The Gold Chronicle http://goldchronicle.com Purely Gold News Thu, 03 Jan 2019 02:01:05 +0000 en-US hourly 1 https://wordpress.org/?v=5.0.3 http://goldchronicle.com/wp-content/uploads/2019/01/cropped-16.png The Gold Chronicle http://goldchronicle.com 32 32 Our Corrupt System and how a Gold-Blockchain Saves Us While Bitcoin Can’t http://goldchronicle.com/2018/10/28/how-a-gold-blockchain-can-save-us/ http://goldchronicle.com/2018/10/28/how-a-gold-blockchain-can-save-us/#respond Sun, 28 Oct 2018 04:31:17 +0000 http://thegoldchronicle.com/?p=15600
Our fiat money could never work for long.

The gold monetary system of past did not fail by fundamental design. Central bankers perverted it with paper notes and over-leveraged markets. In 1971 the government finally abandoned it due to their own overspending. The resulting fiat we have today will fail by design, it never had a chance.

credit market debt chart

Creating debt cannot slow. 2008 showed us. When creation of credit/debt stops growing, the system begins to collapse. We are at the point of no return. Either credit and debt are allowed to explode higher, resulting in hyperinflation, or the system collapses immediately.

Money cannot be baseless and printed into infinity. A central authority issuing money at will results in corruption, class disparity, and eventual hyperinflation. All of which progresses slowly and inconspicuously at first. The ending though, a total loss of faith and value, happens relatively quickly – startling quickly.

Most people are ignorant about our current financial system…they want to remain blissfully ignorant! Public education provided us with this mentality. Most were never taught a bit about how our financial system really works. As a result, most understand it to be unimportant and unnecessary. Sadly, money shouldn’t seem so complicated that no one wants to try understanding it.

The last thing anyone wants to believe is that money was designed with selfish intent by bankers to enrich themselves while enslaving everyone else. The best way to feel ultra-rich? : Destroy the middle class – make everyone else dirt poor.

Wealth may have been passed down, but instead, was destroyed by

It is well enough that the people of the nation do not unerstand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

Henry Ford on banking.

inflation. The value of our money destroyed while they printed themselves ever more as needed! Everyone should feel rich with everything we have today. Alas, we are far from that feeling – thanks to central bankers.

Everyone needs to come to terms with the facts and cast away lies meant to emotionally attach us to dollars. They have brainwashed us into thinking that without dollars the world will spiral out of control. Not true! It would be a bumpy ride, but soon after, with sound money, it will become beautiful. People will feel peaceful and happy. None of us can even imagine the greatness anymore.

Money plays an exceptional role in human happiness. Don’t be fooled by propaganda saying otherwise. You don’t need a overabundance, but just enough to meet your basic needs. Sound money will allow us to meet basic needs with exceptional ease when compared to today.

Government needs to exist. Anarchy will not sustain.

Government needing to exist is beyond the scope here. If we can agree that it does, then a foremost necessity to collect taxes is clear. Money needs to act to serve the people and government. Government and people are theoretically one in the same.

But banks are the main beneficiary of our monetary system. They are the beneficiary because they control issuance of money. Banks put themselves ahead the ordinary citizens every time.

Let’s not forget that central banks are to blame for monetary woes more so than government. Central banks have made themselves out as a proxy between government and citizens. They allow governments to borrow anything they want via unlimited printing, while citizens ultimately lose out. This is a necessary evil for the central banks, because without the governments blessing, they would stop existing. In turn, governments can overspend and in the end, place blame on the central banks and not themselves. It’s an over-complicated system meant obscure the truth and steal from the ordinary citizens.

While unlimited printing of fiat easily allows government to grow and work inefficiently, sound money will rein it in. Sound money will cut the size and scope of government remarkably.

We need government for order. Unfortunate that some governments are corrupt. A corrupted currency (as we have) begets a corrupt government in many cases. Sound money can squelch many problems right away.

A demonized one-world currency by central bankers.

Suggesting that a one-world currency results in evil globalization is a psy-op. This propaganda, brought on by central bankers, leads people to believe each country needs their own ‘unique’ money. They push the narrative because they know exactly what gold is: a one-world currency. Gold is the nemesis to fiat. Bankers will print on every last piece of paper to suppress gold in every way imaginable – foremost for altering our perception of it though media and memes.

We must rationalize for ourselves: how is a standard unit of exchange across the globe a bad thing? It’s not bad!

Further, any other system, such as we have now, is ripe for manipulation and conflict. Our complex monetary schemes allows bankers control over all of us, sowing contempt for each other. Our fractured system keeps us at odds on unfair, unfamiliar and unstable money.

The world agreeing on and accepting a single unit of exchange is not evil, contrary, it will make everything simple, fair and transparent. Having a common backing alleviates many disputes and unfair advantages or weaknesses some countries may have. Each country can still control the intricacies of money like taxes, interest rates, etc.

The world has changed in the last 100 years.

People trusted government much more in recent past. Government got away with a lot of things they shouldn’t have back then. Mainly, the central bank installation, relinquishing control over our money. Bankers infiltrated politics and established a system they could use to take control of our economic lifeblood – money. They enforced the fiat scam though war and propaganda. Anyone not conforming to the banker fiat risked permanently losing all their gold if they tried using it in fair trade.

Bad money drove out good money. That means people would rather use the bad stuff as long as it works, and keep the best aside. Once fiat was (forcibly) accepted in trade, gold quickly got stashed away, not used as money. Soon though, reality will settle when bad money lives up to its name.

America is no longer the only practical innovator and producer of goods. Our economies are more reliant on global trade than ever. The leverage and necessity of using dollars is fading. Others are coming up with alternatives to the suppression. However, dethroning the dollar will need a different system of money. Another fiat will not replace it. Gold will. A fair and distributed unit of exchange that others recognize as having eternal value.

