$2,000 Gold Is Just The Beginning. Here’s What Might Happen Next-
$2,000 Gold Is Just The Beginning. Here’s What Might Happen Next-
Notes From the Field By Simon Black November 1, 2023
Public Law 93-373 was supposed to be so boring that Congress didn’t even bother to give it a name.
You know how most laws passed by Congress have some fancy name-- like the “Inflation Reduction Act” or the “USA PATRIOT Act” or some such nonsense?
Well, on November 7, 1973, US Senator James Fulbright introduced a very short bill-- it was only ONE page-- that didn’t even have a name. But Fulbright’s unnamed bill ended up being one of the most important pieces of legislation in US history.
$2,000 Gold Is Just The Beginning. Here’s What Might Happen Next-
Notes From the Field By Simon Black November 1, 2023
Public Law 93-373 was supposed to be so boring that Congress didn’t even bother to give it a name.
You know how most laws passed by Congress have some fancy name-- like the “Inflation Reduction Act” or the “USA PATRIOT Act” or some such nonsense?
Well, on November 7, 1973, US Senator James Fulbright introduced a very short bill-- it was only ONE page-- that didn’t even have a name. But Fulbright’s unnamed bill ended up being one of the most important pieces of legislation in US history.
By the time Fulbright introduced his bill, it had been two years since the legendary “Nixon Shock” of 1971. That was when US President Richard Nixon implemented wage and price controls, and canceled the US dollar’s convertibility into gold.
Nixon famously promised the American public that there wouldn’t be any negative consequences from his actions. Yet inflation hit 3% the following year, in 1972. Then 4.7% in 1973. Then 11.2% in 1974.
Simultaneously, gold prices around the world were surging… from $35/ounce before the Nixon Shock, to more than $170 in 1974.
But individual Americans weren’t allowed to benefit from those gains thanks to a forty year old executive order that had been signed in 1933 by then President Franklin Roosevelt.
Roosevelt’s Executive Order 6102 criminalized the private ownership of more than $100 worth of gold in the United States. Roosevelt also gave Americans just 25 days to turn over their gold to the Federal Reserve… or else face up to ten years in prison.
Naturally, plenty of Americans were outraged, and a number of lawsuits were filed claiming that Roosevelt’s order was unconstitutional.
Roosevelt was rightfully worried that the Supreme Court would overturn his order. And at a certain point he considered packing the court, i.e. appointing several sympathetic judges to the Supreme Court to ensure his victory. He also considered issuing another order which would make it illegal to sue the federal government.
Fortunately for Roosevelt, however, he didn’t have to implement any of those actions; the Supreme Court very narrowly ruled in his favor, and his Executive Order stood as law of the land for four decades… until Senator Fulbright’s no-name law was finally passed on August 14, 1974.
It went into effect the following year, and Americans were suddenly free once again to exchange their rapidly-depreciating US dollars for gold.
Unsurprisingly, gold prices started rising dramatically in the second half of the decade... from about $180 in 1975, to a whopping $850 in January 1980.
And the declining dollar was just one reason for gold’s popularity; remember, the United States suffered a deluge of troubles during the 1970s and early 1980s.
The world found out that the US President was a criminal during the Watergate scandal of 1974. Then there was the humiliating US withdrawal from Vietnam in 1975, complete with a helicopter evacuation of the American embassy in Saigon.
Iran seized 52 US citizens in 1979 and held them hostage for more than a year. Inflation raged, peaking at 13.6%. The economy stagnated and fell into recession. Troubles in the Middle East (including conflict with Israel) led to energy shortages and rising fuel prices.
Civil unrest and ‘mostly peaceful’ protests were a constant problem in the 70s and 80s. Meanwhile, criminals rampaged across American cities, and the murder rate soared. Major cities like New York, LA, and Chicago became synonymous with violent crime.
The world stopped making sense. And gold became a safe haven from that chaos.
There’s an old saying (originally a Danish proverb) suggesting that if history doesn’t repeat, it certainly rhymes. And I think it’s obvious that we’re facing many of the same challenges today.
There are major problems in the Middle East. Energy is becoming scarce (especially in Europe). The US military suffered a humiliating withdrawal from Afghanistan. Civil unrest and crime rates are totally unacceptable. Inflation continues to rage. And the President, a.k.a. “the Big Guy” appears suspicious A.F.
Just like in the 1970s, gold represents a safe haven from this chaos. And even though it’s hovering at a near-record around $2,000, I think that there is still a long way for gold to rise.
The US national debt is now $33.7 trillion; that’s up more than HALF A TRILLION just in the month of October.
The people in charge have absolutely zero fiscal restraint. Zero responsibility. Zero sense of how destructive their actions are. They spend money and go deeper into debt as if there will never be any consequences, ever, until the end of time. They’re disgustingly ignorant, and dangerous.
The truth is that there are serious consequences to all of this debt. And we don’t have to guess what they are.
The Congressional Budget Office is already projecting that, by 2031, the US government will spend 100% of its tax revenue just on mandatory entitlements (like Social Security) and interest on the debt.
