US economic data hammers gold price as markets gear up for a rate hike in June

U.S. economic data hammers gold price as markets gear up for a rate hike in June

The gold market got battered by upbeat economic data and stubbornly high inflation. As gold posted its third weekly loss, markets recalibrated for another 25-basis-point rate hike in June after pause expectations got shattered.

Gold is looking to close down $35 on the week, with June Comex gold futures last trading at $1,945.80 an ounce. Despite the selloff, year-to-date gold is still up more than 6%.

The macro data was the main driver weighing on gold at the end of the week, TD Securities global head of commodity strategy Bart Melek told Kitco News.

"The durable goods number, personal spending, and the PCE inflation measures were all broadly above expectations," Melek said. "Not only is inflation not dropping, the Federal Reserve's preferred inflation measure — the core PCE price index — went to 4.7% in April."

Inflation near 5% is too high for the Fed to justify a pause in June, and the market is pricing that in. The latest market expectations see a 60% chance of a hike at the June 13-14 meeting, Gainesville Coins precious metals expert Everett Millman told Kitco News.

"That is a big reversal from earlier estimates," he said. "The speed at which this kind of re-pricing happens gets the attention of the gold market. Rapid changes in expectations lend themselves to more volatility."

On top of that, the U.S. dollar has performed well, and gold responded with a move down. "We think gold prices may be subdued for much of the quarter and probably into the early part of Q3," Melek said. "The market has mispriced Fed's intentions."

With the Fed zeroed in on inflation, not much will likely sway the central bank before the June meeting. Millman added that the debt ceiling debate drama is the one thing to closely monitor as any downgrades to the U.S. credit rating would trigger safe-haven flows into gold.

Meanwhile, negotiations to raise the U.S. government's $31.4 trillion debt ceiling before June 1 hit some obstacles on Friday. Earlier, Democratic and Republic negotiators appeared nearing a deal to lift the debt cap for two years while limiting some spending.

"We have made progress," lead Republican negotiator Garret Graves told reporters. "I said two days ago, we had we had some progress that was made on some key issues, but I want to be clear, we continue to have major issues that we have not bridged the gap on chief among them work requirements."

Gold price levels to watch

The next support level for gold is $1,940 an ounce, Millman said. Below that, investors should watch the $1,915 and $1,900.

Analysts do not rule out a move lower to $1,900. "Firm support is at around $1,900-$1,896," Melek said.

It is too soon to call a bottom in gold even though the precious metal is down more than $125 since testing record highs a few weeks ago, RJO Futures senior market strategist Frank Cholly told Kitco News.

"The market is telling us we will see another rate hike in June and maybe one in July. Gold doesn't like that," Cholly said. "Somewhere between the $1,950-$1,925 range on August futures, traders will find value, and the market will form a base before turning higher," he said.

Data next week

Tuesday: U.S. CB consumer confidence

Wednesday: U.S. JOLTs job openings, Beige Book

Thursday: U.S. jobless claims, U.S. ADP nonfarm employment, U.S. ISM manufacturing PMI

Friday: U.S. nonfarm payrolls


Anna Golubova

For Kitco News

Time to Buy Gold and Silver

Tim Moseley

Mycarclub: The Ultimate Destination for Car Enthusiasts

Mycarclub: The Ultimate Destination for Car Enthusiasts

MyCarClub is a platform that brings together car enthusiasts from all over the world. The website offers a tight-knit community where members can share their love for anything on wheels. The platform provides weekly newsletters on the latest motor releases, events, exhibitions, and more. The website believes that cars aren't just machines, but a way of life. From muscle cars to exotic rides, MyCarClub is always eager to hear about the latest developments in the automotive industry.

One of the unique features of MyCarClub is that it is a reward-based private crowd-funding club. Members can qualify to drive a new car of their choice depending on the qualification criteria. Members' monthly subscriptions form a part of a pool that is used to assist others to get their reward. The monthly donations of group members are also used to help other members achieve their dream of driving their favorite car.

However, before becoming a member, it is essential to understand the rules and regulations of the platform. MyCarClub is a legitimate business, but it is always important to be cautious when joining any club or platform. Members should read the fine print carefully and understand the terms and conditions before signing up. Overall, MyCarClub offers a unique opportunity for car enthusiasts to connect with like-minded individuals and potentially drive their dream car.

What is MyCarClub?

MyCarClub is a car club that aims to provide its members with a unique, exclusive, and unparalleled experience. The club offers a wide range of benefits tailored to individual needs and desires, ensuring each customer has a safe and enjoyable experience that leaves them coming back for more. MyCarClub has a mission to provide its members with a chance to drive the car of their dreams while keeping the cost affordable.

The club provides members with a variety of cars to choose from, including luxury cars, sports cars, and more. Members can choose the car they want to drive and enjoy the experience of driving a car they have always dreamed of. MyCarClub also offers a range of benefits to its members, including insurance, maintenance, and cleaning services.

MyCarClub is a legitimate business that has been vetted and reviewed by Scam Detector, who gave it a medium authoritative score of 63.2. This means that the business is known, vetted, and legitimate. The club has also received positive reviews from its customers on Trustpilot, with an average rating of 3.7 out of 5.

Overall, MyCarClub is an excellent option for those who want to experience driving a luxury or sports car without breaking the bank. The club offers a range of benefits to its members, making it a great choice for car enthusiasts who want to enjoy the thrill of driving a high-end car.

Membership Benefits offers an array of benefits to its members, making it a unique and exclusive experience. The club aims to provide each member with a safe and enjoyable experience that leaves them coming back for more. The following are some of the membership benefits:

Monthly Offers

Mycarclub offers its members monthly discounts and special offers on various products and services. These offers are exclusive to members only and can be accessed through the club's website. Members can save a significant amount of money on their purchases, making their membership fee worth it.


Mycarclub organizes various events throughout the year, ranging from car shows to meet-and-greet events. These events are an excellent opportunity for members to socialize, network, and showcase their cars. Members can also participate in various competitions and win exciting prizes.


Mycarclub provides members with a platform to network with other car enthusiasts. Members can interact with each other through the club's website or social media platforms. The club also organizes networking events where members can meet and connect with like-minded people.