Problems with transferring gold in the past.

Many are lead to believe that the physical transaction of gold is ridiculous, which is just more misleading propaganda gobbled up by those whom can’t think for themselves. They don’t realize how gold could easily be less burdensome than the paper we use today!

As of this writing the price of gold is $1,233/oz or ~$40/g. A 10 cent dime weighs 2.27 grams and would be worth $90, if made of gold.

A $100 bill weighs 1 g, making an equal value of gold 2-1/2 times heavier.

But now, imagine, it’s easy if you try, if gold were money…it would likely be worth at least 10 times more than today. That gold dime would be worth $900! Gold would weigh 4 times less than hundred-dollar bills! Much less burdensome in such case!

Thin strips of real gold could be placed between paper and used as money that cannot be over-printed.

Old means of digital transfer won’t work. There is no transparency or accountability. Gold could be issued ad infinitum on traditional banking networks and no one would be the wiser for some time.

There’s a better solution today…

A gold-backed blockchain eliminates potential for most problems.

Gold vaulted by government and issued as a digital blockchain currency.

Real gold coins stacked up and shining

This is how real money looks. You would be a fool to think otherwise. Bankers have spread propaganda for 100 years to influence our perception of gold.

They wouldn’t even need to allow the physical redemption of their gold! The gold simply stands as a representation of value for each issued cryptocoin. A unit of accountability and fairness. The total coin supply would always equal the total value of their vaulted gold.

No one can dispute the value of each coin as long as the physical gold reserves are proven. We know how much gold they have and how many cryptocoins exist. Transactions are transparent and the amount of cryptocurrency issued certainly can not be disputed.

There are many possible methods of using blockchain for money, explaining every option would fill a book. One might issue a strictly finite amount of tokens representing their gold, meaning as they collect more gold, the value of each token goes up. Or, they could allow themselves to issue more tokens as they need, creating an inflationary system similar to what we use today.

Sure the former, inflationary system could turn bad, but still, their unit of exchange would be based on gold, the same as the rest of the world. Issuing too many cryptocoins would be self-defeating because people would stop using the digital version wherever possible. Citizens would opt for saving in and using the physical version, which their government cannot debase. Without an honest and fair government, their economy would slow as their digital gold isn’t circulated so much.

Gold represented on blockchain means easy, fast and transparent transactions, better than it is today. Gold would lend universal value to individual cryptocurrencies. Each cryptocoin can be tailored to the specific needs of each country. Every transaction could have a variable tax added then directly deposited into a treasury account. Private and competitive blockchain miners could receive a tiny award for solving each block.

As for us spending, we could spend on a debit card just like dollars today. We wouldn’t even notice a difference in that regard. Anyone skeptical could keep real gold in their home or in a bank with insurance. No need to depend on government to hold your life savings if you don’t want. One could deposit small amounts into a bank to pay bills, or remove excess from the bank for safe storage at home.

A lot of old-time gold-bugs scoff at this digital method. They are only hindering their own investment. They should embrace the digital transfer of gold for accounting, as it is necessary in today’s world. Do they realize many things they depend on everyday requires a quick transfer of money across distance? Do they expect to ship gold coins across the country to pay for everything they buy? If they don’t embrace the digital transaction of gold, their beloved gold will never function as money.

Almost everyone is accepting of digital transfer of paper dollars! Anyone using banks, debit cards, checks, etc is using digitally transferred money. Everyone practically has to! Everyone should to push for digital gold-money. The ability to transfer it digitally – blockchain – the only transparent method! A simple digital method of transacting ownership for economic reasons.

Problems with bitcoin or any other un-backed / decentralized crypto as currency.

Technically bitcoin has intermediaries too, the miners, with an ability to alter the core code by consensus.

A single world-coin wouldn’t work just right for everyone, governments wouldn’t be able to collect tax easily or tune it to their countries specific needs. It would be too prone for abuse by more powerful and aggressive countries.

Government has little control of bitcoin. Government needs to collect taxes in an efficient way. Using bitcoin, there is no easy and consistent ability to do so. Less than honest people can hide money and transact in secret. Bitcoin is quasi anonymous, anyone keen enough can transact anonymously when desired.

Using bitcoin or similar cryptocurrencies would be worse than what we have now, fraud and theft would run rampant. It’s not so clear now, because so few hold bitcoin. Scammers and hackers don’t know exactly who to target. Imagine if everyone had bitcoin on their computer; everyone would be a target, all the time. It would be too easy for scammers.

Governments or banks can not effectively insure a totally decentralized cryptocurrency. They have little no chance to catch a thief and no opportunity to freeze accounts under suspicion of fraud or reverse transactions under court order. No one is going to watch your bitcoin and pause a million dollar transaction from your account. Each person is totally responsible for their digital money. This is not good, despite what you hear. Most people, especially the older, need a strong layer of protection. Imagine losing your whole life savings to a digital scam or malware. People as a whole cannot be expected to guard a digital life savings all themselves!

We need blockchain, one administered and protected by government. reversible transactions and freezing of accounts is not as bad as it’s made out. In some instances it is practically life-saving for honest people. It will deter and catch bad people, then make them pay rightfully. Deadbeats won’t easily skip child support, or anything else alike.

Without a centrally controlled money system, the rule of law goes out the window. Bad people, while protected by total anonymity, make an easy living preying on everyone else.

Independent government issued un-backed crypto wont work.

If governments invent their own un-backed crypto similar to bitcoin, there’s a problem. The same problem we face today. In the face of failure, there’s no shared value backing! Other countries could team up against another and somehow dispute or reject a baseless currency, sending the abstract money into intrinsic valueless. There will be nothing real to back value, no agreement among many, just a small niche trying to uphold arbitrary value. Money must have an equal base among all, be distributed world-wide, with an undisputed value from one to the next. That is a global gold standard transacted on blockchain.