This means that, after 2031, the funding for literally everything else in government-- from the US military to the light bill at the White House-- will have to be funded by more debt.
That’s only 7 years away.
Then, two years later in 2033, Social Security’s primary trust fund will run out of money; this will cost the government an additional $1 trillion in additional spending each year to keep the program running. Naturally they’ll have to borrow that money too.
Eventually the national debt will become so large that simply paying interest each year will consume more than 100% of tax revenue.
The Federal Reserve will most likely attempt to bail out government by creating trillions upon trillions of dollars. But just as we saw over the past few years, such actions will most likely result in much higher inflation.
Disgusted with their financial circumstance, voters across America will likely turn to Socialist politicians who blame all the problems on the evils of capitalism, rather than their own incompetence. And with a majority of leftists running the country, they’ll only make things worse.
I also anticipate more conflict in the world, thanks in large part to the continued decline of America’s stature and reputation for strength.
It’s also quite likely that the US dollar could lose its royal status as the world’s dominant reserve currency by the end of the decade.
I don’t necessarily believe that the dollar will simply vanish from global trade. But it won’t be “King” dollar anymore. Perhaps more like “Earl” or “Viscount” dollar, alongside other currencies and exchange mechanisms-- including gold.
In fact we could easily see central banks around the world ditching their US dollars and loading up on gold as part of a new, de-dollarized global financial system.
This could potentially trigger trillions of dollars worth of capital inflows into the gold market, causing a surge in gold prices.
And these are just some of the reasons why gold could still have a long, long way to rise from here.
Bear in mind that I’m not thinking about the gold price next month, or even next year. I think long-term, and my views on gold are based on trends that will likely continue to unfold over the next decade.
I’m not a ‘gold bug’. I don’t have a fanatical view about anything other than my own children. I’m not a gold speculator either.
But it’s obvious to me that in an upside down world where there are such obvious long-term threats to the US dollar, it makes sense to look for real stores of value.
And that’s why $2,000 gold could just be the beginning of a much bigger story.
To your freedom, Simon Black, Founder Sovereign Man
Goldilocks' Comments and Global Economic News Wednesday AM 11-1-23
Goldilocks' Comments and Global Economic News Wednesday AM 11-1-23
Good morning Dinar Recaps,
Gold imports from Russia to Hong Kong surged by 750% from January to September 2023, compared to the same period the previous year.
There is a global gold reshuffling right now.
It is very clear,
Gold is playing a central role in the financial strategy of China and Russia.
Goldilocks' Comments and Global Economic News Wednesday AM 11-1-23
Good morning Dinar Recaps,
Gold imports from Russia to Hong Kong surged by 750% from January to September 2023, compared to the same period the previous year.
There is a global gold reshuffling right now.
It is very clear,
Gold is playing a central role in the financial strategy of China and Russia.
Read: https://twitter.com/GoldTelegraph_/status/1719436115038601692
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Shafaq News/ The Kurdistan Regional Government decided, today, Tuesday, to start dealing in the Iraqi dinar at all border crossings and airports, starting from the beginning of next month.
Search 4 Dinar Link
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70% of Iraq’s imports come from BRICS countries
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Paysend Announces Agreement with Western Union to Bolster Global Money Transfer Services
The Western Union Co. announced customers will be able to send money via the company’s digital service directly to Visa and Mastercard cards through an integration with Paysend, a card-to-card payments platform.
Lightspeed Commerce Inc. launched several new features including artificial intelligence-assisted menu creation, better insights into popular items, staff performance tools, and the release of its Services Module, aimed at merchants with service components.
Yardi, a property management software maker, eliminated automated clearing house fees for clients and residents using Yardi for rent payments in the United States and Canada beginning in January. More than 15 million rental units are on the Yardi platform. It also will launch a rewards program in 2024.
Old Glory Bank said its customers can donate to Code of Vets, a military-veterans group, through the bank’s Old Glory Pay QR code at the Code of Vets Web site.
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The World Bank Eyes an Overhaul Amid the Climate Crisis
Carnegie Endowment for International Peace
Goldilocks pointed 👆 to this article.
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The U.S. Ambassador to Canada says that for a secure transition to clean energy, Canada and the United States must enhance their domestic mining and refining of critical minerals.
Countries are starting to rush for critical minerals.
Copper...
Many continue to sleep on this.
Read: https://x.com/goldtelegraph_/status/1719485591887245725?s=46
Goldilocks pointed 👆 to this article also.
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Protocol 20 Update:
"Soroban inches ever closer to launching on Mainnet, with the smart contracts platform now live on Testnet and the validator vote for the Protocol 20 upgrade approaching early 2024.
Soroban is built with security in mind. To further augment the platform and its cutting-edge formal verification capabilities, SDF and industry-leading security firm Certora have announced security support for Soroban.