In conclusion, Mycarclub provides its members with an exclusive and unparalleled experience. The club offers various membership benefits, including monthly discounts, events, and networking opportunities. Members can save money, socialize, and connect with other car enthusiasts.

Customer Service and Support

Mycarclub prides itself on providing top-notch customer service and support to its members. With a focus on powerful assistance and weekly tips, members can rest assured that they are receiving the best possible support for all of their car-related needs.

Powerful Assistance

Mycarclub offers powerful assistance to its members, ensuring that they have access to the help they need when they need it. The company's customer service team is available 24/7 to assist with any issues or concerns that may arise. Members can reach out to the team via phone, email, or live chat, and can expect a prompt and helpful response.

In addition to traditional customer service channels, Mycarclub also offers a range of online resources to help members troubleshoot issues on their own. The company's website features a comprehensive FAQ section, as well as helpful articles and guides that cover a wide range of car-related topics.

Weekly Tips

Mycarclub also provides its members with weekly tips to help them stay on top of their car maintenance and care. These tips cover a range of topics, from basic maintenance tasks like oil changes and tire rotations to more advanced topics like engine repair and performance upgrades.

Members can access these tips via the company's website or through the Mycarclub mobile app. The tips are designed to be easy to understand and implement, even for those with limited car knowledge or experience.

Overall, Mycarclub customer service and support offerings are among the best in the industry. With powerful assistance and weekly tips, members can feel confident that they have the help and resources they need to keep their cars running smoothly and safely.

Dream Car Ownership

Owning a dream car is a goal for many people. However, the cost of purchasing a new car can be prohibitive. MyCarClub offers an innovative solution to this problem. By joining the club, members can drive their dream car for as little as $33 a month.

New Car Selection

MyCarClub offers a wide selection of new cars to choose from, including luxury brands such as BMW, Mercedes-Benz, and Audi. Members can select the car of their dreams and enjoy the thrill of driving it without the high cost of ownership.

The selection process is easy and convenient. Members can browse the website and select the car they want. Once they have made their selection, the car will be delivered to their doorstep.

Car Shows

MyCarClub also hosts car shows for members to enjoy. These shows offer an opportunity for members to see the latest models and network with other car enthusiasts.

The car shows are held at various locations across the country, making it easy for members to attend. Members can also showcase their own cars at these events and receive recognition for their unique vehicles.

In conclusion, MyCarClub offers a unique and affordable solution for dream car ownership. With a wide selection of new cars to choose from and exciting car shows to attend, members can enjoy the thrill of driving their dream car without breaking the bank.

Free Account and Login

Mycarclub offers a free account for users who want to join the community and access all the benefits that are available. To create an account, users need to visit the website and click on the "Sign Up" button on the top right corner of the homepage. The registration process is straightforward and requires users to provide their email address, name, and a password. Once the registration is complete, users can log in to their account and start exploring the features that are available.

The login process is simple and can be completed in a few seconds. Users need to visit the website and click on the "Log In" button on the top right corner of the homepage. They will be redirected to a page where they need to enter their email address and password. Once the credentials are verified, users will be logged in to their account and can access all the features that are available.

One of the benefits of having a Mycarclub account is that users can save their preferences and settings. For example, users can save their favorite cars, dealerships, and locations. This makes it easier for them to find what they are looking for when they log in to their account.

Another benefit of having a Mycarclub account is that users can participate in the community. They can ask questions, share their experiences, and connect with other members who share the same interests. This is a great way to learn more about cars, dealerships, and the automotive industry in general.

In conclusion, Mycarclub offers a free account and login process that is easy and straightforward. Users can create an account in a few minutes and start exploring the features that are available. Having an account allows users to save their preferences and participate in the community, making it a great resource for anyone who loves cars.

Private and Family-Friendly

Mycarclub is a private and family-friendly car club that offers its members a unique experience of driving the car of their dreams. The club offers a wide range of high-end luxury cars, sports cars, and classic cars that members can rent and drive for a day or more.

The club's private and family-friendly environment ensures that members can enjoy their driving experience without any distractions or interruptions. The club's strict policies and procedures ensure that all members are respectful of each other's privacy and safety.

Mycarclub understands the importance of family time and offers family-friendly events and activities. The club's family-friendly events include car shows, road trips, and other activities that are suitable for all ages. The club also offers a range of services and amenities that cater to families, including child seats, strollers, and other necessary equipment.

The club's private and family-friendly environment also ensures that members can enjoy their driving experience without any distractions or interruptions. The club's strict policies and procedures ensure that all members are respectful of each other's privacy and safety.

In addition, the club offers personalized services to its members, including customized driving routes and itineraries, concierge services, and other specialized services that cater to the needs of each member. The club's personalized services ensure that members can enjoy their driving experience to the fullest.

Overall, mycarclub is a private and family-friendly car club that offers its members a unique and unforgettable driving experience. With its strict policies and procedures, personalized services, and family-friendly environment, the club ensures that all members can enjoy their driving experience without any distractions or interruptions.

Prices and Membership Tiers

MyCarClub offers a range of membership plans to suit different budgets and needs. The company charges a one-time joining fee of €149, but they currently offer a €50 Founder's discount, making it effectively €99. The monthly membership fee is €29, and members can save one month's subscription fee by paying for a year. When members choose yearly membership, they pay only €319 instead of €348.

MyCarClub has three membership tiers: Bronze, Silver, and Gold. Each tier offers different benefits and privileges, as shown in the table below:

Membership Tier Monthly Fee Yearly Fee Benefits
Bronze €29 €319 Access to member events and meetups
Silver €49 €529 Access to member events and meetups, as well as exclusive discounts on car rentals and purchases
Gold €79 €859 Access to member events and meetups, exclusive discounts on car rentals and purchases, as well as priority access to the club's fleet of cars

Members can upgrade or downgrade their membership tier at any time, depending on their needs and preferences. They can also cancel their membership with a 30-day notice period.