Buy gold, yay!

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Digix Partners With SilverGoldBull for a Better Gold-Backed Blockchain http://goldchronicle.com/2018/10/26/digix-partners-with-silvergoldbull/ http://goldchronicle.com/2018/10/26/digix-partners-with-silvergoldbull/#respond Fri, 26 Oct 2018 02:52:21 +0000 http://thegoldchronicle.com/?p=15359

Digix, a company based in Singapore selling cryptotokens (DGX) redeemable for real gold announced a partnership with SilverGoldBull.com (SGB) today.

A mutual benefit, however, strong partnerships usually create tougher competition.

The partnership greatly increases the offering for customers of both Digix and SGB. Digix will have their metals stored in custody with Silver Gold Depository, which uses Brinks for the vaulting of precious metals. Digix customers will have more diversification of gold storage and new physical redemption locations around the world too. Until now, anyone wanting to redeem Digix gold had to do so in Singapore.

“This represents the first step in bringing traditional gold retailers into the space. This is the future, and we are excited that Silver Gold Bullion has taken this leap of faith into the crypto space with us.”

SGB, established in 2009, is one of North America’s largest physical precious metal retailers. Silver Gold Bull has a global vision focused on catering to as much of the international market as possible. SGB was an eager early adopter of cryptocurrency, first accepting BTC payments as early as 2013. Today SGB accepts Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Cash and Dash for precious metals.

“We are at a unique period within the gold and silver space and are excited for our upcoming cycle in the metals.  With the explosion in users in the crypto market, Silver Gold Bull has realized that there is a new generation of purchasers and traders that don’t necessarily want the physical redemption of our products. With this said we believe we have found the strongest partner in Digix to open up this market and develop along with our robust platform for delivery and storage of metals. Not only does Digix represent the strongest technology to partner with Silver Gold Bull but it also has management team and ownership, that align with our thinking and strategy for global roll-out of the product.”

Could gold-backed blockchain be the future of money?

Each DGX token represents 1 gram of .9999 London Bullion Market Association (LBMA) approved gold bullion. There is a second token by Digix named DGD. DGD has a 1,000,000 token hard-cap and is the governance token for DGX. You can learn more about Digix in our gold-backed blockchain directory.

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Ancient and Early Modern History of Gold http://goldchronicle.com/2018/10/20/history-of-gold/ http://goldchronicle.com/2018/10/20/history-of-gold/#respond Sat, 20 Oct 2018 14:26:46 +0000 http://thegoldchronicle.com/?p=14902  

King Tuts Golden Mask

Boy-king Tutankhamen of ancient Egypt was enshrined in three gold coffins. The third and final coffin was made of 243 pounds (110 kilograms) of solid gold. Inside, his finery continued with this gold mask inlaid with lapis lazuli and colored glass.

 Admiration of gold predates history. The earliest known history of gold is of a golden treasure dating c. 4600 BC. One of the earliest known Egyptian maps, the Turin Papyrus Map, shows detailed plans for a gold mine. The Aztecs regarded gold as the product of the gods, calling it literally “gods excrement”. Civilizations from every corner of the world clearly made great connections with their gods and gold. Today the world is full of gold symbolism: ‘golden years’, ‘good as gold’, ‘golden rule’, ‘golden age ‘ and ‘gold standard’. Put simply, gold symbolizes greatness throughout all human history.

Lydia struck the first gold coins around 600 B.C. The coins were stamped of a gold and silver mixture known as electrum. A standardized money system undoubtedly helped in the success of Lydia. Around this time Greece consisted of more than two thousand city-states, most of which eventually issued their own coins. Coins usually had a portrait of their patron god or goddess on one side and a symbol of the city on the other. There were also often inscriptions, usually the name of the issuing city. Traders spread these coins across a vast area including Egypt, Afghanistan and India. Soon after, those kingdoms began to produce their own coins. Eventually the issuing coins with portraits of living kings came to practice. The use of commemorative coins to celebrate a victory or achievement also became prevalent. In an age without newspapers, it was an ideal way to convey a political message. Such coins are still being discovered today. Ancient coins are within the reach of even ordinary collectors.

Roman Gold coins

Ancient Roman coin under the rule of Julius Caesar. Mint of Rome, struck by A. Hirtius, 46 BC. Obverse: Veiled head facing right. Reverse: Lituus, jug and axe.

Coinage was later established by the Roman government c. 300 B.C. Roman adoption of coinage was most likely cultural. Rome had no pressing economic need, but they wanted to emulate Greek culture. Coins had a silver content of 95%-98% by decree of Caesar Augustus in 15 B.C, but these coins endured much change in composition over time. The persistent change was inflationary debasement. Rome choose debasement of coinage in the face of government overspending. As time progressed, trade deficit with other countries grew larger. The import of grains and other commodities led to a currency drainage from Rome. The silver content of a Roman denarius fell to only 2% by the time the Roman Empire ultimately fell.

solid gold warrior figure

The Spanish conquistadors had little concern for ornaments they found in South America. As a tragic result, much of the gold was melted down. Some treasures are still excavated from ancient graves even today, to give us a glimpse of the way it was.