The Anchor Platform, designed to simplify integration to the Stellar network, added a second 'standard' for on and off-ramping. This enhancement makes it easier for businesses to connect to the Stellar blockchain and offer their services through various digital wallets."
https://stellar.org/blog/foundation-news/stellar-development-foundation-q3-2023-in-review
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Consumer Confidence Index Dips as Inflation Fears Heighten
https://www.investopedia.com/consumer-confidence-index-dips-on-inflation-fears-8385026
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Economist's "News and Veiws" Tuesday 10-31-2023
We're Marching Towards Worst Case Scenario | Gregory Mannarino
Liberty and Finance: 10-30-2023
We're in the largest and most vicious bear market in debt we've ever seen," says market trader Gregory Mannarino. Governments continue to increase spending as now multiple wars have broken out.
"We're marching towards a worst case scenario," he says.
"Cash is going to look for places to go." He expects commodities, especially precious metals, to go much, much higher.
We're Marching Towards Worst Case Scenario | Gregory Mannarino
Liberty and Finance: 10-30-2023
We're in the largest and most vicious bear market in debt we've ever seen," says market trader Gregory Mannarino. Governments continue to increase spending as now multiple wars have broken out.
"We're marching towards a worst case scenario," he says.
"Cash is going to look for places to go." He expects commodities, especially precious metals, to go much, much higher.
INTERVIEW TIMELINE:
0:00 Intro
2:30 Debt market
9:12 Banking system
13:53 Stock accounts
18:10 Oil prices
An Unprecedented Credit Crisis Is About to Undercut America's Quality of Life
Atlantis Report: 10-30-2023
Americans are gradually sinking into a deep financial hole and it keeps getting worse by the day. Hardships facing low-income earners, students, and even the middle class have never been this bad. The numbers give us an insight into how dire the situation is, yet they don’t paint the full picture.
A $1 Trillion credit card debt sounds alarming but not alarming enough except you look beyond the figure to millions of Americans in debt and hundreds of thousands using credit cards to pay for groceries and basic amenities like light and water.
Inflation is taking its toll on everyday essentials, from food to energy, making it difficult for families to make ends meet.
Andy Schectman: Gold vs Silver - What's The Better Option
Arcadia Economics: 10-31-2023
As the US (and foreign) deficits and debt-loads continue to surge to levels that were once unimaginable, the recognition of the value of precious metals as an asset class is increasing at an accelerating rate.
Although when people finally accept the argument that gold and silver are important assets to be considering, especially at this particular time, one of the first questions that often comes up is which metal to invest in.
In this type of environment, should people be buying gold, or should they be putting their money into silver?
It's an important question to consider, and in this week's physical silver report, Andy Schectman talks about the difference between the two choices, and lays out the case for each.
Perhaps like anything, the correct answer is a mix of both. Yet Andy provides the key factors to consider when deciding between the 2 precious metals, while also explaining why the answer may differ depending on what situation each individual person is in.
So to find out more about the latest dynamics affecting the physical gold and silver markets, click to watch this video now!
Goldilocks' Comments and Global Economic News Tuesday Evening 10-17-23
Goldilocks' Comments and Global Economic News Tuesday Evening 10-17-23
Good evening Dinar Recaps,
"While broader FX options have seen their prices rise to reflect the risk of the Middle East conflict escalating, there has been a particular focus on the two-month expiry date, which includes key central bank policy announcements in December."
Forex options traders are eyeing December 14th as the next trade opportunity. This is when their options trades are coming due.
Options trading allows you to buy a currency at a present rate with the option to redeem it later in the event a currency holding rises.
Goldilocks' Comments and Global Economic News Tuesday Evening 10-17-23
Good evening Dinar Recaps,
"While broader FX options have seen their prices rise to reflect the risk of the Middle East conflict escalating, there has been a particular focus on the two-month expiry date, which includes key central bank policy announcements in December."
Forex options traders are eyeing December 14th as the next trade opportunity. This is when their options trades are coming due.
Options trading allows you to buy a currency at a present rate with the option to redeem it later in the event a currency holding rises.
The war in the Middle East is beginning to create price distortions and volatile prices due to fluctuations in economic conditions.
Protection tools are already being talked about in case the currency does devalue. If prices go to a higher value and stays, options traders will be redeeming their currency for a profit.
If new circumstances such as the rebuilding of an economy create the need for a rise in the values of currencies because of this war, a repricing event for currencies will commence.
© Goldilocks
NASDAQ Link
https://tmsnrt.rs/498k23l
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Countries involved in the Middle Eastern conflict at the present time either directly or indirectly will be affected.
Trade relationships still continue during a war. When a country changes its exchange rate due to a war, it will affect the trade relationships of the imports and exports shared between countries.
Remember, 80% of exchange rates happen on the water through shipping port contracts and the new digital payment systems influencing these rates.
Watch the water.
© Goldilocks
https://www.hapag-lloyd.com/en/home.html
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SINGAPORE, Oct 17 (Reuters) - The U.S. dollar swayed in a tight range on Tuesday as traders took stock of developments in the Middle East and braced for a slew of speeches by central bank officials this week headlined by Fed Chair Powell to gauge the monetary policy outlook.
