segregated and offshore storage, establishing precious metals IRAs, and obtaining certified precious metals appraisals. We provide security to our clients with our Bullion Authenticity Guarantee. We recommend that you read our article "How to Avoid Bullion Counterfeits":

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Fisher Precious Metals is your full-service precious metals investment partner for life. Please call us at 1-800-390-8576 or visit us here:

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New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

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Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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To contribute to GATA, please visit:

http://www.gata.org/node/16

Time to sell? Goldman Sachs says gold is better than bitcoin as money

Tue, 10/17/2017 - 11:06

By Ranjeetha Pakiam
Bloomberg News
Tuesday, October 17, 2017

Gold wins out over cryptocurrencies when assessed on the majority of the key characteristics of money, according to Goldman Sachs Group Inc., which adds that fear and wealth are the core drivers of bullion.

"Precious metals remain a relevant asset class in modern portfolios, despite their lack of yield," analysts including Jeffrey Currie and Michael Hinds wrote. "They are neither a historic accident or a relic."

Looking at properties such as durability and intrinsic value, they are still relevant even with new materials discovered and new assets emerging, such as cryptocurrencies, they said. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2017-10-17/goldman-says-gold-bea...

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New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
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Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Ronan Manly: Neck and neck -- Russian and Chinese official gold reserves

Mon, 10/16/2017 - 14:04

1:03p ET Monday, October 16, 2017

Dear Friend of GATA and Gold:

Gold researcher Ronan Manly today wonders whether in coming months China will let Russia overtake it in officially disclosed gold reserves. Manly acknowledges that the gold reserves of both countries probably exceed what they report. Manly's commentary is headlined "Neck and Neck: Russian and Chinese Official Gold Reserves" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/neck-neck-russian-chinese-...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

China proposes to buy 5 percent of Saudi Aramco directly, sources tell Reuters

Mon, 10/16/2017 - 12:11

By Rania El Gamal and Alex Lawler
Reuters
Monday, October 16, 2017

China is offering to buy up to 5 percent of Saudi Aramco directly, sources said, a move that could give Saudi Arabia the flexibility to consider various options for its plan to float the world's biggest oil producer on the stock market.

Chinese state-owned oil companies PetroChina and Sinopec have written to Saudi Aramco in recent weeks to express an interest in a direct deal, industry sources told Reuters. The companies are part of a state-run consortium including China's sovereign wealth fund, the sources say. ...

... For the remainder of the report:

http://www.reuters.com/article/us-saudi-aramco-ipo-china-exclusive/exclu...

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New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Russia's 'cryptorubles' won't be very crypto at all

Sun, 10/15/2017 - 16:50

This report evokes the old joke about how there were only two television stations in the Soviet Union: Channel 1, with government programming, and Channel 2, where a KGB agent told viewers to turn back to Channel 1.

* * *

Russia to issue 'cryptoruble'

By Jon Buck
The Coin Telegraph
Sunday, October 15, 2017

Russian President Vladimir Putin has officially stated that Russia will issue its own "cryptoruble." He spoke at a closed-door meeting in Moscow, according to local news sources. The news broke through Minister of Communications Nikolay Nikiforov.

According to that official, the state-issued cryptocurrency cannot be mined and will be issued, controlled, and maintained only by the authorities. The cryptorubles can be exchanged for regular rubles at any time, though if the holder is unable to explain where the cryptorubles came from, a 13-percent tax will be levied. The same tax will be applied to any earned difference between the price of the purchase of the token and the price of the sale. Nikiforov said. ...