Christopher Columbus’ discovery of America in 1492 sparked an unprecedented wave of exploration. The Spaniards were pioneers of exploration in the New World, particularly South America. During this time Spaniards were deeply religious. Their objective was to spread Christianity among the inhabitants of the Americas. Such the endeavor was costly indeed. From their earliest interactions with Caribbean inhabitants, they knew that gold large quantities of gold existed, especially in the mainland. King Ferdinand instructed New World colonists to get gold first humanely, and if not, at all hazards. First the Caribbean islands, Cuba and Puerto Rico were targeted. The gold was taken away from the islands at a rate of about 1 ton per year for nearly 30 years before the resource was exhausted. A new flow of precious metals from the American mainland began around this time. Hernando Cortez conquered the Aztecs of Mexico and King Montezuma freely gave the emperor’s treasure to the conquistadors. The richest of all American civilizations, the Incas, lead by King Atahualpa, was the last known gold horde to be stolen. King Atahualpa was ultimately captured, and in an effort to secure his release, promised to completely fill his jail cell with gold. This ransom was paid with over 6 tons of gold and 13 tons of silver, but still, the king was killed. The Spaniards thirst for gold drove them through dense South American jungles in search for more, leading to many more explorations. Almost nothing was left of the Inca civilizations after the conquest by the Spanish, as culture was not as significant as gold to the new conquerors. It is estimated that 500 billion dollars worth of gold and silver were shipped from the Americas using 2015 prices.

United States 100,000 gold cert.

A gold certificate issued by the Treasurer of the United states against an equal amount of gold bullion held by the Department of the Treasury. The bills were intended for transactions between Federal Reserve Banks and no examples were ever put into public circulation. Technically it is still legal tender but only a few exist in the hands of government. Private ownership of a legitimate bill is illegal.

There are many instances of fallen empires, kings and dynasties throughout history. Usually the lack of, or careless use of gold and silver play a major, if not complete role in the eventual collapse. Reserve currencies come and go. International currencies in the past have included the Greek drachma, the Roman denarius, the Byzantine solidus, Islamic dinar of the middle-ages, the Venetian ducato during the Renaissance, the 17th century Dutch guilder, and more recently, The French franc during the Revolution and Napoleonic wars, then the British pound. By 1922 the British Empire ruled over 450 million people, which was one-fifth of the world’s population and a quarter of the total land area at the time. By the Second World War, the British Empire was practically bankrupt. The US provided funding to Britain at the time, however, it was only after the Bretton Woods Conference in 1945 that the US dollar would officially become the world reserve currency.

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IAMGOLD Makes Investment in Emergent Technology Blockchain http://goldchronicle.com/2018/10/18/iamgold-emergent-technology-blockchain/ http://goldchronicle.com/2018/10/18/iamgold-emergent-technology-blockchain/#respond Thu, 18 Oct 2018 21:53:26 +0000 http://thegoldchronicle.com/?p=14884

IAMGOLD Corporation (“IAMGOLD” or the “Company”) today announced that it has made a strategic investment in Emergent Technology Holdings LP (“EmTech”), a financial technology company that uses blockchain technology to track the provenance of responsibly sourced gold.

IAMGOLD joins partners that include Sprott Inc., Valcambi sa and Yamana Gold Inc., in investing in EmTech’s innovative gold supply chain and digital token platform. EmTech’s Responsible Gold™ supply chain application is the only blockchain solution that automates the tracking of responsibly sourced gold from origin to vault. This gold is digitized into G-Coin™ tokens, which are digital certificates of title to responsibly sourced gold. G-Coin tokens can be bought as investments, moved easily to transfer wealth or make payments, and are redeemable for physical gold.

EmTech’s G-Coin tokens are the foundation for a liquid, digital gold trading market. EmTech’s proprietary blockchain technology reduces the operational expenses associated with gold tracking and trading and improves the security and transparency over traditional supply chain and trading platforms.

“We are thrilled to be an early investor in Emergent Technology,” said Steve Letwin, President and CEO of IAMGOLD. “Innovation is a key aspect of the industry’s modernized operating model, and as miners we must begin thinking more strategically to stay sustainable and profitable in the future. By placing us at the forefront of an exciting new blockchain-based ecosystem, this investment will allow IAMGOLD to unlock new value by revolutionizing provenance and efficiency and providing greater transparency in the supply chain. EmTech also brings a unique opportunity for the gold sector to collaborate and further contribute to the improvement of socioeconomic and humanitarian conditions in jurisdictions where precious metals are mined. We look forward to working with like-minded peers for the betterment of the gold mining industry and taking control of our destiny by bringing gold into the digital age.”

“We welcome IAMGOLD’s support of Emergent Technology and the Responsible Gold ecosystem. Together with our partners, we are improving the integrity of the gold supply chain,” said Matthew Keen, EmTech’s Managing Director, Responsible Gold Trading. “Investors and fabricators are increasingly demanding ethically sourced gold from miners and refiners. Our proprietary blockchain technology supports their efforts by providing an immutable and irrefutable record of provenance and chain of custody. For the first time, ethically minded investors can trade G-Coin tokens to access gold’s classic portfolio diversification attributes.”

IAMGOLD’s partnership with EmTech presents an exciting opportunity to drive profitability while remaining committed to the mining of responsible gold. By harnessing blockchain, IAMGOLD will be able to deliver new benefits to its stakeholders and move the gold industry forward in ground-breaking new ways.

EmTech’s Responsible Gold supply chain application is operational and available for licensing. G-Coin tokens will be available for purchase later this year.

About Emergent Technology Holdings LP
Based in Santa Clara, California, Emergent Technology Holdings LP owns and operates Emergent Payments®, the Responsible Gold™ platform and G-Coin™. EmTech provides blockchain-based technology solutions that track responsibly sourced gold from mine, to refinery, to vault, and then digitizes that gold into secure G-Coin tokens for investing, sending and spending globally. EmTech operates in more than 70 high-growth markets across Asia-Pacific, Latin America, Africa and the Middle East. For more information visit www.emergenttechnology.com

About IAMGOLD
IAMGOLD (www.iamgold.com) is a mid-tier mining company with four operating gold mines on three continents. A solid base of strategic assets in North and South America and West Africa is complemented by development and exploration projects and continued assessment of accretive acquisition opportunities. IAMGOLD is in a strong financial position with extensive management and operational expertise.

