gold

Trump ‘Loves’ Negative Rates and ‘Could Get Used to’ Them, Criticizes Fed at World Economic Forum, China Trade Deal

24/01/2020 by Idelto Editor

U.S. President Donald Trump spoke at the World Economic Forum in Davos, Switzerland Tuesday saying the U.S. and other nations are “forced to compete … with nations that are getting negative rates, something very new.” Trump took direct shots at the U.S. Federal Reserve, claiming they’ve not lowered rates quickly enough. The harsh words echo remarks made just last week during the “phase-one” China trade deal signing ceremony, where the president stated he doesn’t know “where the hell it leads” but that negative interest rates such as implemented in Germany and Japan are “incredible.”

Also Read: Maduro Opens International Crypto Casino

Trump Enamored by Minus Signs

During his speech at the World Economic Forum in Davos, Switzerland, President Trump lamented the U.S. being unable to keep up with countries like Germany and Japan which have negative interest rate policies (NIRP). “[Other nations are] forced to compete, and we compete, with nations that are getting negative rates, something very new,” the president remarked during a half-hour speech at the event. He went on:

Meaning they get paid to borrow money, something that I could get used to very quickly. Love that. Gotta pay back your loan? No. How much am I getting?

Though Trump assured the audience that the “time for skepticism is over,” and cited flows of labor and industry back into the U.S. — going on for almost half an hour detailing the many ostensible achievements of his administration — the flowery language was tempered by talk of negative rates and the U.S. Federal Reserve. “The Fed has raised rates too fast, and lowered them too slowly,” Trump asserted.

More Verbal Jabs During China Trade Deal Signing Last Week

Trump made similar remarks during the signing ceremony for the phase-one trade deal with China on January 15. Admitting he doesn’t know “where the hell it leads,” but nonetheless advocating negative rates, he stated:

It bothers me when Germany and other countries are getting paid to borrow money … They get paid, I love this, this concept is incredible. Again, you don’t know where the hell it leads, but you borrow money and when you have to pay it back, they pay you. This is one that I like very much.

In the speech the president was noticeably unable to grok the NIRP system, musing aloud why anyone would give out loans at a loss, but nonetheless lent strong verbal credence to the practice, much like his pro-NIRP counterparts at the European Central Bank.

Non-Conservative Views on Monetary Policy

In one sense, the president’s lamentations about high rates in the U.S. are not surprising, given a growing global trend toward and beyond the zero bound. However, aiming for sub-zero sovereign bond yields such as those seen in Japan and Germany seems to some like a race to the bottom, where no bottom may be in sight.

Trump’s views are mirrored by those of European Central Bank (ECB) president Christine Lagarde, who stated in October that “We should be happier to have a job than to have our savings protected.” Of course many strongly disagree with both Lagarde and Trump, and are looking to find safety in assets like gold and crypto, often perceived to be more economically sound than fiat money. In the context of stagnating and uncertain economic climates like those in Trump’s model nations of Germany and Japan, it seems everyday individuals are not as in love with the idea of NIRP as the world’s so-called leaders.

What are your thoughts on Trump’s position regarding the Fed and negative interest rate policy? Let us know in the comments section below.

Image credits: Shutterstock, Evan El-Amin, fair use.

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Online Bullion Marketplace Onegold Sees $50 Million in Crypto Payments

13/01/2020 by Idelto Editor

On January 13, the online bullion marketplace Onegold announced the launch of a new mobile application so customers can buy, sell or redeem precious metals at any time. Since 2018, Onegold has accepted cryptocurrencies like BCH and BTC and the firm currently gives customers a 2% discount for paying with cryptocurrencies. According to Bitpay, Onegold has seen $50 million worth of crypto payments since supporting digital assets, which represents 10% of the firm’s yearly revenue.