The yen was pinned close to the key 150 per dollar level, keeping investors on edge for any signs of intervention by the Japanese authorities.
https://finance.yahoo.com/news/forex-dollar-drifts-investors-eye-060531178.html
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Monetary Policy and Central Banking
https://www.imf.org/en/About/Factsheets/Sheets/2023/monetary-policy-and-central-banking
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Foreign Exchange Options - What are FX Options?
https://www.tradefinanceglobal.com/currency/foreign-exchange-options/
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Singapore, Shanghai asset management associations ink landmark MOU for cross-border cooperation
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Jurisdictional Boundaries Between CFTC Swaps and SEC Security-Based Swaps Clarified
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In a bid to reduce reliance on the US dollar and minimize external influences, Russian President Vladimir Putin has called on members of the Commonwealth of Independent States (CIS) to enhance the use of their national currencies in trade. The move is seen as part of a broader trend among developing countries to seek alternatives to the dominant US dollar in international trade.
BNN Network Link
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End of Free Money Plunges German Construction Industry into Crisis
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Lyn Alden: The Economy Is Trapped In A Vicious Cycle Of More Debt & Bigger Deficits
https://youtu.be/LY5XBWvgyD8?feature=shared
👆 @ Goldilocks
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The S&P 500 is in a historic bubble and could crash by 63%, markets guru John Hussman
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Taiwanese bank ends US bank deal, citing market conditions
👆 @ Goldilocks
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ALERT! Silver Price Readies for Moonshot as BofA's Unrealized Losses EXPLODE HIGHER!!
https://youtu.be/qY9wje7ZwsI?feature=shared
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JUST IN: 🇺🇸 President Biden to ask Congress for $100 billion in funding for Ukraine and Israel, Bloomberg reports.
@WatcherGuru
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Govt to revisit using gold dinar as reserve currency - PM
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Zimbabwe has been given the green light from the Financial Sector Stability Review (FSSR) of the IMF to implement Basel 2&3 Capital requirements inside their banking system.
© Goldilocks
IMF Link
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Why Gold's Price is About to Explode! 🔥
https://youtube.com/shorts/YzJDYXDNoPo?feature=shared
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Goldilocks' Comments and Global Economic News Saturday Evening 10-14-23
Goldilocks' Comments and Global Economic News Saturday Evening 10-14-23
Good evening Dinar Recaps,
Currently, the entire Global Economy is going into a recession, and the shift in our economy will bring forth new values in assets held down for a very long time.
Gold does very well in a recession. It will serve as the bridge between this economy and the next.
As we get closer to the end of Protocol 20 testing, our new tokenized assets backed by the Commodity Market will begin to bring forth new values in the marketplace. Some will call this a market crash in some sectors as others do well. In essence, our new tokenized assets will just simply be going to a real value.
Goldilocks' Comments and Global Economic News Saturday Evening 10-14-23
Good evening Dinar Recaps,
Currently, the entire Global Economy is going into a recession, and the shift in our economy will bring forth new values in assets held down for a very long time.
Gold does very well in a recession. It will serve as the bridge between this economy and the next.
As we get closer to the end of Protocol 20 testing, our new tokenized assets backed by the Commodity Market will begin to bring forth new values in the marketplace. Some will call this a market crash in some sectors as others do well. In essence, our new tokenized assets will just simply be going to a real value.
When the dust settles, price correlations will begin to form in the currency markets that include gold and silver as money. This is when currency interventions take place.
Remember, we talked about this a week to a week and a half ago. The dollar is going to shift into more Capital requirements for the dollar in gold.
This could shift price correlations between the dollar and gold between now and November the 1st when these new requirements are implemented.
Many countries around the world are doing the same thing, and the Forex Market that is currently showing distortions in current prices will begin to level the playing field over time.
© Goldilocks
Lyn Alden Newsletter Link
World Bank Link
Bloomberg Link
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URGENT: Jim Rickards Predicts MAYHEM In 24 Days
https://youtu.be/B1ELaaGQnUg?feature=shared
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JUST IN: Ferrari begins accepting crypto payments for its cars.
@WatcherGuru
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"The G20 nations collectively accept the regulatory roadmap as proposed by the IMF-FSB paper for crypto oversight.
The review of the proposed measures implementation status is expected by the end of 2025."
The above quote basically means that we can start our crypto implementation when the testing period of Protocol 20 is done and voted on. It is a Global Banking announcement that G20, Financial Stability Board, and the IMF will be helping us move forward through their guidance.
We will be inside an evaluation period between now and 2025, but we have been given the green light to move forward with our new economy inside a digital asset-based trading system.
The G20 meets regularly to form policies on global trade, health, climate, and other issues. They are the World's wealthiest group of countries that come together in regulating our Global Economy.
As we wind down the testing period of Protocol 20 this month, look for the banks and markets to coordinate new prices in every sector of the market.