For further information please contact:

Anthony Moreau, Business Development & Innovation Manager, IAMGOLD Corporation
Tel: (416) 594-2879

Toll-free: 1-888-464-9999 info@iamgold.com

Please note:
This entire news release may be accessed via fax, e-mail, IAMGOLD’s website at www.iamgold.com and through CNW Group’s website at www.newswire.ca. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.

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Russia No Longer Owns Any US Treasuries http://goldchronicle.com/2018/10/16/russia-no-longer-owns-any-us-treasuries/ http://goldchronicle.com/2018/10/16/russia-no-longer-owns-any-us-treasuries/#comments Tue, 16 Oct 2018 23:37:59 +0000 http://thegoldchronicle.com/?p=14661

Russia Treasury holdings August 2018

Having sold drastically in recent months, Russia now owns no US Treasuries.

The selling of US treasuries has been wildly popular and widely reported. China has been a seller for 3 months now. Japan has flipped to selling in August, now having the lowest amount since 2011. It should be of no surprise that Russia finally has no US treasuries, having sold off their remaining holdings as of August.

Russia chooses to invest in gold instead. They are not alone, many countries are. Including most recently Poland and Hungry. Hungry has increased their domestic gold reserves ten-fold, to 31.5 tonnes in just the two weeks starting October 2018!

However, Russia has been a buyer for quite some time now. Russian gold reserves increased to 1998.5 tonnes in the third quarter of 2018, up from 1909.8 in Q2. While these numbers are official, the real amount may be much higher.

Russia never owned  much US debt but there’s still a great impact. The treasury need sells $1.5 trillion of debt per year to fund spending deficits, who’s going to be the buyer?

Ironically The Federal Reserve is a big player in the US Treasury market.

Russia gold reserves chart

Slow and steady. No need to be alarmed, nothing to see here. Actually, there is only so much gold one can buy without sending panic throughout the delicately rigged gold markets.

It’s a nightmare scenario of the snake eating it’s own tail. The central bank holds about $2.39 trillion of federal debt, much purchased during the last 10 years via QE programs. Maybe they will go back to buying government debt to keep the dollar circle-jerk flowing?

Or maybe central banks are finally trading their dollars for gold, in anticipation for a new global gold standard. Besides central banks purchasing gold at a record pace, some countries are planning to issue their vaulted gold on blockchain. Gold that is stored in treasury vaults, physically redeemable gold, with no storage fees, traded 24/7, 365 days a year. Sounds like new monetary systems are being put in place for the collapse of fiat around the world, because once no one wants dollars, what’s next?

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Mainstream Blockchain Making way into Gold http://goldchronicle.com/2018/10/16/mainstream-blockchain-making-its-way-into-gold/ http://goldchronicle.com/2018/10/16/mainstream-blockchain-making-its-way-into-gold/#respond Tue, 16 Oct 2018 14:28:33 +0000 http://thegoldchronicle.com/?p=14644 Many knew it all along; blockchain is secure, transparent, flexible, universal, efficient. Anyone not implementing mainstream blockchain today is being left in the dust, like a business still using file cabinets in 1999.

One of the best use cases for blockchain is the banking industry.

Nasdaq claimed blockchain has potential for reducing settlement time and risk exposures over 99% when the exchange implemented its own blockchain-based platform in 2015. At the time, former CEO of Nasdaq Bob Greifeld said, “Through this initial application of blockchain technology, we begin a process that could revolutionize the core of capital markets infrastructure systems. The implications for settlement and outdated administrative functions are profound.”

Nasdaq isn’t alone, as the Comex, the world’s leading commodity exchange, has an interesting partnership with The Royal Mint. While developing the blockchain together, The Royal Mint has developed RMG, Royal Mint Gold. Each RMG represents direct ownership of physical gold bullion stored within The Royal Mint vault. 1 RMG represents ownership of 1 gram of real gold. RMG has no ongoing storage or management fees, which means you keep the full value of your asset. Investors will be able to trade RMG with real-time pricing 24/7, 365 days a year, in the secondary market. You are able to send and receive RMG to anyone using a BitGo RMG Wallet.

It is interesting that government organizations such as The Royal Mint are already rolling out blockchain based payment systems, backed by gold! Could we be seeing the beginning of a new gold standard come into existence though blockchain?

Many private companies are trying to lead the way. There’s even an idea for a gold-focused crypto exchange. Unfortunately many of these projects turn out to be a scam. It’s clear though, cryptocurrenies have a way of bringing individuals into gold investment.

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Top 10 Gold Misconceptions & Propaganda on the Internet http://goldchronicle.com/2018/10/13/gold-misconceptions-propaganda/ http://goldchronicle.com/2018/10/13/gold-misconceptions-propaganda/#respond Sat, 13 Oct 2018 20:36:09 +0000 http://thegoldchronicle.com/?p=9073

There are many gold misconceptions distributed about. The propaganda is meant to keep us from buying gold. The Federal Reserve is a private institution representing the interests of 12 US banks. The Fed’s foremost agenda is to defend their banking system. Secondarily it represents broad economic interests as mandated by US Congress. Those objectives do not always work in harmony.

Gold is the central bankers Achilles heel. Interest in gold means people are losing faith in the fiat. Bankers will print every piece of paper needed to suppress the price of gold, to keep us from investing in it. Gold is one of the few assets that while the price goes up, people actually buy more. Bankers can’t let it go up in price until the very end of their fiat scam. They will stop at nothing to defend their power over us. Below are some ‘cute’ arguments commonly regurgitated in effort to convince us that gold is silly. You should know, it is those parroting this propaganda whom are the silly and foolish ones.