MyCarClub offers a range of services and benefits to its members, including access to a collection of the world's best cars, discounts on car rentals and purchases, and exclusive member events and meetups. The company prides itself on providing high-quality services at an affordable price, making it accessible to every car enthusiast out there


MyCarClub on YouTube

MyCarClub The YouTube channel, MyCarClub TV. The channel features a variety of content related to cars, including reviews, test drives, and interviews with car enthusiasts and professionals.

The channel's videos are well-produced and informative, with a focus on providing viewers with a unique and exclusive experience. The content is aimed at car enthusiasts and those who are interested in the latest trends and developments in the automotive industry.

One of the unique features of MyCarClub TV is its Prospecting System, which is designed to help members drive their dream car for less than $1 a day. The system is explained in detail in a video on the channel, which provides step-by-step instructions on how to join MyCarClub and start driving your dream car.

In addition to the Prospecting System, MyCarClub TV also features a variety of other content, including car reviews, interviews with car enthusiasts, and coverage of car-related events. The channel is a great resource for anyone who is interested in cars and wants to stay up-to-date with the latest news and trends in the industry.

Overall, MyCarClub TV is a great resource for car enthusiasts and those who are interested in the latest developments in the automotive industry. The channel's high-quality content and unique Prospecting System make it stand out from other car-related channels on YouTube.


Tim Moseley

GoldSilver: A breakdown in two-year treasury yields triggers the next bull market

Gold/Silver: A breakdown in two-year treasury yields triggers the next bull market

I wish everyone a Happy Memorial Day weekend and thank all of you for the positive feedback over the years, and it is an absolute pleasure to write for you all. Digging into the precious metals markets, we have been under pressure for most of May after the banking crisis became more of an isolated incident rather than the contagion effect everyone feared most. With that story fading into the sunset, a new story surrounding a potential U.S. Default was born where a new batch of speculators piled into the long side of the Gold and Silver while shorting U.S. Equities. Those traders are the ones that often "buy the tops while selling the bottoms" and vice versa. Thursday's massive rally in the Nasdaq and breakdown below $1950 on Gold most likely cleaned those short-term speculators out of the market. As the deadline for the debt ceiling approaches this week, the volatility in the precious metals and equity markets should continue to mount.

I expect this week to see a last-minute agreement and the "can kicked down the road again," where precious metals will most likely capitulate at that point, making a lower low on the day while closing unchanged or higher on the day. Is that enough to get Gold back to a neutral or bullish trend? Most likely not. We will need U.S. economic data to continue to cool, reducing the expectations of another interest rate hike in July and, ultimately, a "Fed Pivot." At that point, Two-Year Treasury Yields will likely have "peaked," marking a top in the U.S. Dollar and a bottom in Gold. Most of you have yet to see a Two-Year Treasury Yield chart in relation to the Gold market, so I want to share that below.

Daily Two-Year Treasury Yield Chart

Daily Gold Chart

The technical backdrop leaves Gold in a "bearish trend" as Fed fund futures are pricing another interest rate hike in July and one or two rate cuts by year-end. Gold remains near critical support at $1950 and needs to recapture $1980 on the charts to challenge $2000. Once Gold closes above $2000, the talking heads on financial news networks will wake up and begin the chase again, leaving all-time highs back in play. Remember, the playbook is similar to the 2018-2020 Gold bull market, where the Fed indicated there would be three more rate hikes, and ultimately none happened. The Fed reversed course and started cutting rates. That drove Gold up $650, which leaves our $2500 target achievable in the next 12-18 months.

To further help you develop a trading plan, I went back through 20 years of my trading strategies to create a Free New "5-Step Technical Analysis Guide to Gold that can easily apply to Silver." The guide will provide you with all the Technical analysis steps to create an actionable plan used as a foundation for entering and exiting the market. You can request yours here: 5-Step Technical Analysis Guide to Gold.

Daily Silver Chart

The chart pattern in Silver has been strikingly similar to that of Gold since the beginning of May, with prices rejecting the first breach of the 50% retracement at $23. The recent correction gives us another excellent opportunity to add to core positions using the December 1000 oz Silver contract. Over the next 18-24 months, we expect Copper to make new all-time highs and Silver to break $35/oz.

Having the flexibility to enter and exit the market quickly makes it essential for Precious Metals investors to have a futures trading account alongside their core Physical Precious Metals holdings. If you are interested in speculating on the rise and fall of the price of Precious Metals on a shorter-term basis, such as two weeks or two months, or If you have never traded futures or commodities, I just completed a new educational guide that answers all your questions on transferring your current investing skills into trading "real assets," such as the 1000 oz Silver futures contract. You can request yours here: Trade Metals, Transition your Experience Book.


Phillip Streible

Contributing to

Time to Buy Gold and Silver

Tim Moseley

Benefits of Joining SavingsHighwayGlobalcom

Benefits of Joining A Comprehensive Guide is an online membership program that offers a variety of benefits to its users. With the rising cost of living and the increasing demand for quality products and services, many people are looking for ways to save money. Joining is an excellent way to do just that.

New members who join are given access to a range of exclusive benefits, including employee discounts on thousands of name-brand items. Members can also earn cashback on popular online shopping stores, such as Walmart, Target, BestBuy, and hundreds more. In addition, members can enjoy savings on specific purchases, access to online membership dashboards, and newsletters that keep them informed of new deals and discounts.

If you're interested in joining, the process is simple. You can visit their website to learn more about the program, and if you decide to join, you can do so by filling out a simple form. If you have any questions or concerns, you can contact their customer service team via email or phone. With, you can take advantage of a variety of benefits that will help you save money on everyday purchases and enjoy a better quality of life.

What is Savings Highway Global?

Savings Highway Global is a legitimate company that offers financial education and services to help individuals and families break free from the chains of debt. The company was founded in 2006 by Steve Gresham, a well-known entrepreneur and financial expert.

As a member of Savings Highway Global, individuals gain access to a wide range of financial tools and resources that can help them achieve their financial goals. These include:

  • Debt reduction strategies and tools
  • Investment opportunities
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The company has a team of experienced professionals, including managers, directors, and executives, who are dedicated to helping members achieve financial success. They work closely with members to develop customized financial plans that are tailored to their unique needs and goals.