... For the remainder of the report:

https://cointelegraph.com/news/breaking-russia-issuing-cryptoruble

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New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
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http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

GATA Chairman Murphy interviewed by GoldSeek Radio

Sun, 10/15/2017 - 11:57

10:56a ET Sunday, October 15, 2017

Dear Friend of GATA and Gold:

Interviewed by GoldSeek Radio's Chris Waltzek, GATA Chairman Bill Murphy discusses the underperformance of gold and silver relative to bitcoin, which, he says, in an indication of suppression by governments. They also discuss China's plans for gold. The interview is 10 minutes long and begins at the 36:40 mark at GoldSeek Radio here:

http://news.goldseek.com/radio/1508097780.php

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Koos Jansen: The gold-backed oil-yuan futures contract myth

Sun, 10/15/2017 - 11:06

10:06a ET Sunday, October 15, 2017

Dear Friend of GATA and Gold:

Gold researcher and Chinese gold market expert Koos Jansen today argues that the Nikkei Asian Review's September 1 report asserting that China is planning an oil futures contract somehow "backed" by gold --

https://asia.nikkei.com/Markets/Commodities/China-sees-new-world-order-w...

-- is full of holes.

Jansen writes:

"China hasn't announced anything but an oil-yuan futures contract. Gold has nothing to do with it.

... Dispatch continues below ...


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"Yuan can technically be spent on gold at the Shanghai Gold Exchange but gold in the Chinese domestic market (the Shanghai Gold Exchange system) is not allowed to be exported. Gold from the Shanghai Gold Exchange International is allowed to be exported but is bought in the international market via yuan with U.S. dollars.

"Foreign enterprises, like oil producers, cannot hedge gold on the Shanghai Futures Exchange. The Shanghai Futures Exchange is not open for international customers. There is only a spot-deferred product listed on the Shanghai Gold Exchange, which is comparable to a futures contract, through which foreign enterprises can hedge gold in yuan. But why would oil producers buy gold and subsequently hedge the metal in yuan? Their end position would be merely exposure to the price of yuan. Why then not buy a yuan-denominated bond with an interest rate? Or hold gold without the hedge?"

Jansen's analysis is headlined "The Gold-Backed Oil-Yuan Futures Contract Myth" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/the-gold-backed-oil-yuan-f...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

London's gold crown is slipping

Sun, 10/15/2017 - 10:27

By Eddie Van Der Walt and Susanne Barton
Bloomberg News
Sunday, October 15, 2017

London is losing its Midas touch.

New rules from regulators, on top of uncertainties over the U.K.'s future relationship with the European Union, are denting the city's position as the biggest center for gold trading in the world. The changes threaten to push up costs, a key competitive advantage of London's over-the-counter market.

Even before the regulations come in, the average net daily volume of gold settled by London Precious Metals Clearing Ltd. fell 12 percent in two months to 18.5 million ounces in August. In New York, the British capital's biggest rival, trading in gold contracts jumped more than 25 percent in the third quarter from the previous three months, with activity during European hours surging 32 percent.

... Dispatch continues below ...


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As a family-owned business, we strive to help you assess your wealth-protection goals and overall investment objectives. From the new precious metals buyer to the seasoned bullion investor, we are here to help you with a no-pressure, confidential consultation. Rest assured that everyone in our firm owns physical precious metals and no one is compensated via commission -- period.

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That's as traders scratch their heads over how changes to EU rules over reporting of transactions, known as MiFID II, and capital requirements under the so-called Basel III framework will affect their costs in London, where deals are mainly off exchange.

That reduces London's advantage over New York, where gold is traded via derivatives on the Comex Exchange, perhaps encouraging some to reconsider where they place deals. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2017-10-15/london-s-gold-crown-s...

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

The Economist: The internationalization of China's currency has stalled

Sat, 10/14/2017 - 18:17

From The Economist, London
Saturday, October 13, 2017

On October 18 President Xi Jinping will preside in Beijing over the most important political event in five years. At the Communist Party's 19th congress much will be made of the triumphs achieved in nearly four decades of reform and opening up. So expect a glossing over of one part of that process where progress has largely stalled: the “internationalisation” of China's currency, the yuan.

This seems odd. Just a year ago the yuan became the fifth currency in the basket that forms the IMF's Special Drawing Right. This marked, in the words of Zhou Xiaochuan, China's central-bank governor, in a recent interview with Caijing, a financial magazine, "historic progress." Symbolically, China's monetary system had been awarded the IMF's seal of approval. A further boost to prestige was the announcement in June this year that some Chinese shares would be included in two stockmarket benchmarks from MSCI.

... Dispatch continues below ...