You can’t eat gold.
Actually you can eat gold, though there’s no nutrition. Money isn’t meant to be eaten though! It’s precisely that gold is not ‘useful’ in being eaten or consumed that it can better serve as a medium of exchange. Barring a scenario where exchanges between people are completely stopped, it is best to have a universal medium of exchange. Precious metals have proven to be the go-to choice though all history.

Energy should be currency.
Oil, coal, radioactive material, solar panels and windmills? These materials have no qualities of money! Important resources like these are consumed, not to be used as currency. Energy is notoriously difficult to store.

The United States Dollar is backed by gold.
Before 1900, we used a bi-metallic system, both silver and gold. President William McKinley signed the Gold Standard Act in 1900, making one paper dollar convertible to 1.5g of gold alone. President Richard Nixon effectively abolished the gold standard in 1971 (“temporarily”, as he stressed at the time). Dollars haven’t been tied to gold since. Since that day in 1971, the price of gold has risen from a fixed price of $35/oz to where it is today, with no connection to the Dollar. We have nothing remotely similar to a gold standard today.

Gold is cumbersome, difficult to store and could be stolen.
1 ton of gold is worth over $35,000,000,000 ($1,200/oz). How many of us are hauling around such an amount of money? The volume to value ratio of gold and dollars are similar. If gold raises to it’s fair value once made money, it very well could be less cumbersome than paper dollars. Many transactions today are done electronically. Gold can be transferred electronically just like the paper money we use today. Gold could be represented on paper, just as the fiat dollars we use today. There are many ways we can transact gold without coins. Further, about being stolen, anything could be stolen! Gold as well as paper dollars, there is no difference. Keep it in a bank and spend it on your debit card if you’re so paranoid. Are you keeping millions of dollars in cash tucked away in your closet, thinking it can’t be stolen?

No one will want gold during an economic crash, buy whisky and toilet paper.
It’s a common misconception that the only way gold MIGHT become money is during an ‘end of the world as we know it’ economic collapse, where people are starving and anarchy reigns. This is propaganda designed to keep those with such a mindset from buying gold. A transfer to a gold-backed money can be smooth and simple. Remember how seemingly simple the the EURO roll-out was? The ‘new’ gold-backed money can stabilize our economy before fiat hyperinflation destroys commerce and civilization totally. If you don’t have gold you will be in dire situation, a slave to the central bankers whom own much of the gold. You will drown yourself in that whisky, wiping your tears away with the toilet paper investments while others drive past with a new Lamborghini, laughing, bought with a bit of gold. Although, plenty love to get drunk and cry about life too.

Gold is a store of value, not an investment.
Under a gold standard or fair markets this would be true. However, Gold is traded as it were of infinite supply on paper while the real supply is quite limited. Anyone can ‘sell’ gold on the market, without having any real gold to sell. Relatively tiny amounts are being traded between bankers, tiny amounts! As a result, the whole share of gold’s value is controlled. Our fiat money and pricing mechanism has little or no correlation with real gold. Gold may quickly and exponentially climb in value against all other assets, especially once a global gold standard is established.

TPTB won’t let gold be money.
They simply won’t have any choice. They likely can not abandon a failed fiat dollar and replace it with another without a commodity backing. Doing so would cause the end of the world as we know it. People would rather trade seashells than accept another fiat after experiencing the disaster of hyperinflation. All the trust and ‘full faith’ concerning their ‘monies’ will be destroyed for a long time. No other country would accept another fiat as valuable or useful to them. Our economy is more global than ever. Countries need a money which is accepted and recognized globally. That is gold. People will realize this, and certain countries will embrace gold as money. Those countries will force everyone else to follow. Any attempt at another fiat will simply be rejected from world trade.

The global economy is trillions of dollars – there is not enough gold.
Trillions of dollars is simply a function of inflation, years ago, it wasn’t such an amount. Our economy could run on much less, if the value of each unit bought more. Fiat is not wealth anyway, but a debt that must eventually be returned to the central banks. This debt is nothing but a unit of exchange and account, the value is only perceived. It’s a mistaken assumption that there is even an optimum amount to be used for trading. No matter the amount of gold in existence, the price of things (priced in gold) will be a reflection of the supply of gold. Gold will simply rise in value against other assets to meet the needed demand while functioning as money. Once gold finds the optimal value for trade, it will become stable for as long as the bankers do not pervert the gold standard again.

Gold is pointless because it’s a sterile, non-productive asset.
This assertion was made popular by Warren Buffett. He liked to compare the value of gold to mega-corps, asking which you would rather own. The problem is, gold should function as money, not like a company or investment. Gold’s value is suppressed in part because it’s not being used as money. Imagine if it were! Money IS suppose to be sterile and stable. A dollar bill laying on your dresser isn’t doing anything neither! It isn’t making you money, you’re actually losing wealth though inflation. The only reason fiat pays interest, dividends, or anything else is because bankers manufactured this – it is not an inherent quality of dollar bills to magically reproduce themselves in your pocket, making you richer. We could very well get paid interest on our gold too, if bankers stored and loaned it. Anything a dollar can do, gold can do too, and better, if bankers wanted that.

The Gold Standard caused depressions, including the Great Depression of the 1930’s.
The idea that western countries were on the gold standard just before the Great Depression is questionable. The US had already begun to increase fiat beyond its gold reserves. Banking officials expanded credit and artificially stimulated markets without creating more jobs. By the time of the crash, bankers already had paper gimmicks in place, and the stock market became inflated too. There is no convincing argument that gold caused it, but rather a phenomena of speculative market crashes and over-lending, which we call bubbles today, unrelated to the gold foundation. As a result of the ‘crash’, FDR senselessly abandoned the gold standard in 1933. He made the public turn in all their gold to the US government, then raised the value of gold, effectively stealing wealth from the public. We were effectively off the gold standard for another 8 years during the Great Depression. It wasn’t until World War II before our economy was ‘fixed’. It’s clear that gold was blamed for the failure while it was really banking schemes in an over-leveraged economy. Further, had gold not been confiscated, the depression may have been very short.