Also Read: Close to 11 Million BTC Haven’t Moved in Over a Year

Onegold Sees $50 Million in Crypto Payments Since December 2018

In December 2018, news.Bitcoin.com reported on the Apmex and Sprott owned online bullion marketplace Onegold accepting cryptocurrencies via Bitpay. At the time, Bitpay’s chief commercial officer Sonny Singh said that Bitpay and Apmex have worked together for years and when they launched Onegold, the Atlanta firm was “ready to help them accept bitcoin and bitcoin cash.” Since then, Bitpay claims cryptocurrencies have represented 10% of the firm’s online revenue and Onegold has processed $50 million in digital currency transactions.

Essentially, Onegold provides a service where users can fund their accounts to purchase gold and silver, as transactions are independently verified and the company uses top-tier vaulting partners. For instance, the company claims its digital silver and gold products are fully allocated and physical metals are kept safe at the Royal Canadian Mint. Onegold clients can redeem their digital silver and gold products at any time through Apmex. The gold or silver credits from Onegold can be exchanged for physical coins, bars or rounds.

At the time of publication, Onegold also offers 2% off orders if people pay with cryptocurrencies via Bitpay. Since it uses the payment processor, Onegold supports BCH, BTC, ETH, and the various stablecoins Bitpay accepts. Additionally, on January 13, Onegold announced the launch of a new application that will make it easier to buy, sell, and redeem precious metals. According to the announcement, the new platform is available for Android and iOS mobile devices and the marketplace is open 24/7. “This mobile app will further enable our mission to ensure wealth preservation is conveniently available to everyone at the lowest possible total cost of ownership available on the market today,” explained Ken Lewis, Chief Executive Officer at Onegold on Monday.

Dollar-Cost Average the Price of Gold and Silver Over Time

Precious metals markets have seen increased activity in 2019 and on January 8, 2020 gold prices surged past the $1,600 per ounce mark after Iran allegedly fired rockets at U.S. occupied Iraqi bases. One Troy ounce of .999 precious gold touched $1,605.80 on global spot markets that day. So far, precious metals and digital assets have seen significant gains after the domino effect of war games between American forces and Iranians.

Onegold isn’t the only online operation that sells precious metals (PMs) for cryptocurrencies as there’s a variety of crypto-accepting providers. News.Bitcoin.com’s Kai Sedgwick recently reported on how to use cryptocurrencies in order to invest in gold. For instance, the well known gold bug Peter Schiff often tweets about how much he dislikes bitcoin but Schiffgold.com accepts BCH and BTC for PM purchases.

The report also discusses platforms like Kinesis, Currency.com, and the digital currency Digix gold token (DGT). People can also leverage companies like Goldsilver, Suisse Gold, Silvergoldbull, Apmex, JM Bullion, Roberts & Roberts, Bitgild, Vaultoro, Goldmoney, SDBullion.com, and Money Metals to purchase PMs with cryptos. Onegold’s announcement claims the new application features transparent pricing “with no hidden fees.”

The Apmex owned subsidiary believes the mobile application will make it easier for PM investors to dollar-cost average their safe-haven assets. “Onegold is an ideal resource for people who would like to passively save weekly, monthly or quarterly and dollar-cost average the price of gold and silver over time,” the company’s announcement emphasizes. Onegold stresses that with the mobile app, customers can take possession of the physical bullion at any time as Apmex will deliver the products using priority mail.

What do you think about Onegold’s new application for iOS and Android smartphones? What do you think about the $50 million the company raked in from cryptocurrency payments? Let us know what you think about this topic in the comments section below.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither Bitcoin.com nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Image credits via Shutterstock, Wiki Commons, Fair Use, Onegold.com, the Apple App Store, and Pixabay.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Federal Reserve Considers Creating a Separate Entity for Cash Injections

08/01/2020 by Idelto Editor

While American President Donald Trump wages war with Iran, the U.S. Federal Reserve has continued to inject fresh capital into the hands of private banks by giving them $100 billion in overnight and 14-day repos on Tuesday. The same day, Rabobank strategist Philip Marey predicted the central bank will reduce interest rates to zero in 2020. Additionally, former Fed researchers believe the central bank needs to create a “standing repo facility” so private financial institutions can convert securities into fresh fiat reserves whenever they please.