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Yet the yuan's international reach has in fact fallen in the past two years. It has regained its ranking as the world's fifth most active for international payments, after slipping to sixth in 2016. But its share of this market has slipped from 2.8 percent in August 2015 to 1.9 percent now.

Use of the yuan in global bond markets over this period has fallen by half, as companies have instead raised funds within China. In Hong Kong, the largest offshore market, yuan deposits have plunged by 47 percent from their peak in December 2014. Of the foreign-exchange reserves held by the world's governments, just 1.1 percent are in yuan, compared with 64 percent for the dollar. ...

... For the remainder of the commentary:

https://www.economist.com/news/finance-and-economics/21730200-and-forthc...

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Is Britain ready to go cashless? UK heads toward abolishing physical money

Sat, 10/14/2017 - 17:26

By Laura Suter, Richard Dyson, and Sophie Christie
The Telegraph, London
Saturday, October 14, 2017

The replacement of the forgery-prone old 1-pound coin, supposed to be fully implemented from tomorrow night, has sparked fresh speculation about how rapidly Britain is heading toward a new epoch in the history of spending -- the outright abolition of all physical cash.

A report published this week puts Britain second in Europe and third in the world in its readiness to "go cashless." Only Canada and Sweden are closer than Britain to abandoning notes and coins, the report found.

... Dispatch continues below ...


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The data was based on a mix of metrics including the number of payment cards used per person, the proportion of those which are "contactless," and the rate at which contactless transactions were growing. It reflected the findings of a similar report by Imperial College London, which put Britain in fourth place -- after Finland, the United States, and Singapore.

While in some countries, including Sweden, the authorities have openly supported a move toward a cashless economy, some think that in Britain it will come about because of consumer and business preferences. ...

... For the remainder of the report:

http://www.telegraph.co.uk/money/future-of-money/long-britain-goes-cashl...

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

China moves in as U.S. pulls back from global institutions

Sat, 10/14/2017 - 17:18

By Shawn Donnan
Financial Times, London
Saturday, October 14, 2017

WASHINGTON -- The prospect of a wave of "America First" protectionism and tax reform in the United States has loomed large over this week's annual meeting of the International Monetary Fund and World Bank.

Yet across dozens of public events a Trump administration that has been advertising its disregard for multilateral institutions has been largely absent.

Filling in is a China eager to assume the place of the United States as the new advocate for economic openness and international co-operation.

... Dispatch continues below ...


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Preparations and manoeuvrings ahead of next week's Communist Party Congress in Beijing prompted many senior Chinese officials to send deputies to sit in for them in Washington this week.

But they have still come in numbers and armed with a message.

"This is an important opportunity for us," Shi Yaobin, the country's deputy finance minister, told a packed room at the bank on Thursday, pointing to "profound change" under way in the world and growing questions about the future of globalisation. "No one country alone can solve all the problems we are facing now. So we have to strengthen our international co-operation. This is the only way out to solve the problems we are facing." ...

... For the remainder of the report:

https://www.ft.com/content/fcbf3ba2-afcc-11e7-aab9-abaa44b1e130

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Sputnik News: Russia stockpiles gold to guard against manipulation by U.S.

Sat, 10/14/2017 - 16:53

From Sputnik News, Moscow
Saturday, October 14, 2017

The Central Bank of Russia has recently been buying bullion at an unprecedented pace. According to Argentine financial expert Gabriel Rubinstein, this policy is aimed at protecting the Russian economy in the event of crisis situations, including against dollar-related "manipulations" by the United States.

"Countries stockpile gold for strategic and defensive reasons -- for instance, in case relations between nations are damaged and their currencies lose their value," Gabriel Rubinstein, a financial consultant and former representative of the Argentine Central Bank, told Sputnik Mundo.

If there is such a situation, according to the expert, gold reserves would be the basis for a new currency or other valuable assets in the future.

"Gold, this eternal financial resource, has a real value if compared to other financial assets. The Russian government believes that it's better to have more gold resources than dollars. Hypothetically speaking, if Russia holds tons of U.S. dollars and the United States wanted to damage Russia's economy, this would be possible through currency manipulations," Rubinstein said, adding that gold guarantees against such a scenario. ...