In a true gold standard it should not be left to governments to value the price of gold. Instead, the value of things should be priced in gold via the free market.

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The World Is Decoupling From The US – No One Is Paying Attention http://goldchronicle.com/2018/10/10/the-world-is-quietly-decoupling-from-the-us-and-no-one-is-paying-attention/ http://goldchronicle.com/2018/10/10/the-world-is-quietly-decoupling-from-the-us-and-no-one-is-paying-attention/#respond Wed, 10 Oct 2018 01:29:53 +0000 http://thegoldchronicle.com/?p=5699 Article by Brandon Smith via Birch Gold Group,

Blind faith in the U.S. dollar is perhaps one of the most crippling disabilities economists have in gauging our economic future. Historically speaking, fiat currencies are essentially animals with very short lives, and world reserve currencies are even more prone to an early death. But, for some reason, the notion that the dollar is vulnerable at all to the same fate is deemed ridiculous by the mainstream.

This delusion has also recently bled into parts of the alternative economic movement, with some analysts hoping that the Trump Administration will somehow reverse several decades of central bank sabotage in only four to eight years. However, this thinking requires a person to completely ignore the prevailing trend.

Years before there was ever an inkling of a trade war, multiple nations were establishing bilateral agreements that would cut the dollar out of trade. China has been a leader in this effort, despite it being one of the largest buyers of U.S. Treasury debt and dollar reserves since the 2008 crash. In the past few years, these bilateral deals have been growing in scope, starting small and then expanding into massive agreements on raw commodities. China and Russia are a perfect example of the de-dollarization trend, with the two nations forming a trade alliance on natural gas as far back as 2014. That agreement, which is expected to start boosting imports to China this year, removes the need for dollars as a reserve mechanism for international purchases.

Russia and parts of Europe, including Germany, are also growing closer in terms of trade ties. With Germany and Russia entering into the Nordstream 2 gas pipeline deal despite condemnations from the Trump Administration, we can see a clear progression of nations moving away from the U.S. and the dollar, and into a “basket of currencies”.

Energy Secretary Rick Perry has suggested that sanctions are possible over the Nordstream project, but trade war policies only seem to be hastening the international departure from the U.S. as the center of trade influence. American sanctions on Iranian oil support this argument, as China, Russia and much of Europe are working together to sidestep U.S. restrictions on Iranian crude.

China has even instituted its own petroyuan market, and the first shipments of oil from the Middle East to China paid for through a petroyuan contract occurred in August of this year. Mainstream economists like to point out the small portion of the global oil market that the petroyuan represents, but they seem to have missed the bigger picture entirely. The point is, now an alternative to the petrodollar exists where none existed before. And this is the crux of the issue that needs to be examined: The trend towards alternatives.

Beyond the shift away from the U.S. dollar as a global reserve, there is a new matter of alternative international payment systems. SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global network of “financial messages” between major banks, including central banks. Transactions are recorded through the SWIFT network, which allows fast confirmation of “messages” and updates of accounts across the world.

Originally founded in Brussels, for decades SWIFT has been the only such banking network with global capacity, and until recently the primary data centers have been in the U.S. and the Netherlands.

The U.S. government has exploited extensive economic control using influence on SWIFT, including mass surveillance of international financial transactions and denying countries like Iran access to SWIFT through sanctions. In the past, the U.S. has seized funds being transferred through SWIFT between banks outside of U.S. borders, including entirely legal transactions, indicating that the U.S. has overt control over the system. The world reserve status of the dollar, combined with U.S. influence over the most important tool in international banking transactions, has solidified U.S. fiscal dominance for many years.

But the dollar’s reign is quickly coming to an end, as global banks like the IMF seek to centralize monetary authority under a single world structure. The great illusion being perpetrated is that the “multi-polar world order” that is arising is somehow “anti-globalist”. This is simply not the case. So what is actually happening? The world is getting smaller as everyone EXCEPT the U.S. is consolidating economically. This includes alternatives to SWIFT.

Russia dumps U.S. Treasuries but maintains close ties to the IMF and BIS, calling for a world currency system under the IMF’s control. China does the same, increasing ties to the IMF through its SDR basket system, while cutting its ties to the dollar one by one. Europe is embracing closer trade with both Russia and China, working to defy U.S. sanctions.

Now, all of these nations are building new SWIFT-like networks in order to cut the U.S. out of the loop. In other words, the U.S. is becoming the bumbling villain of our global soap opera, and through its own hubris, it is setting the stage for its own destruction. The U.S. is acting as a catalyst, helping global banks by frightening enemies and allies into further centralization. At least, that is the narrative I suspect future historians will repeat.

As part of the effort to undermine U.S. sanctions on Iranian oil, the EU has established a program to construct a new SWIFT system outside of U.S. influence. It is a model that Russia, China and Iran have signed on to, and news that have gone mostly ignored by the mainstream. The Wall Street Journal begrudgingly reported on the development but dismissed it as ineffective in thwarting U.S. sanctions. And this seems to be the consensus among the MSM – to shrug off or ignore the implications of an alternative SWIFT.

Dollar bias rears its ugly head once again, and the dangers of this kind of denial are many. The dollar can be, and is being, bypassed through bilateral trade deals. U.S. dominance of oil markets is being bypassed through alternative petro-contracts. And now, U.S. control of financial networks is being bypassed through alternative SWIFT programs. The only thread that is holding the dollar and, by extension, the U.S. economy together is the fact that these alternatives are not widespread yet. But this will inevitably change.

So, the question is – When will this change?