Savings Highway Global is committed to providing its members with the highest level of service and support. The company has a positive rating with the Better Business Bureau, which is a testament to its commitment to customer satisfaction.

In summary, Savings Highway Global is a reputable company that offers a variety of financial services and resources to help individuals and families achieve financial freedom. With a team of experienced professionals and a commitment to customer satisfaction, the company is a trusted partner for those looking to take control of their finances.

Joining Savings Highway Global

If you are interested in joining Savings Highway Global, it is a straightforward process. Here are the steps to follow:

How to Join

  1. Visit the Savings Highway Global website at
  2. Click on the "Join Now" button on the homepage
  3. Fill out the registration form with your personal information and preferences
  4. Choose your membership level and payment method
  5. Submit your payment and wait for confirmation of your membership

Once you have completed these steps, you will have access to all the benefits of being a Savings Highway Global member.

Active Membership

To get the most out of your membership, it is important to remain active. This means logging into your member's website regularly, checking your email for updates and new opportunities, and staying up-to-date on training and support resources.

As an active member, you will have access to a variety of resources and tools to help you succeed in your business. These include:

  • Training and support from experienced mentors and coaches
  • Business opportunity presentations and webinars
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Remember, the more active you are as a member, the more opportunities you will have to grow your business and achieve your goals.

Joining Savings Highway Global is a great way to take control of your financial future and build a successful business. With training and support from experienced mentors, a variety of business opportunities, and deep discounts on a wide range of products and services, it is a smart investment for anyone looking to improve their financial situation. So why wait? Sign up today and start your journey towards financial freedom!

Benefits of Joining Savings Highway Global

Savings Highway Global is a membership-based company that offers a range of benefits to its members. Here are some of the key benefits of joining Savings Highway Global.

Income Opportunities

Savings Highway Global offers its members various income opportunities, making it a great option for those looking to earn extra income. Members can earn commissions through the company's compensation plan, which includes bonuses such as fast start bonuses and matching bonuses. Members can also earn commissions on the purchases made by their team members.

Resources and Support

Savings Highway Global provides its members with a range of resources and support to help them succeed in their business. The company offers training and support to its members, including access to a team of experienced professionals who can provide guidance and advice. Members also have access to a range of resources, including a menu bar and dashboard that provides all the information they need to manage their business.

Exclusive Discounts and Savings

One of the main benefits of joining Savings Highway Global is the exclusive discounts and savings that members can enjoy. Members can save money on a range of products and services, including travel, entertainment, and more. These savings can add up quickly, making it an excellent option for those looking to save money.

In summary, joining Savings Highway Global offers a range of benefits, including income opportunities, resources and support, and exclusive discounts and savings. With a strong compensation plan, fast start bonuses, and matching bonuses, members can earn extra income while enjoying the benefits of being part of a supportive team. Additionally, the company offers a range of resources and support to help members succeed, making it an excellent option for those with relevant experience or those who are new to the industry



Tim Moseley

Gold trades below its 100-day MA as hope of a potential debt-ceiling resolution advances

Gold trades below its 100-day MA as hope of a potential debt-ceiling resolution advances

Gold futures basis the most active June 2023 Comex contract traded briefly below the 100-day simple moving average at $1939.50. Gold futures traded to a low of $1939 just $0.50 below its 100-day moving average which technical traders use as a benchmark to determine the interim trend of a stock or commodity. As of 5:00 PM EDT, the June contract is currently down $22.90 or 1.17% and fixed at $1941.70.

With just one day left before the United States begins a three-day holiday weekend in honor of Memorial Day, both Republican and Democratic leaders have expressed optimism that current negotiations will lead to a deal with legislation that raises the debt ceiling before the XDate occurs.

According to Reuters News, "U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Thursday appeared to be nearing a deal to cut spending and raise the government's $31.4 trillion debt ceiling, with little time to spare to head off the risk of default."

A source cited by Reuters says that "the two sides are just about $7 billion apart on a total figure that would be well over $1 trillion".

A potential upcoming deal that would resolve the debt ceiling crisis has pressured gold dramatically lower now for the fourth consecutive day. Gold futures have declined almost $40 from Friday’s opening price of $1978 down to its current fix just below $1942 per ounce.

On a technical basis gold breached a Fibonacci 50% retracement today of $1947.80. The data set used for this retracement begins at $1810 (the lows that occurred in February of this year) to $2085. Gold’s 100-day moving average at $1939.50 was breached in trading today and becomes the first level of potential technical support. Below that the next level of technical support for gold futures at $1915 per ounce, which represents a 61.8% Fib retracement.

Gary Wagner

Contributing to

Time to Buy Gold and Silver

Tim Moseley

Extreme dollar strength and 1 month T-Bills yielding 559 move gold lower

Extreme dollar strength and 1 month T-Bills yielding 5.59% move gold lower

Market participants are witnessing extreme dollar strength and exceedingly high yields in short-term Treasury Bills as continued uncertainty and angst surrounding negotiations to raise or suspend the debt ceiling are still at a stalemate. The US dollar has climbed higher for the last three consecutive weeks after trading to a low at the beginning of May at 101. The dollar gained 0.42% today with the dollar index currently fixed at 103.815. That is a net gain of almost 3% in May.

Although salmon consistently swim upstream, gold has been fighting the currents of dollar strength and high yields and has been unable to gain any traction as a haven asset because no legislation has been forthcoming from negotiations. After hitting a high of $2085, just shy of the record high about a month ago gold prices have declined dramatically trading to a low today of $1958.40. Gold futures have traded below $1960 per ounce on four of the last five trading days.

The Federal Reserve released the minutes from the last FOMC meeting held in May. The minutes revealed that numerous Federal Reserve officials believed the most prudent path would not contain rate hikes in the near future. That being said, Fed officials were not unified in that belief.

There were Federal Reserve officials that said that because the economy has evolved as anticipated "then further policy firming after this meeting may not be needed." The minutes also revealed that some officials of the Federal Reserve underscored the need that they should communicate that interest rate cuts were not likely this year although further hikes cannot be completely ruled out. The minutes showed that members were laser-focused on stress in the banking system and the failure of multiple banks in the United States incorporating that into their forecast and more importantly forward guidance.