© Goldilocks
Benzinga Link
CFR Link
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SEC Adopts Rule to Increase Transparency in the Securities Lending Market
https://www.sec.gov/news/press-release/2023-220
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IMF says 'weak tail' of banks could struggle in an economic downturn
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How interest rates are sinking U.S. banks’ ambitions – Cryptopolitan
https://www.cryptopolitan.com/interest-rates-sinking-us-banks-ambitions/
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JPMorgan Tokenized Collateral Network Launches With BlackRock-Barclays Trade Unchained Crypto Link
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IMF teaches Central Banks on managing inflation expectations
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Shanghai gold prices spike after holiday week, supporting global rally
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Transcript of IMF Managing Director's Press Briefing on the Global Policy Agenda
IMF Link
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Treasury bond auctions have been ugly lately, and weak demand could be a 'canary in the coal mine'
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I have been told to be on high alert next week. It could be anything, so I ask that you not take this as calling an RV.
© Goldilocks
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Global Central Banks Are Hoarding Gold Like Never Before
Global Central Banks Are Hoarding Gold Like Never Before
Anil Varma Tue, October 10, 2023
Global Central Banks Are Hoarding Gold Like Never Before As They Seek To Reduce 'Overconcentration' Of Dollar Reserves
Global central banks have been buying record amounts of gold as they seek to diversify reserves away from the dollar. "We expect central banks to continue their role as net purchasers of gold," according to the head of gold strategy at State Street. The trend appears to be part of the broader de-dollarization drive, led by countries including China and Russia.
Global central banks have been snapping up record amounts of gold since the start of 2022 - a trend that should continue as countries look to move away from an "overconcentration" of reserves in the dollar, according to State Street Global Advisors.
Global Central Banks Are Hoarding Gold Like Never Before
Anil Varma Tue, October 10, 2023
Global Central Banks Are Hoarding Gold Like Never Before As They Seek To Reduce 'Overconcentration' Of Dollar Reserves Global central banks have been buying record amounts of gold as they seek to diversify reserves away from the dollar. "We expect central banks to continue their role as net purchasers of gold," according to the head of gold strategy at State Street. The trend appears to be part of the broader de-dollarization drive, led by countries including China and Russia.
Global central banks have been snapping up record amounts of gold since the start of 2022 - a trend that should continue as countries look to move away from an "overconcentration" of reserves in the dollar, according to State Street Global Advisors.
Monetary authorities across nations made net purchases of 387 metric tons of the yellow metal in the first half of 2023, after buying an unprecedented 1,083 tons the whole of last year, the world's fourth-largest asset manager said in a recent note.
In addition to reserve diversification, the trend is also driven by central banks' desire to strengthen balance sheets and increase liquidity without adding credit risk, according to the firm.
"The reasons driving central bank gold purchases — to diversify their reserves, improve their balance sheets, and gain liquidity from an asset without credit risk — likely won't change given today's increasing economic and geopolitical risks," Maxwell Gold, head of gold strategy at State Street, wrote in the note.
"Therefore, as we look ahead, we expect central banks to continue their role as net purchasers of gold," he added.
De-dollarization
The trend appears to be part of a broader international movement - known as de-dollarization - to reduce reliance on the dollar in trade and investment, after the US leveraged the greenback's supremacy to impose economic sanctions on some countries. China and Russia have led the anti-dollar drive, which also saw the BRICS group of nations weigh the prospect of a shared currency.
"In recent years, the Society for Worldwide Interbank Financial Telecommunications (SWIFT) payments system has been used to impose sanctions, both on Iran in 2015 and on Russia in 2022 — a tactic some have described as "weaponization,"" Gold wrote.
"If a government perceives international sanctions as a real threat, then switching from US dollar assets to an anonymous counter like gold becomes extremely attractive, particularly in scenarios of multi-lateral sanctions by several reserve currency nations," he added.
Read the original article on Business Insider
Economist's "News and Veiws" Saturday 10-7-2023
This Is How The Dollar Explodes | Rafi Farber
Liberty and Finance: 10-7-2023
The reverse repo facility has propped up the system as the currency supply has fallen into deflation.
But once the facility runs dry, the system will come down, says Rafi Farber of The End Game Investor.
"There will be a scramble for Dollars," he says, that will lead to a downward spiral of asset prices.
The Fed will try one last time to save the system by inflating the currency supply. But this attempt will simply end in a Dollar collapse, he says.
This Is How The Dollar Explodes | Rafi Farber
Liberty and Finance: 10-7-2023
The reverse repo facility has propped up the system as the currency supply has fallen into deflation.
But once the facility runs dry, the system will come down, says Rafi Farber of The End Game Investor.
"There will be a scramble for Dollars," he says, that will lead to a downward spiral of asset prices.
The Fed will try one last time to save the system by inflating the currency supply. But this attempt will simply end in a Dollar collapse, he says.
INTERVIEW TIMELINE:
0:00 Intro
3:10 Japan's bond market
8:50 Bond auctions
11:46 The end of empire
16:30 Reverse Repo
24:30 C40 group
28:08 The End Game Investor
Homes UNAFFORDABLE In 99% Of The U.S: Housing Affordability Is Now The Worst Since 1984
Lena Petrova: 10-7-2023
SILVER ALERT! Freeing Silver From 170 Years of Price Suppression..NOW!!