Also Read: Money and Democracy: Why You Never Get to Vote on the Most Important Part of Society

Federal Reserve Injects Another $100 Billion Into the Hands of Commercial Banks, While Analyst Believe Interest Rates Will Be Slashed to Zero

At the moment, most of the world is focused on the escalated tensions between America and Iran. Since the Iranian leader Qassem Soleimani was droned by American forces, safe-haven assets – precious metals like gold, oil, and cryptocurrencies have jumped in value significantly. Following Soleimani’s funeral, Iran launched a few missiles which further escalated tensions between the two countries. Meanwhile, as people pay attention to war games, the U.S. Federal Reserve has been stimulating a wide variety of private banks’ liquidity like there’s no tomorrow. Every time emergency repo operations take place, the New York Fed cites a significant demand for liquidity and a lack of cash reserves. Private banks and bond dealers have continued to pledge their treasuries as collateral for cash nearly every few days for the last four months.

On January 7, the Fed pumped close to $100 billion into the hands of smaller financial institutions by leveraging $63.9 billion in overnight repos and $35 billion for 14-day repos. So far, since September 2019, the Fed has managed to stimulate private banks with trillions by using repo processes and slashing interest rates with a number of monetary easing practices. The Fed is not the only central bank playing the fiat roulette game, as a majority of global central planners are following the Fed’s patterns. Since the first week of November 2019, more than 37 central banks worldwide participated in stimulus and easing schemes. The Fed has cut interest rates a few times since September, but now the entity acts as if it’s reluctant to cut rates again. However, Rabobank executive Philip Marey believes the Fed will drop the interest rate hammer to zero by the year’s end. Moreover, members of the Fed believe the monthly schedule of repos is not enough to appease the faltering U.S. economy.

Creating a Standing Repo Facility So Banks Can Convert Securities for Cash Any Time They Want

While other central banks discuss controversial easing topics like ‘helicopter money,’ former members of the Fed have different ideas. During the last quarter of 2019, it was quite noticeable that the Fed increased monetary interventions a great deal. During a meeting held on December 10 and 11, Fed officials discussed the implementation of a standing repo facility. The facility would be another arm of the U.S. monetary system by allowing banks and bond dealers to swap securities for cash whenever they are in need. “Among the topics mentioned was the potential role of a standing repo facility in an ample-reserves regime, the setting of administered rates, and the composition of the Federal Reserve’s holdings of Treasury securities over the longer run,” explains the Federal Open Market Committee’s transcript. Because a standing repo facility is non-existent, the Fed announces repo offerings every month so dealers can get advance notice.

Following the Fed discussion about a standing repo facility, former New York Fed chair William Dudley also wrote about the subject in an opinion column. Dudley’s editorial basically says the Fed needs to galvanize a monetary easing scheme in the form of a standing repo. The essay noted that the autumn rate spike “reflects the difficulty in forecasting the demand for reserves given the changes.” Dudley stressed:

[The Fed] should create a standing repo facility that is open to a broad set of counterparties confined to Treasury and agency mortgage-backed securities collateral. Such a facility would effectively cap repo rates. It would also address the potential problem of the Fed providing liquidity to primary dealers but primary dealers not lending the funds to other market participants that might need short-term repo financing.

The Everlasting Conundrum: Who Owns the Fed?

The standing repo facility would let borrowers convert securities quickly and whenever they want. Markets Insider columnist Ben Winck notes that JP Morgan analysts would love to see this type of facility implemented. For decades now, the Federal Reserve board members have always claimed that the Fed system is “not ‘owned’ by anyone.” However, the reason JP Morgan analysts like the Fed’s monetary easing policy is because they control the Fed to a degree. Stockholders have controlled the consortium of modern central banking since its inception during the 17th century. Despite what the NY Fed writes, the entity is owned and controlled by the 12 Federal Reserve Banks that serve specific regions within the country. The 12 banks based in San Francisco, Kansas City, Missouri, Richmond, Boston, New York, Philadelphia, Cleveland, Atlanta, Chicago, St. Louis, Minneapolis, and Dallas sell shares to thrifts and commercial banks residing in the district.