Even a more dovish stance by Federal Reserve members was not able to be supportive of gold pricing as the precious metal tumbled its near recent lows. It seems the expectation of market participants is under the assumption that a resolution to the debt ceiling negotiations will be forthcoming. That assumption combined with extreme dollar strength and strong yields from short-term US debt instruments continues to keep gold pricing range bound and trading near the lows of $1960 per ounce.

Gary Wagner

Contributing to

Time to Buy Gold and Silver

Tim Moseley

Citibank Report Says Asset Tokenization a Killer Use Case for Blockchain and CBDCs What About Crypto?

Citibank Report Says Asset Tokenization a “Killer Use Case” for Blockchain and CBDCs. What About Crypto?

Citibank's latest global perspectives and solutions report claims that tokenizing financial and real-world assets could be the "killer use-case" and a multi-trillion dollar opportunity. The report focuses on Asset Tokenization as the “killer use case” that blockchain needs to drive a breakthrough, with trillions of dollars worth of securities tokenized by the decade's end, forecasting up to $4 trillion. 

Citi is an investment bank on the list of the “Too Big To Fail” banks. Its 165-page research report is titled ‘Money, Tokens, and Games. Blockchains Next Billion Users and Trillions in Value’ and contains bold projections for Blockchain, NFTs, and Central Bank Digital Currencies. 

The report noted that the crypto industry is “approaching an inflection point,” and conversations by a few key figures in the crypto industry were aggregated in the research paper. The list includes Algorand founder Silvio Micali, Aave founder Stanley Kulechov, Ava Labs president John Wu, Polygon Labs president Ryan Wyatt,  and even Zooko Wilcox, the founder of Zcash.

The report pdf is very long, so here’s a summary of a few noteworthy sections and some counter-arguments of why it may be a little askew in these areas. Could it be intentional, or  maybe it’s just wishful thinking on their part? And what does it mean for the crypto industry?

Image credit: Citi GPS pdf

Report’s Brief Introduction 

The report begins with a brief introduction from Kathleen Boyle, the managing editor at Citibank, who, presumably, put this report together. She commences by explaining that the potential of blockchain has been overlooked primarily because it's a back-end technology, not a front-end technology like ChatGPT. She says successful blockchain adoption will be achieved when “Blockchain has a billion-plus users who do not even realize they are using the technology.” 

However, she does not say this adoption will come from crypto; it will come from Central Bank Digital Currencies (CBDCs). She also implies that the trillion-dollar opportunity of asset tokenization will come from the blockchains that power these CBDCs, not cryptocurrency blockchains. 

This starkly contrasts what the crypto headlines say about the report. – As DeFi Edge points out there are already some prominent crypto protocols focusing on real-world asset tokenization. This underscores the importance of whenever you hear an institution, be it a mega bank or a government, talking about the benefits and potential of blockchain technology, 99% of the time, they are not talking about cryptocurrency. In almost every case, they talk about private and permissioned blockchains they will control. 

This is why it's a bit scary to see Kathleen explain that blockchain needs “decentralized digital identities, zero-knowledge proofs, oracles, and secure bridges to achieve mass adoption.” She's probably not talking about the same technology we use in crypto. She's talking about different technology. Kathleen also notes that “regulatory considerations are also necessary to allow adoption and scalability without ‘hindering innovation’.” 

Image credit: Citi GPS pdf

Kathleen and her crew estimate the mass adoption of blockchain, not crypto, is 6 to 8 years away. Some would argue that the mass adoption of crypto will come much sooner than that, and the value of the assets tokenized on cryptocurrency blockchains will exceed the $4 trillion the report is projecting. Moreover, the sentiment of crypto heavyweights et al. believes the adoption of CBDCs and asset tokenization on private blockchains will be much lower than the authors' pitch. 

That's because data from the Bank for International Settlements (BIS), the bank for central banks, shows that only 4% – 12% of people will voluntarily adopt CBDCs. The same goes for tokenized assets on private blockchains. If governments control these blockchains, then having all your assets tokenized means you won't truly own them; the government will own them. This is precisely what entities like the World Economic Forum are pushing for. This article explains how you can reject what the globalists are planning.

Central Bank Digital Currencies – CBDCs 

The first part of the report worth covering is about CBDCs. The report projects that between 2 and 4 billion people will voluntarily adopt CBDCs. This is inconsistent with the adoption projections from the BIS and actual CBDC adoption in countries like Nigeria, where adoption is a fraction of a percent. 

It begins by revealing that the obsession with CBDCs comes from the fact that they will allow governments and central banks to micromanage monetary and fiscal policy. In other words, they can control how much you can spend, how much you can save, what you can buy, and so on. Citi’s authors estimate that as much as 20% of all the currency in circulation will be converted into CBDCs by 2030. They also claimed that; 

“The successful launch and adoption of CBDCs would lead to more stablecoin projects becoming mainstream. This is because the stablecoin protocol is now able to hold reserves in CBDCs, which are more stable and liquid than money market instruments.” 

For context, stablecoins are currently backed primarily by US government debt. This is a double-edged sword because it allows the US government to subsidize its spending but also risks crashing the bond market in the event of a stablecoin run. It sounds like stablecoins will soon be backed by CBDCs instead. This is concerning because if CBDCs back stablecoins, it gives governments and central banks de facto control of all the stablecoins in circulation. 

This, in turn, would give governments and central banks control of cryptocurrencies, whose ecosystems rely on stablecoins, such as Ethereum. Ethereum creator Vitalik Buterin said that stablecoins like USDC would have the power to decide future blockchain forks. What’s needed is a genuinely decentralized stablecoin to be developed that will protect crypto projects, like Ethereum, from future stablecoin control. 

The authors list countries that are working on CBDCs and include notes about which technologies they're using. Australia and Norway appear to use Ethereum as part of their CBDC development. It's safe to assume they will use some private version. To their credit, the authors also list risks associated with a CBDC rollout. These include competition between central banks because of currency competition, a loss of privacy, a loss of bank deposits leading to financial instability, and limited adoption. Critics argue that the latter isn't a risk.