... For the remainder of the report:

https://sputniknews.com/analysis/201710141058226369-russia-gold-reserves...


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The psychology of gold and why it has that allure

Fri, 10/13/2017 - 11:54

By Puja Bhattacharjee
CNN, Atlanta, Georgia
Friday, October 13, 2017

When you think of the color gold, images of grandeur and extravagance are likely to come to mind.

For millennia the metal has adorned crowns and hilts of swords. It has been used to enhance paintings and ornaments to increase their value.

In some cultures, gold is a predominant feature of festivals and celebrations. In Eastern cultures, the metal is an integral part of auspicious occasions like marriages and festivals by way of gifts and sacred rituals. Gold also features heavily on the attires of brides and grooms throughout South Asia.

Humans' fascination with gold is as old as time itself. The scarce material has a certain appeal to it.

... Dispatch continues below ...


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Empires have flourished by possessing gold, wars have been fought to control regions harboring rich deposits of the metal, and treasure hunters and explorers have spent a lifetime in search of it.

But were they fascinated by the metal or its color? The two can be hard to distinguish, said Peter Oakley from the Royal College of Arts in the United Kingdom. There is crossover between gold as a material and gold as a color, he said.

"The two feed off each other. The idea of gold as a color is intimately connected with our idea of gold as a material," he explained. So, when we think of it as a color, we unconsciously relate to the precious metal -- which in turn conjures images of wealth and success. ...

... For the remainder of the report:

http://www.cnn.com/2017/10/13/health/colorscope-gold-allure/index.html

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http://london.minesandmoney.com/

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Alasdair Macleod: Oil for gold -- the real story

Fri, 10/13/2017 - 11:39

10:38a ET Friday, October 13, 2017

Dear Friend of GATA and Gold:

Developing trade in oil and gold with the yuan is part of China's careful plan to internationalize its currency and escape the political control the United States imposes on the world with the dollar, GoldMoney research director Alasdair Macleod writes today. He adds that while the plan anticipated gradual implementation, international events seem to be hastening it. Macleod's analysis is headlined "Oil for Gold -- The Real Story" and it's posted at GoldMoney here:

https://www.goldmoney.com/research/goldmoney-insights/oil-for-gold-the-r...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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Where gold trade goes if London loses its grip

Fri, 10/13/2017 - 10:28

By Eddie Van Der Walt and Ranjeetha Pakiam
Bloomberg News
Friday, October 13, 2017

London is facing challenges on multiple fronts to its centuries-old status as the place where the world trades gold.

Two U.S.-based exchanges, CME Group Inc. and Intercontinental Exchange Inc., have created new ways of buying and selling precious metals. So has the London Metal Exchange.

Trade volume in New York is rising, and China, where most of the metal ends up, is giving investors new ways to bet on gold’s price. All of this is a threat to London's over-the-counter market, historically the leading player in global trade of bullion. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2017-10-13/where-gold-trade-goes...

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Another Swiss bank won't let customer see his gold, von Greyerz tells KWN

Thu, 10/12/2017 - 15:45

2:45p ET Thursday, October 12, 2017

Dear Friend of GATA and Gold:

Swiss gold fund manager Egon von Greyerz today tells King World News that another Swiss bank has refused to let a substantial customer inspect the gold bars the bank claims to be vaulting for him. Von Greyerz reminds investors that they should not trust the banking system with their metal. His comments to KWN are posted here:

https://kingworldnews.com/breaking-another-well-known-swiss-bank-has-jus...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

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GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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Giustra's Hive switches from mining gold to bitcoin, surges six-fold

Thu, 10/12/2017 - 12:00

By Natalie Obiko Pearson and Brandon Kochkodin
Bloomberg News
Thursday, October 12, 2017

Frank Giustra, the Canadian mining maverick who amassed a fortune building what would become one of the world's largest gold companies, is digging for another kind of gold: cryptocurrencies.

The company he has backed, Vancouver-based Hive Blockchain Technologies Inc., is among the first publicly traded stocks to provide exposure to crypto mining -- the vast data crunching needed to verify the blockchain and the volatile currencies they produce like bitcoin and ether.