The same financial families involved with the ‘money trust’ (House of Morgan) still control today’s most powerful commercial banks. The same banking families leverage a portion of command of each Fed branch as well. For instance, in 1983 the NY Fed’s top stockholders included Citibank, Chase Manhattan, Morgan Guaranty Trust, and Bankers Trust Company. As of November 2019, the largest shareowners (same families) of the NY Fed include JP Morgan Chase, Citigroup, Goldman Sachs, Morgan Stanley, and Bank of New York Mellon. Throughout other regions of the country, commercial banks control other Fed branches like Bank of America is a giant stockholder in Richmond, State Street has mega shares in Boston, and Wells Fargo runs the biggest game with the Fed in San Francisco. It’s almost as if the 12 branches of the Fed are already acting as separate standing repo facilities and the Fed wants to divert attention elsewhere.

What are your thoughts in regards to the $100 billion injected into the hands of thrifts and commercial banks yesterday while Donald Trump wages war with Iran? What do you think about Rabobank Philip Marey’s prediction about interest rates being cut to zero? What do you think about the concept of a standing repo facility so banks can convert securities into cash whenever they please? Let us know what you think about the central bank’s monetary schemes in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons, Fair Use, and Twitter.

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Central Bank Gold Hoarding Hits 50-Year High

30/12/2019 by Idelto Editor

While dozens of the world’s economic leaders participate in extreme monetary easing policy, central banks have also been hoarding gold. Central banks accumulated over 668 tons in gold purchases this year, which is more than 2018’s record numbers. In fact, the key drivers in gold demand this year stemmed from central bank purchases, most of which were bought (390 tons) during the first two quarters of 2019.

Also Read: Germans Rush to Buy Gold as Draft Bill Threatens to Restrict Purchases

Central Bank Gold Purchases in 2019 Surpass Last Year’s 50-Year Milestone

During the last few months of 2019, economists have been warning of worldwide economic calamity. Moreover, at least 37 developed central banks have participated in significant monetary easing practices like large scale overnight repos and slashing interest rates. Every time one of the banks cuts a nation’s interest rate or fuels the country’s private banks with stimulus, they cite a weak economy, lack of liquidity, and rising inflation. However, most people don’t know that while central planners are toying with the global economy, they’re also purchasing gold in mass quantity. Despite gold bug Peter Schiff’s recent opinion, BTC prices outshined gold gains this year. Still, gold had a very good year touching an all-time high at $1,542 per ounce and gained more than 10% this year. One of the biggest reasons for gold’s significant rise was due to central bank purchases.

In 2018, gold touched a 50-year record, as far as central bank demand for the precious metal is concerned. Data shows that 2019’s gold purchases are up 17 tons more than the 651.5 metric tons purchased the previous year. Some of the biggest central bank gold purchases this year came from places like Kazakhstan, Russia, and Turkey. A variety of newer gold buyers also appeared in 2019, surprising a few economists. For example, in February, the Reserve Bank of India increased buying by 40 tons and the country hadn’t increased in over a decade. Poland increased gold purchases as well, seeing a 25% rise year-over-year (YoY) with an increase of 25 tons. In 2019, Hungary bought more gold than it has in the last 30 years. A number of market observers have different opinions on why the world’s central banks are stockpiling gold reserves. Investment Analyst Sebastian Sienkiewicz believes it’s because gold is a reliable safe-haven asset.

“Central Banks’ gold purchases are on track to set a 50-year high,” Sienkiewicz tweeted. “Main Reasons? [It’s a] safe-haven asset, reserves/portfolio effective diversification, gold’s ability to improve risk-adjusted returns, [and it’s] valuable collateral.”