Image credit: Citi GPS pdf

Regarding the adoption aspect, the authors highlight the less than 0.05% adoption rate of Nigeria’s eNaira and the slow adoption of the Bahamas Sand Dollar, with FTX’s collapse and C-19 said to be contributing factors to the loss in momentum. This makes their projection of wide-scale CBDC adoption that much more implausible. They blame the absence of said adoption so far on a lack of financial literacy. Arguably, financial literacy is precisely why people aren't adopting CBDCs. 

As explained in this article, it’s important to note the difference between CBDCs and cryptocurrencies. Certain institutions are already trying to market CBDCs as having the same benefits as cryptos as cryptocurrency adoption continues to rise.

Citi’s report presents timelines for when some CBDCs will be deployed. It states a digital Euro will be up and running around 2026. The digital pound will be ready by 2030, but the digital dollar is yet to be determined, and it slams the few brave US politicians for trying to stop its development. 

Decentralized Social Media – DeSo

The second part of the report is about decentralized social media (DeSo). Unfortunately, this chapter is relatively short because DeSo is highly critical due to the overwhelming efforts of governments to censor the internet. This article explains that governments worldwide are in the process of passing online censorship laws. In the European Union, these online censorship laws have already passed and are set to go into force in June this year. 

Since trust in institutions has been declining for decades and slumped after all the pandemic restrictions, their need for this crackdown makes sense. Trust in institutions is crucial for the financial status quo to continue. The recent banking crisis exemplifies what happens when that trust is entirely lost. This is why the authors note that “Blockchain's ability to create a shared, immutable, digital record of transactions could also help users see where particular information originated in order to judge its credibility. This could help build trust.”

The catch is that trust only exists when the blockchain is trustless. The report also notes that with DeSo, “ownership of content and control over the distribution channels remains with users.” This is required to resist online censorship, and it's the same principle that underlies all crypto. You are only financially free when you own and control your assets. 

The report’s authors include a conversation with Aave founder Stanley Kulechov; the remainder of the section is an interview with him. This is primarily because Stanley and the Aave team are working on the Lens protocol, a decentralized social media protocol that will serve as the backend for future DeSo platforms. Stanley believes that games and social media might be how most people become aware of blockchain technology. 

They are unaware that a monolithic crypto project in the DeSo space has been in development and is now up and running for the most part. The founder and architect of Markethive, Thomas Prendergast, envisioned the dystopian system we are experiencing currently and is ahead of the curve with a decentralized platform incorporating a social, marketing and broadcasting network for entrepreneurs that services as a cottage industry. Markethive is an ECOcentric DNA system. 

The Markethive ecosystem culminates with its unique, comprehensive economic center housing the wallets and account facilitation for the user, with merchant accounts for eCommerce facilitation, and enables creators to monetize their content. Its cryptocurrency, Hivecoin, is the cornerstone of this decentralized economic sanctuary and is a portal to sovereignty and financial freedom with gamification thrown in. This is where people are learning about and experiencing crypto and blockchain technology. 

Decentralized Digital Identity – DID

Another section of the report is about decentralized identity. Citi starts with a spooky sentence: "Decentralized identity is a core technology component that will enable regulatorily compliant uses of blockchain while still preserving anonymous/pseudonymous access.” 

They seem to suggest that the purpose of decentralized digital ID is not to do things like interact with cryptocurrency protocols but to be the “identity layer for the entire internet.” Logically, this means whoever controls this identity layer will have unprecedented power. 

Moreover, the report specifies that decentralized digital ID “Does not imply a lack of centralized parties in identity issuance or verification, but that the mechanism of owning, sharing and verifying identity is done in a permissionless, decentralized manner.” 

This is a problem because if the issuance and verification of a decentralized digital ID are centralized, the issuer or verifier can revoke your ability to interact with online services. That's not decentralization, underscoring the need for crypto to find a way to issue and verify digital ID in a decentralized manner. 

Consider that a decentralized digital ID tied to a government-issued document is no different from a centralized stablecoin. Ponder a scenario where your government-issued ID is digitized like the CBDCs backing stablecoins. Additionally, governments worldwide are actively working on rolling out Digital IDs. Countries are at different stages, but skepticism and pushback have existed. 

Naturally, the authors say that the need for digital ID comes from the relentless data collection by big tech. They don't say that most of these big tech companies are aligned with governments and that these so-called decentralized digital IDs will likely just provide this data directly to said governments. 

The authors showcase the recently released Polygon ID as an example of a decentralized digital ID solution, and the infographic suggests that it's built exactly how the authors describe it. There's a centralized issuer and verifier – you only control what you reveal on-chain. 

Image credit: Citi GPS pdf

The report also provides an example of an actual decentralized digital ID: the Ethereum Name Service (ENS). ENS lets you buy a decentralized domain name ending in .eth for those unfamiliar. It has no central issuer or verifier; it's entirely decentralized and is run by a DAO. With that said, you could argue that DAOs aren't that decentralized due to their governance structures. 

The authors appear to argue that an actual decentralized digital ID isn't a solution because it's not tied to so-called verifiable credentials such as government-issued IDs. Instead, they shill their version of decentralized digital ID, which they also call “Self-sovereign identity. They then provide examples of self-sovereign identities and include digital IDs developed by Microsoft and the European Union. To add insult to injury, the authors omit centralized control as one of the risks associated with this technology but imply that crypto is a risk. 

Smart Legal Contracts – SLC

The last part of the report is about so-called Smart Legal Contracts (SLC), also called Contracts 2.0. The authors start with a statistic, and that's that 60% – 80% of all business transactions involve a contract. They note that companies lose 9% of their profits and miss out on an additional 40% of profits from bad contracts. Nick Szabo is the creator of Smart Contracts; however, SLCs are not the same as his smart contracts. It’s the authors that deem them an official subset of Smart Contracts but with different characteristics. 

They clarify that smart legal contracts have no universally agreed-upon definition, but the main difference is they don't involve blockchains. Smart legal contracts are also legally enforceable in their countries of origin. By contrast, legal enforceability is rarely a consideration in smart contracts.