(Andy Schectman & Bix Weir) 10-7-2023
Here's a great discussion I had with Andy Schectman posted on the Private Road a few days ago. I think this information is so important that I have posted it on Youtube for everyone. NOW is the time to have as much Silver in your own possession as possible!
Goldilocks' Comments and Global Economic News Late Monday Evening 10-2-23
Goldilocks' Comments and Global Economic News Late Monday Evening 10-2-23
Good evening Dinar Recaps,
Digital Banking Announcements:
* Payments-technology platform Pidgin said it has agreed to provide real-time payment capability to retail and commercial account holders at Exchange Bank.
* AffiniPay LLC, a payments platform for professional services firms, has sold its accounting software unit, Soluno, to ActionStep, a provider of practice-management technology. Terms were not disclosed.
Goldilocks' Comments and Global Economic News Late Monday Evening 10-2-23
Good evening Dinar Recaps,
Digital Banking Announcements:
* Payments-technology platform Pidgin said it has agreed to provide real-time payment capability to retail and commercial account holders at Exchange Bank.
* AffiniPay LLC, a payments platform for professional services firms, has sold its accounting software unit, Soluno, to ActionStep, a provider of practice-management technology. Terms were not disclosed.
* The U.S.-based blockchain firm Coinbase Inc. announced it has received a Major Payment Institution license from the Monetary Authority of Singapore, allowing the company to expand its services in that nation.
* Payments platform Stripe Inc. has attracted controversy after cutting off services to a United Kingdom-based merchant that sells legal air rifle accessories.
* RevoluGroup Canada Inc., the firm behind the RevoluPay mobile payments app, appointed Simon Tsu chief financial officer, taking on the duties of outgoing CFO Jason Tong and corporate secretary Derek Sobel, both of whom resigned on Sept. 30.
Digital Transactions Link
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Expect new crypto regulations to follow Bitcoin ETFs - Summa Money
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LIVE! Wall Street SUPERBANK JP Morgan WARNS of Coming "FINANCIAL ACCIDENT." Mannarino
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Wells Fargo closes 10 more bank branches - full list of affected states
The Express Link
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GOLD & BATTLE FOR CONTROL?
A tug-of-war for the CONTROL over #gold pricing is starting to play out.
The countries of the Eastern world have been amassing physical gold for numerous years, while the majority of Western nations continue to only add to their debt pile.
Last year, Russia's Finance Ministry said it was critical to create the new Moscow World Standard to normalize the functioning of the precious metals industry and have an alternative to the LBMA.
This week, we saw a surge in gold prices in China, leading to a record premium over international prices, exceeding $100 an ounce.
Read the full article: https://x.com/goldtelegraph_/status/1708165335441125862?s=46
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Jamie Dimon Says JPMorgan can handle 8% interest rates...
America's largest bank.
He says this as many commercial banks sit with tens of billions in unrealized losses on their books.
In that environment, we see more financial accidents.
Read: https://x.com/goldtelegraph_/status/1708975767017902544?s=46
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Continuing on the bankruptcies theme:
US small business bankruptcies rising at worst pace since pandemic
WSJ Link
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US trucking employment is plunging
Historically, 4 out of 4 past declines have marked the beginning of a
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ISO 20022.... LET'S DO IT on X
💥SWIFT NOVEMBER 2023 NETWORK CHANGES TO SUPPORT DIGITAL ASSETS FOR SECURITIES AND FOREIGN EXCHANGE TRADES 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀💥
IRS Code Title 12 USC 531 Exemption of taxation ( us code.house.give ) 💥💥💥. In effect October,1, 2023.
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Goldilocks' Comments and Global Economic News Thursday Evening 9-28-23
Goldilocks' Comments and Global Economic News Thursday Evening 9-28-23
Good evening Dinar Recaps,
I will be posting a little bit later this afternoon due to a prior commitment. I received a lot of good information this morning that I look forward to sharing with you.
© Goldilocks
Goldilocks' Comments and Global Economic News Thursday Evening 9-28-23
Good evening Dinar Recaps,
I will be posting a little bit later this afternoon due to a prior commitment. I received a lot of good information this morning that I look forward to sharing with you.
© Goldilocks
BREAKING NEWS
TRAFIGURA HAS SIGNED A $500 MILLION CREDIT FACILITY WITH THE SAUDI EXPORT-IMPORT BANK, INTENDED FOR THE PURCHASE OF NON-CRUDE OIL COMMODITIES LIKE GOLD AND COPPER FROM THE KINGDOM
This is one of the world's top commodities trading houses.
Here comes Saudi Arabia.
Read: https://x.com/goldtelegraph_/status/1707177345822654791?s=46
👆 Copper?