I believe the pace of the trade war will dictate the pace of the de-dollarization shift. The more aggressive that tariffs become between the U.S. and the group of China, Europe and Russia, the faster that already existing alternative systems will be implemented. Currently, the speed of the U.S.-China conflict suggests a move away from the dollar and into an international basket of currencies by the end of 2020, with the process taking approximately another decade to become concrete.

With current tariffs encompassing at least half of Chinese trade, and the other half under threat if China retaliates in any way, I believe that it is only a matter of months before China uses its own dollar and treasury reserves as a weapon against the U.S. But do not expect Europe to come to the aid of America if this happens. To me, it seems to be clear from the EU’s recent behavior that they plan to remain neutral, at the very least, during escalation, if not fully side with China and Russia out of economic necessity.

Preparing for this event requires as much financial independence as possible. This means tangible alternatives to the dollar, like precious metals, and localized economies based on barter and trade. Once the dollar loses world reserve status, the transfer of price inflation into the U.S. will be immense. Dollars held overseas will come flooding back into the country, as they will no longer be needed for international exchange of goods and resources. This switch could occur very quickly, like an avalanche.

Do not expect much of a warning before foreign creditors dump dollar-based assets, and do not expect a large window of time before the negative effects are visible on Main Street.

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[Video] Canamex Gold Partners with Harmonychain http://goldchronicle.com/2018/10/04/video-canamex-gold-partners-with-harmonychain/ http://goldchronicle.com/2018/10/04/video-canamex-gold-partners-with-harmonychain/#respond Thu, 04 Oct 2018 23:31:37 +0000 http://thegoldchronicle.com/?p=5517 Canamex Gold Corp (CVE:CSQ) signed terms of agreement with Harmonychain, a Norwegian fintech company.

The pair are considering issues around an ICO, one potentially backed by gold / silver using Ethereum technology.

Following taken from CanamexGold.com

Your opportunity to be part of the “Silver Standard” in the new wave of silver-asset-backed security token offerings

The mega trend in crypto is the emergence of tangible asset backed Security Tokens. Tokenization of tangible assets, like Gold and Silver, will eat the world. Blockchain deployed security tokens are the future of digital finance and the future of global capital markets. Much like the GOLDUSA security token which launched earlier this year, the SILVERUSA security token offering (STO), is asset backed by physical silver metal royalty streams. The offer price is around 32% discount to the spot price of silver, but only for a limited time. We invite you to join the next mega trend of the crypto revolution, with the SILVERUSA security token leading the way and setting the standard for asset-backed security tokens.
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Gold Mints & Miners Embracing Blockchain http://goldchronicle.com/2018/10/04/gold-mints-miners-embracing-blockchain/ http://goldchronicle.com/2018/10/04/gold-mints-miners-embracing-blockchain/#respond Thu, 04 Oct 2018 23:21:44 +0000 http://thegoldchronicle.com/?p=5514

The gold industry is looking into the possibility of tracking the precious metal using blockchain. The Perth Mint is already working with the London Bullion Market Association (LBMA) and two or three other parties to work out which technology is the best and if the gold industry will adopt it.

Blockchain is best known as the basis of cryptocurrencies such as bitcoin. But it has many other potential applications such as securing digital contracts and supply chain data. The technology allows a publicly available, tamper-proof, traceable record of digital transactions that can be automatically logged in the physical world using radio frequency ID tags (RFIDs).

The Perth Mint holds some $3 billion worth of investors’ gold in its network of central bank-grade vaults in Perth. Blockchain represents a wonderful opportunity to be able to track movements of gold almost in real time rather than have somebody enter it in more traditional ledgers. It’s a very quick easy way of harnessing technology to achieve very, very short or truncated settlement times between two people.

Targeting millenials

On Wednesday, the Perth Mint launched a new app called “GoldPass” aimed at getting millennials excited about investing in gold and making it easier to buy and sell the precious metal.

GoldPass gives retail investors the ability to securely buy, store and sell gold via digital certificates. It also allows the instantaneous transfer of gold to other approved GoldPass app users.

The Perth Mint's new GoldPass app.

The Perth Mint’s new GoldPass app.

Joshua Rotbart, the founder of boutique precious metals trader J Rotbart & Co, believes the gold industry really needs to embrace blockchain.

“[The LBMA] wants to start implementing this both from a responsible gold initiative point of view but also to make sure everyone knows that the bars are real, the bars are authentic throughout the chain, throughout the transportation,” he told delegates at the Precious Metals Investment Symposium.

“To me that’s probably one of the most promising applications of the technology in the bullion industry.”

“It’s good technology, you shouldn’t be afraid of it. It could cut down costs, it could cut down processing time, it could provide more assurance and more security for our industry.”

Mr Rotbart also suggests the gold industry and investors consider using cryptocurrency to buy and sell gold.

“It can be more efficient if you have either cryptocurrency settlement or other blockchain protocols,” he explained.

“We had a client that had been selling metals steadily and we wired him the proceeds to his bank in North America, but then he said ‘listen I want to start getting it in cryptocurrencies…’

“We looked at it at the time and processing times were two business days and fees of $80 per transaction. We moved down to processing times of 20 minutes and fees of $10. That’s what clients are looking at, they’re looking at speed, they’re looking of ways to transact quicker on weekends and so on.”

Aussie miners on board with blockchain

Miners like the notion of adopting blockchain technology, according to Mr Hayes.

The Perth Mint works closely with all Australian gold miners and gold miners in surrounding countries as well.

“The mining industry is very, very keen to make sure that its reputation is maintained and they do not want to be involved with scams and counterfeits,” Mr Hayes said.

“So there is a lot of support around this.”

While there aren’t any ASX-listed gold miners using blockchain yet, the technology is already starting to filter into the industry.

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