This begs the question of why smart legal contracts are required at all, and the authors reveal the answer. “Smart legal contracts are more dynamic to changing circumstances – to achieve legal compliance, they must include terms that allow them to be paused, modified, or rectified.” 

It sounds like the authors are insinuating that smart contracts cannot be legally compliant due to their immutability. If smart legal contracts don't exist on blockchains, can be adjusted on a whim, and occasionally require human execution, as noted by the authors, then it begs the question of what makes SLCs different from a standard digital contract. The authors don't have a clear answer here. 

To their credit, they concede that smart contracts are likely to be much more popular than smart legal contracts because they provide the following benefits. 

  • They can exist indefinitely.
  • They are transparent.
  • They are tamper-proof.
  • They are secure.
  • They are built on a single source of truth. 

This section of the report is long and consists of the authors tripping over themselves to try and explain why smart legal contracts are the future despite being objectively inferior to smart contracts.

Image credit:

What Does This Mean For Crypto?

So here’s the big question – What does Citibank’s report mean for crypto? If anything, it reveals that institutional investors are looking at the crypto industry through a radically different lens from us retail investors. CBDCs, de facto digital IDs, and changeable smart contracts are not crypto. 

The few sections of the report about crypto were much shorter than those about dystopian technologies inspired by crypto. As mentioned, the chapter about decentralized social media was the shortest of all and could be interpreted as not a coincidence. 

Consider that the purpose of cryptocurrency is to replace megabanks like Citi, as well as most of the institutions that the other authors of this report work for. The first step to this replacement is the awareness of what crypto offers and why it's valuable. This information can be found on social media for now; however, with all the plans and legislations to continually broaden censorship of what authorities deem as mis/dis-information may see it disappear from the mainstream. 

In fact, leaked documents from the Department of Homeland Security stated that the US government was looking to censor information on social media, which fosters distrust in the financial system. Whoever still doubts that the government would resort to censoring financial information look no further than the recent banking crisis. In the subsequent hearings about the crisis, multiple US politicians pointed to social media as the cause of the bank runs that precipitated it. 

If you read this article about bank bail-ins, you'll know that US government officials discussed censoring discussions of bank runs on social media in their bank bail-in simulation late last year. It's more than likely that other governments would secretly consider the same behind closed doors. Now, I mention all of this because Citibank's report is part of what can only be described as an ongoing information war against cryptocurrency by the establishment. 

Another example is mainstream media articles about how Bitcoin mining is killing the planet, which is untrue. When it becomes clear to the establishment that they are losing this information war, they will resort to censorship to ensure that the trust in their increasingly unstable financial system remains. 

This crossroads is coming sooner than people think because everyone is waking up to CBDCs. People are also starting to wake up to the fact that not all cryptocurrencies are created equal, and the establishment is co-opting some crypto projects, companies, and technologies to usher in a dystopian new system. This system requires a digital ID; their fake decentralized digital IDs are the trojan horse. 

Always remember that blockchain does not equal crypto, and take every statement about crypto from megabanks and central banks with a massive grain of salt. The same goes for headlines about how mega and central banks embrace crypto. The likelihood is that they're doing the exact opposite. 



This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


Editor and Chief Markethive: Deb Williams. (Australia) I thrive on progress and champion freedom of speech. I embrace "Change" with a passion, and my purpose in life is to enlighten people to accept and move forward with enthusiasm. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.





Tim Moseley

Characteristics of Emotional Intelligence

Characteristics of Emotional Intelligence


Emotional intelligence is the ability to identify and understand our own feelings, as well as those of others. It's a set of skills that can make all the difference in your career and relationships, whether at work or at home. Emotional intelligence is more than just good communication; it means being aware of how you feel and understanding why you feel that way.

Understanding your emotions

Emotional intelligence is the ability to identify and understand our own feelings, as well as those of others. Emotional intelligence is a skill that can be learned through practice, but recognizing your emotions is the first step in understanding them.

When you recognize what you are feeling, it allows you to manage those feelings in more effective ways. For example: If someone makes fun of your friend's haircut, instead of getting upset and defending her right away (which might lead to an argument), try taking a minute or two before responding so that you can think through what truly bothers you about this situation.

Recognizing your strengths and weaknesses

Recognizing your strengths and weaknesses is a key step in developing the skills of emotional intelligence. If you know what you're good at, it's easier to focus on areas where improvement is needed. For example, if I'm an expert at managing my time but not so great at recognizing when others might need help or support, then I can use my time management skills as leverage for improving my ability to recognize other people's needs – even if this means asking for help from others who are better equipped than myself in those areas!

In addition to helping us identify areas where we need improvement, knowing our strengths can also help us leverage them as tools for overcoming our weaknesses. For example: If someone knows that they are great with numbers but struggles with reading emotions in others' faces (a common challenge), then they might use their numerical abilities as an opportunity to teach themselves how facial expressions work through practice exercises like those provided by The Emotion Lab

Communicating clearly with others

The next time you're in a conversation with someone and they tell you something, try to listen carefully. If they use an example or analogy, ask them to explain it further. If they say something that seems confusing or contradictory to what they said earlier in the conversation, ask them to clarify their point of view.

When speaking with other people and communicating with them through your words and actions, be mindful of how you word your questions so that they don't come across as accusatory or judgmental (e.g., "Why didn't you do X?"). When asking questions like these, be sure not only that there is no tone of blame but also that your body language isn't closed off or defensive either–this may lead others into thinking that there is something wrong with whatever decision was made instead of focusing on what could have been done differently moving forward together as a team!

Also remember: no matter how close we are with someone else personally

Getting along with others

  • Get along with others.

  • Know how to be a good team member.

  • Know how to work well with others.

  • Understand the importance of communication and listening skills in your relationships, both personal and professional.

  • Resolve conflict effectively when it arises by using appropriate tools like active listening or asking questions that help you understand another person's point of view before making assumptions about their intentions or motivations behind their actions (or lack thereof).

  • Recognize other people's emotions so you can empathize with them–and know when it might be best not to bring up certain topics until later on when everyone has calmed down a bit!