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Kraken Crypto Exchange to Launch Stock Trading
https://watcher.guru/news/kraken-crypto-exchange-to-launch-stock-trading
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IMF Executive Board Concludes 2023 Article IV Consultation with Vietnam
https://www.imf.org/en/News/Articles/2023/09/27/pr23325-vietnam-imf-exec-board-concludes-2023-art-iv-consult
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"Enacted in November 2021, the Infrastructure Investment and Jobs Act expanded Section 6045 of the Internal Revenue Code to require tax reporting by brokers of transactions involving the sale or exchange of digital assets.
Nearly two years later, on August 25, 2023, the IRS and Treasury Department promulgated proposed regulations that clarify and adjust the rules regarding the tax reporting of information by brokers, so that brokers for digital assets are subject to the same information reporting rules as brokers for securities and other financial instruments."
On October 30, 2023, the comments and rewrites to this legislative piece of the digital economy regarding taxes and reporting is expected to be done for the Infrastructure Investment and Jobs Act.
At that point, the Bipartisan Infrastructure Bill as it is commonly known moves toward final rules being drawn up, completed, and implemented.
© Goldilocks
https://www.dlapiper.com/en-ca/insights/publications/2023/09/irs-and-treasury-issue-proposed-regulations-outlining-new-digital-asset-reporting-regime
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Federal Reserve Releases Paper on Benefits of Tokenization of Real-World Assets - The Daily Hodl
https://dailyhodl.com/2023/09/25/federal-reserve-releases-paper-on-benefits-of-tokenization-of-real-world-assets/
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S&P 500 Equal Weight Index Dips into Red Year-to-Date. Shows Entire Market Depends on 8 Giants, but They’re Swooning Too | Wolf Street
https://wolfstreet.com/2023/09/27/the-sp-500-equal-weight-index-dips-into-red-year-to-date-shows-entire-market-depends-on-8-giants-but-theyre-swooning-too/
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Baghdad (IraqiNews.com) – "The Central Bank of Iraq (CBI) intends to limit all domestic trade transactions to the local currency starting next year."
I found another article letting us know that the Iraqi Dinar will go International early next year in domestic trade transactions.
They will use their local currency to make these trades around the world and the price pressures that come with it to increase demand for their currency will create authentic exchange rates.
Watch the water.
© Goldilocks
https://www.iraqinews.com/iraq/cbi-limits-domestic-trade-to-local-currency/.
Library.UCLA.Edu Link
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IMF Executive Board Concludes 2023 Article IV Consultation with Vietnam
https://www.imf.org/en/News/Articles/2023/09/27/pr23325-vietnam-imf-exec-board-concludes-2023-art-iv-consult
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BRICS: Top Oil Producer Ditches US Dollar, Accepts Only Local Currency
https://watcher.guru/news/brics-oil-producer-ditch-us-dollar-accept-local-currency
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BRICS Countries Dump $123 Billion in U.S. Treasuries in 2023
https://watcher.guru/news/brics-countries-dump-123-billion-in-u-s-treasuries-in-2023
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As you can see from today's postings, the
Infrastructure Investment and Jobs Act is still in progress.
This builds our country from the ground up and creates jobs. This will give us direction for a future and a road map for its achievement.
If you would like to follow these legislative bills, see the links below.
© Goldilocks
https://www.congress.gov/bill/118th-congress/senate-bill/695?q=%7B%22search%22%3A%22Infrastructure+Investment+and+Jobs+Act%22%7D&s=1&r=1
https://www.congress.gov/bill/118th-congress/house-bill/2694?q=%7B%22search%22%3A%22Infrastructure+Investment+and+Jobs+Act%22%7D&s=1&r=2
https://www.congress.gov/bill/118th-congress/senate-bill/843?q=%7B%22search%22%3A%22Infrastructure+Investment+and+Jobs+Act%22%7D&s=1&r=3
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Press Briefing by Julie Kozack, Director, Communications Department, IMF https://www.imf.org/
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Markets Looking to See if Budget Impasse Causes Govt. Shutdown - Ira's Metals Video 9 28 2023
https://youtu.be/bbzKNk1vlEc?feature=shared
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Goldilocks' Comments and Global Economic News Tuesday AM September 26th
Goldilocks' Comments and Global Economic News Tuesday AM September 26th
Good morning Dinar Recaps,
Tanzania has started buying LOCAL #gold to bolster its foreign exchange reserves.
More and more countries are starting to do this.
Expect this to continue.
Goldilocks' Comments and Global Economic News Tuesday AM September 26th
Good morning Dinar Recaps,
Tanzania has started buying LOCAL #gold to bolster its foreign exchange reserves.
More and more countries are starting to do this.
Expect this to continue.
Read: https://x.com/goldtelegraph_/status/1706460993067651173?s=46
SILVER WARNING: SILVER SQUEEZE Is On Its Way - Andy Schectman
https://youtu.be/TlOJ8VXcgFk?feature=shared
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45% of US student loan borrowers expect to go delinquent when payments resume next month
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Starting the crash
https://youtu.be/yFEGvh0W2i4?feature=shared
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BIS Warning:
"the current build-up of leveraged short positions in US Treasury futures is a financial vulnerability worth monitoring because of the margin spirals it could potentially trigger."