Gold is already becoming a growing portion of central banks’ reserves. While the dollar still predominates, official gold holdings are up, in part because of politics, as with Russia dumping dollars to protest U.S…. https://t.co/YiFibSeeFp

— peter lutrario (@peterlutrario2) December 29, 2019

Private and Domestic Demand for Gold Rises While Germany Drops Limit to Buy Gold Anonymously

Independent commodity and former Macquarie Group analyst, Matthew Turner, explained on December 2, in a private note to investors, that despite slowing numbers toward the end of the year, 2019’s gold demand was invoked by central banks. Turner noted that China and Russia reduced their purchases slightly, which did impact data to a degree. The analyst said that countries like Russia are trying to spur “domestic producers to export their gold.” Turner also noted an oddity when he explained that China skipped out on purchasing gold during the month of October.

“It is too soon to know whether October’s zero purchases marks another cessation of buying or is a temporary pause,” Turner wrote. “One explanation could be the high price, which might make the case for switching into gold harder to explain. But it’s worth remembering that the pace of buying in 1H 2019 was unprecedented, and current rates are still quite positive,” he added. Despite Russia trying to spur gold export sales, countries like Germany have created new regulations that stifle retail gold purchases. Regional reports disclose that “From January 1, 2020, the limit to buy gold anonymously drops from €10,000 down to €2,000. In 2017, the limit to purchase the precious metal anonymously in Germany was €15,000.”

The central banks of many countries along “The New Silk Roads” have been net buyers of gold in recent years.

— Eric Di Benedetto (@ericdibenedetto) December 29, 2019

The Manipulated Stock Market Is Partying Like It’s 1999

In addition to the central banks’ current gold hoarding, the U.S. and global stock markets have been in an extreme bubble. On December 26, market analyst, Holger Zschaepitz tweeted about Nasdaq hitting a new milestone. “Party like it’s 1999,” said Zschaepitz. “Nasdaq hits 9,000 for the first time in the year-end rally — Now up 36% [year-to-date].” Bitcoin commentator Gabor Gurbacs replied to Zschaepitz’s tweet and said: “This is the case for Bitcoin and gold in one chart.” Gurbacs added:

Central banks and other financial market occultists destroyed honest markets and valuations. Younger generations are deprived of the opportunity to participate at a reasonable price — Sandcastles can’t hold up forever.

Commoners are not privy to the reasons why central banks are hoarding gold, but a number of individuals think it might be because the current stock market rally will end badly, and soon. Last year, the World Gold Council (WGC) explained why the central bank gold purchasing continues to surpass the highest volume on record. The report highlights the biggest reasons why central banks stockpile gold is because of “gold’s role as a safe haven asset and an effective portfolio diversifier.”

If i look where the smart money went this year i see gold. Even central banks bought more than ever before (over 550 ton).
Central banks know what is coming.
Only thing with gold is that it is difficult to send it for payments. https://t.co/0aeec33eoV

— Electroneum Belgium. (@ElectroneumBel1) December 29, 2019

Interestingly WGC’s research also said: “[central banks] manage gold the same as other reserves, but it is often excluded from their portfolio optimisation.” This means while these financial giants hand out lower rates, negative rates, and encourage borrowing, they are betting on gold against all the risks they created. The shell game will soon be up and the general public may realize the central planners’ band-aids are severely depleted.

What do you think about the central bank gold hoarding hitting a 50-year high in 2019? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, concepts, content, goods or services mentioned in this article.

Image credits: Shutterstock, Pixabay, Twitter, Bloomberg Intelligence, Fair Use, Wiki Commons, Holger Zschaepitz, and the World Gold Council.

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Germans Rush to Buy Gold as Draft Bill Threatens to Restrict Purchases

27/12/2019 by Idelto Editor

Germans Rush to Buy Gold as Draft Bill Restricts Purchases

Reports have emerged depicting long lines in front of a physical gold sales location in Germany, in view of pending legislation which would once again lower the anonymous purchase limit, this time from €10,000 to €2,000. The last drop happened in 2017 when the limit was set at €15,000. A draft bill from the German finance ministry is being pointed to as the reason for the change, which is scheduled to take effect from Jan. 10, 2020.