Maintaining relationships with others

You should be able to maintain relationships with others.

You should be able to get along with others, even those who are difficult or annoying.

You should be able to build rapport with people you don't know well, and keep it up over time. This means being able to read other people's emotions, communicate clearly and ask for feedback when needed–all things that make you more likable!

Being resilient when faced with challenges and setbacks

Being resilient when faced with challenges and setbacks is one of the most important characteristics of emotional intelligence. If you can't bounce back from adversity, then your success will be limited.

When faced with a setback or failure, consider what went wrong and what you could have done differently. Then move on! Don't let it get you down; after all, failure is an opportunity to learn something new. You should also be able to recover quickly from stressful situations so they don't impact your mood or performance negatively long-term.

Emotional intelligence is the ability to identify and understand our own feelings, as well as those of others.

Emotional intelligence is the ability to identify and understand our own feelings, as well as those of others. It involves being aware of our emotions and how they affect us, being able to manage them and use them to our advantage. Emotional intelligence also means that you are able to empathize with and support other people's emotions; it helps you understand what someone else may be feeling in any given situation.

Emotional intelligence can enhance relationships at home or at work by improving communication skills, making people feel heard and understood–and reducing conflict along the way!


Emotional intelligence is an important part of our everyday lives. It helps us navigate relationships, build resilience in the face of challenges, and make better decisions about the future. The more you know about your own emotions and those of others, the better equipped you'll be to deal with whatever life throws at you!


Tim Moseley

The solution to the raising the US debt ceiling is not going to be a cake walk

The solution to the raising the U.S. debt ceiling is not going to be a cake walk

Short-term T-bills maturing between June 6th through 15th are currently yielding 5.997%, an indication of the angst regarding whether a debt ceiling resolution can be reached on time before threatening a government default of its financial obligations. The uncertainty regarding the negotiations has moved the one-year T-bill with an issue date of June 2022 maturing on June 15 to a yield of 6.141%.

This is because T-bills maturing between June 6 and 15th are seen as the riskiest investment with the real possibility of delayed payment, according to Lawrence Gillum of LPL Financial. According to MarketWatch, "At the moment, the T-bill market is in a state of dislocation — one in which yields ranged from as little as 2.924% on the government obligation maturing on May 30 to as high as 6.141% on the 1-year bill maturing in three weeks."

The financial backdrop created by the uncertainty of a resolution in passing legislation to either suspend or raise the debt limit by the first or second week of June has strengthened the dollar and pushed away the chance for any upside moves in gold.

Gold futures continue to trade near recent lows at around $1960 with resistance occurring just above $1980. Today the most active June 2023 Comex contract gained only $0.30 on the day and is currently fixed at $1977.50. However, it is the low that is most troublesome trading to an intraday low today of $1955.80 before recovering. That being said, the differential between the open and closing prices is just a couple of dollars.

Although gold futures were able to recover off of earlier lows the uncertainty of a debt ceiling resolution is not enough to prompt traders to bid the precious yellow metal higher. This is because the consensus among traders is while there is uncertainty ultimately the issue will be resolved either by a temporary stopgap bill that adds more time and raises the debt ceiling or an actual piece of legislation that both the Democratic and Republican constituents can agree upon.

The debt ceiling has been reached and raised more times than one can count and on the vast majority of occasions, legislators simply played kick the can down the road taking the dilemma to an 11th-hour showdown. However, in this case, it seems a little bit different in that rather than playing kick the can they are playing a high-stakes game of chicken in which both sides are waiting for the other side to blink first. While both the Republicans' and Democrats' desires have components of budgetary concerns that are realistic, the sad truth is that you can’t have your cake and eat it too.


Gary Wagner

Contributing to

Time to Buy Gold and Silver

Tim Moseley

Debt-ceiling talks between Biden and McCarthy to resume at 5:30 EDT

Debt-ceiling talks between Biden and McCarthy to resume at 5:30 EDT

The latest round of debt-ceiling talks between the President and House Speaker will begin tonight at 5:30 PM EDT. While both sides have presented optimism on passing legislation that would temporarily suspend, or raise the debt limit ceiling, the Democrats and Republicans are still far apart.

Comments by the House Speaker today emphatically stated that "nothing is agreed to and there are still a lot of obstacles for a deal." This after a phone call between the president aboard Air Force One and McCarthy Sunday evening was "productive" according to McCarthy. President Biden held a news conference in Hiroshima where he criticized the legislation proposed by the house saying that he could not promise fellow world leaders that the United States would not default.

On Sunday President Biden said that he believes he has the authority to invoke the 14th amendment as a potential solution if the negotiations continue to result in a stalemate. However, the U.S. Treasury Secretary, Janet Yellen believes that the 14th Amendment is not a viable option as it cannot "be used appropriately in these circumstances, given the legal uncertainty surrounding it and given the tight deadline in which we find ourselves".

In an interview on Sunday with NBC Janet Yellen again had a strong warning about what was at stake if the two sides aren't able to reach a resolution and raise or suspend the debt ceiling.

"I indicated in my last letter to Congress that we expect to be unable to pay all of our bills in early June and possibly as soon as June 1. And I will continue to update Congress, but I certainly haven't changed my assessment. So I think that that's a hard deadline,"

According to a Moody's Analytics report, a default could lead to more than 7 million Americans out of work and the loss of $10 trillion in individual household wealth.

However, gold traded lower today temporarily disregarding the ongoing debt ceiling negotiations instead focused on statements made by Federal Reserve officials going against the grain of Powell's speech last week.

In an interview with CNBC, Minneapolis Fed President Neel Kashkar indicated that interest rates could go above 6% before the Federal Reserve reaches its 2% inflation target. This was an agreement with St. Louis Fed President James Bullard said that there might be a need to go higher on the policy rate.

As of 5:20 PM EDT, gold futures basis most active June contract is trading under pressure, down $7.90 and fixed at $1973.70. With the meeting between the president and the House Speaker to begin in about 10 minutes, we could see gold trade with extreme volatility this evening.


Gary Wagner

Contributing to

Time to Buy Gold and Silver

Tim Moseley

The Artist that came out of the Winter