👆 Liquidity issues are beginning to show up.
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UK banks/Basel 3.1: locals rule on international regulation | Financial Times
https://www.ft.com/content/92635e40-917d-4e63-8c82-5bf715bea2bc
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CBI Announcement:
Starting 2024: All dealings restricted to local currency in Iraq.
https://www.albawaba.com/business/starting-2024-all-dealings-restricted-local-currency-iraq-1535414
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"The $39 billion iShares 20+ Year Treasury Bond ETF (ticker TLT) has lost 48% from its 2020 all-time high and is trading at its lowest point since 2011, according to data compiled by Bloomberg."
https://www.bloomberg.com/news/articles/2023-09-25/long-treasury-etf-tlt-plunges-record-48-as-market-meltdown-worsens
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Goldilocks' Comments and Global Economic Evening News for September 19th
Goldilocks' Comments and Global Economic Evening News for September 19th
Good evening Dinar Recaps,
Edit this: Mining legend Frank Giustra commented on the US dollar:
"You got to think about these new mechanisms for settlement on trade, and that's where I think it's going to be chipping away at the value of the dollar.”
100%
Countries globally are starting to trade using their local currencies; this is very important to members of BRICS.
As they develop their central bank digital currencies, they are also accumulating gold.
This is what transformation looks like.
Goldilocks' Comments and Global Economic Evening News for September 19th
Good evening Dinar Recaps,
Edit this: Mining legend Frank Giustra commented on the US dollar:
"You got to think about these new mechanisms for settlement on trade, and that's where I think it's going to be chipping away at the value of the dollar.”
100%
Countries globally are starting to trade using their local currencies; this is very important to members of BRICS.
As they develop their central bank digital currencies, they are also accumulating gold.
This is what transformation looks like.
Read: https://x.com/goldtelegraph_/status/1704173357942591877?s=46
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Citi launches token service for institutional clients
The service uses blockchain technology to convert clients’ deposits into digital tokens that can be used for instant cross-border payments 24/7, the bank said.
BankingDive Link
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Based on the decision of the Board of Directors of this bank No. (151) of 2023, approval was obtained to renew the license granted to Yanah Banking and Electronic Services Company based on the provisions of Article (7/Second) of the Electronic Money Payment Services System No. (3) of 2014, provided that its provisions, instructions and controls are adhered to. issued by this bank.
https://cbi.iq/news/view/2418
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🔴 China Dumps U.S. Treasuries To Buy RECORD Amounts Of Gold As The U.S. Dollar Outlook Weakens
https://youtu.be/T5-x4Q7u5H8?feature=shared
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Prepare for #Stellar’s Protocol 20 upgrade! It’s the biggest one yet, introducing Soroban smart contracts.
Things to know:
1. Testnet upgrade on Sep 20, 1500 UTC
2. Update Stellar-related software
3. Stay updated in the (#protocol-20) discord channel
4. Go here for more info… Show more
3:06 PM · Sep 18, 2023
https://stellar.org/blog/developers/protocol-20-upgrade-guide
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According to the official announcement, the testnet will upgrade on September 20 at 15:00 UTC to release newer updates of Stellar Core and Horizon, the infrastructure of the Stellar network.
Stellar validators will open upgrade votes for six weeks once the testnet upgrade reaches ideal output. The testnet release of the Protocol 20 upgrade will track and trace network performance with the implementation of Soroban smart contracts.
Soroban is a smart contract infrastructure built on top of Stellar. It advances the Stellar network’s capabilities by enabling an ecosystem of decentralized applications.
“Because the Protocol 20 upgrade introduces new network settings that validators control, it is also likely that the initial upgrade vote will be followed by a series of additional votes to adjust those settings,” said the blog post.
The Stellar Foundation has increased its development efforts to sustain itself in the highly competitive blockchain space. It recently onboarded British actor Idris Elba to advertise Stellar blockchain network.
Stellar To Support Soroban Smart Contracts With Protocol 20 Upgrade
https://www.cryptotimes.io/stellar-to-support-soroban-smart-contracts-with-protocol-20-upgrade/
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The Global Markets are about to get volatile due to inflated assets and an uncontrollable debt ceiling. This is why capital requirements are being adjusted to test the new Basel 3 banking system.
At the same time, we have tokenized assets onboarding onto the new digital trading system being tested.
These new tokenized assets will be tested and interfaced on the Stellar Network for the next 6 weeks.
The banking system has until the end of November to complete their Basel 3 testing and period for comments on improvements.
The transition into our new digital economy in the banking system and the market system supported by commodities is about to begin.
For more on Protocol 20, see the articles below.
© Goldilocks
https://cryptosaurus.tech/stellar-xlm-is-ready-for-its-biggest-protocol-upgrade-details/
https://www.newsbtc.com/news/stellar/stellar-to-release-protocol-20-testnet-upgrade-will-xlm-rally/
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