So far his decision to dig for data servers has paid off. Hive's shares have soared about 560 percent, giving it a market value of C$497 million ($398 million), since it took over the listing of Leeta Gold Corp. and began trading on Sept. 18. After only three days the company raised C$30 million in a share sale led by GMP Securities LP. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2017-10-12/hive-switches-from-mi...

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Mines and Money London
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London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

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GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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To contribute to GATA, please visit:

http://www.gata.org/node/16

Only central bank intervention keeps gold down, USGlobal's Frank Holmes says

Thu, 10/12/2017 - 10:56

9:55a ET Thursday, October 12, 2017

Dear Friend of GATA and Gold:

Only intervention by central banks in the gold market is keeping the monetary metal's price down, fund manager Frank Holmes of U.S. Global Investors told Daniela Cambone of Kitco News in an interview yesterday. The interview is five minutes long and can be viewed here:

http://www.kitco.com/news/video/show/Gold-Game-Film/1735/2017-10-11/Gold...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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When It Bursts, Bullion Owned in the Safest Way Will Protect Wealth

With GoldCore you can own allocated -- and most importantly -- segregated coins and bars in Switzerland, Singapore, and Hong Kong.

Switzerland, Singapore, and Hong Kong remain extremely safe jurisdictions for storing bullion. Avoid exchange-traded funds and digital gold providers where you are a price taker. Ensure that you are outright legal owner of your bullion. If you do not own segregated bullion that you can visit, inspect, and take delivery of, you are exposed.

Crucial guides to storage in Singapore and Switzerland can be read here:

http://info.goldcore.com/essential-guide-to-storing-gold-in-singapore

http://info.goldcore.com/essential-guide-to-storing-gold-in-switzerland

GoldCore does not report transactions to any authority. Safety, privacy, and confidentiality are paramount when we are entrusted with storage of our clients' precious metals.

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New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
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http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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To contribute to GATA, please visit:

http://www.gata.org/node/16

World is turning its back on the dollar, Saxo Bank FX strategist writes

Wed, 10/11/2017 - 13:06

Three Reasons the World Could Turn Its Back on the U.S. Dollar

By David Reid
CNBC, New York
Wednesday, October 11, 2017

A combination of geopolitical pressures could spark the end of the U.S. dollar as the world's reserve currency, according to the head of foreign exchange strategy at Saxo Bank.

In a quarterly outlook note titled "The World Is Turning Its Back on the Almighty Dollar," John Hardy claimed the U.S. currency was "increasingly dysfunctional" and there was an urgent need to replace it.

The currencies analyst highlighted these three geopolitical issues currently putting pressure on the dollar's status:

... Dispatch continues below ...


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"-- The ongoing rise of China as it assumes a more prominent role in global trade and financial markets and in particular how it will manage policy and unwinding the excesses of its credit bubble in the wake of the 19th Party Congress scheduled for October 2017 without upsetting its domestic economy and the global economy.

"-- The North Korean regime's striving to maintain credibility and untouchability as a nuclear power and how this impacts China-U.S. relations, but also how Japan deals with this threat in terms of domestic as well as foreign policy,

"-- The loosening of the U.S.-Europe transatlantic alliance and how Europe and the European Union find their feet as a more independent superpower -- or not -- in their own right after the German elections."

Hardy extracts "de-dollarization" as a direct theme that can be pulled from China's situation as the country looks to encourage demand for its yuan.

"China is eyeing the benefits of having its own currency play a larger role and to supplant the U.S. dollar's role in global trade," he said. "The initial focus is on the global oil trade, where it has announced the intention of buying oil in yuan and allowing trade partners to settle that yuan in gold."

Hardy said settling in gold is a clever move by Beijing as it provides oil-exporting countries with a greater degree of comfort. ...

... For the remainder of the report:

https://www.cnbc.com/2017/10/11/the-us-dollar-may-be-at-risk-as-the-glob...

* * *

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New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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To contribute to GATA, please visit:

http://www.gata.org/node/16

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