Also Read: Someone Redeemed a 100 BTC Casascius Bar Worth Over $700K

Germans Rush to Buy Gold

In a tweet posted Wednesday, precious metals consultant and analyst Dan Popescu shared a picture of a long line of people waiting in front of “Degussa store to buy gold in Köln.” Popescu described, “From Jan. 1, 2020, the limit to buy gold anonymously drops from €10,000 down to €2,000. Only two years ago the limit was €15,000.” One user posted his own photo and replied “This is me line at Degussa in 23rd. The employees said they haven’t seen anything like it before.” To give an idea of the relatively small amount of gold €2,000 (~$2,224) can buy, even a 50g gold bar is currently too expensive.

Germans are queuing at Degussa store to buy #gold in Köln. From Jan. 1, 2020, the limit to buy gold anonymously drops from €10,000 down to €2,000. Only two years ago the limit was €15,000. pic.twitter.com/vhuZTBPA0Y

— 🇪🇺 🇲🇨🇨🇭Dan Popescu 🇫🇷🇮🇹🇷🇴 (@PopescuCo) December 24, 2019

After the new legislation takes effect, reports from German media state that purchases of the precious metal over €2,000 will now require customer identification for buyers, including criminal background checks for businesses. The news outlet details:

If a dealer suspects, he must report his potential customer to the authorities. If a trader fails to adequately comply with these obligations, he may face severe fines.

If given final approval, the German draft bill designed to implement EU guidelines as laid out in the anti-money laundering directive AMLD5, will take effect on Jan. 10. This is the stated deadline for member states to implement legislation accommodative of the directive.

Residents of the country appear to be very concerned about the impending limitation, as the European Central Bank (ECB) continues to draw fire for its controversial economic polices such as negative interest rates. Also for newly installed ECB President Christine Lagarde’s recent criticism of perceived German conservatism. Skeptical reactions were voiced on Reddit as well, with one user stating:

They don’t want normal people to bank run their scam paper. Gold and hard assets is how you protect yourself from inflation. They want to know every single person that tries to get out of their cage.

Germans Rush to Buy Gold as Draft Bill Threatens to Restrict Purchases — Gold prices in Germany at press time. Source: http://www.livepriceofgold.com/germany-gold-price-per-gram.html

The Far Reaching Arm of AMLD5

As news.Bitcoin.com previously reported, the 5th EU anti-money laundering directive has big implications for holders of crypto and crypto businesses. Its impending policies have already squeezed some out of the industry, at least temporarily, but crypto is far from the only area that will be affected.

Per the legislation, non-transparent assets, accounts, and even private safety deposit boxes will now be subject to state information gathering by law. Gold is a bastion for private value storage, so the stricter limits come as no surprise. AMLD5 focuses on combating the financing of terrorism (CFT) and preventing money laundering (AML), but given the state of economic affairs in the EU, skeptics maintain the new laws are part of a larger bid to establish financial control and force users to remain stuck in a faltering system.

The fact that the ECB is now also in development of its own digital currency system amplifies these concerns, as one of the last remaining escapes from bank-imposed negative interest rates is to hold paper cash privately. With central bank digital currencies (CBDCs), negative rates can be applied directly to the asset, effectively closing this escape route.

Gold is thus seen as one of the final hedges against irresponsible government policy, and the proposed new limits on the precious metal will leave residents of Germany with even fewer options. The encroaching ECB and German policies have many on social media suggesting permissionless cryptocurrencies, which can be traded privately, as a means to hedge against the growing surveillance state.

What are your thoughts on the draft bill’s limitations for anonymous gold purchases in Germany? Let us know in the comments section below.

Image credits: Shutterstock, fair use.

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