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Weak inflation will be key to a sustainable gold rally above 1750

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Weak inflation will be key to a sustainable gold rally above $1,750

Some optimism is creeping back into the gold market as prices end the week in neutral territory, bouncing off support at $1,700 an ounce.

However, analysts are warning investors that economic data next week needs to be significantly weaker than expected if that optimism blossoms in a new breakout on the upside.

The main focus for gold investors next week will be two inflation data points: the U.S. Consumer Price Index on Tuesday and the preliminary inflation expectations from the University of Michigan. Also on tap next week is August U.S. retail sales, which will be an essential gauge to determine how consumers are holding up as the Federal Reserve aggressively raises interest rates.

"Significantly weaker economic data next week will continue to pressure the U.S. dollar, which is positive for gold," said Sean Lusk, co-director of commercial hedging with Walsh Trading.

Ed Moya, senior U.S. market analyst at OANDA, said that weak inflation could give gold a boost next week as it could help investors and markets start to define how high the Federal Reserve will take interest rates.

"If inflation drops, then there is a chance we might not see interest rates go much above 4.00%," he said. "If that happens, then maybe the U.S. dollar has peaked, providing some relief for gold."

However, Moya also said that a slight miss in the data might not be enough to shift fairly solid expectations for the Federal Reserve's next monetary policy decision later this month. Markets see a 90% chance that the Federal Reserve will raise interest rates by 75 basis points.

 

Analysts have said that if those expectations don't come down, gold's new-found optimism could vanish fairly quickly.

"If the Fed raises interest rates by only 50 basis points, this could give gold some momentum," said Christopher Vecchio, senior market analyst at DailyFX.com.

Lusk said that gold has the potential to push to $1,760 an ounce next week; however, he added that "bull markets need to be fed."

"Gold rallies are being sold and that won't change until we have a better understanding of where interest rates are going," he said.

Bullish sentiment points to a limited short squeeze for gold prices, not a new breakout

Inflation expectations

According to consensus estimates, economists see headline CPI falling 0.1% in August as gasoline and energy prices dropped last month. At the same time, core inflation, which excludes energy and food prices, is expected to rise 0.2%.

"If we're right and core CPI increases by a more muted 0.2% m/m, then a late switch to a 50bp hike would still be possible," said Paul Ashworth, chief U.S. economist at Capital Economics, said in a note Friday.

However, not everyone is convinced that disappointing inflation data will move the needle on interest rate hikes.

Daniel Ghali, senior commodity strategist at TD Securities, said that this past week at the Cato Institute's Annual Monetary Policy Conference, Fed Chair Jerome Powell highlighted the Federal Reserve's dual mandate of price stability and maximum employment.

"Tightness in the labor market is probably going to keep interest rates elevated for a longer period of time," he said. "Wage growth is at a level we haven't seen since the 1980 and this could lead to a deanchoring of inflation expectations and that is what the Fed fears."
 

Ghali said that although gold prices could go up next week, he expects its current downtrend to remain in place.

"A weak CPI data could create a short squeeze, but we don't see that as sustainable," he said.

He added that while the precious metal may have priced in the Fed's aggressive rate hike, it hasn't priced in the duration of higher interest rates.

"While gold prices may now have accurately captured the expected level of interest rates, they are not reflecting the implications of a sustained period of restrictive policy. In this context, money managers continue to sell their length, while ETF holdings of gold remain in a sustained downtrend," he said.

Next week's data

Tuesday: U.S. CPI

Wednesday: U.S. PPI

Thursday: Retail Sales, Empire State Survey, Philadelphia Federal Reserve Survey, unemployment claims

Friday: University of Michigan Consumer Sentiment

By Neils Christensen

For Kitco News

Time to buy Gold and Silver on the dips

Tim Moseley

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Gold holding fast against US dollar bond yields

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Gold holding fast against U.S. dollar, bond yields

It may be a little premature to be talking about a breakout in gold; however, according to several market analysts, the precious metal is ending the week on a solid note.

Although it's ending Friday in relatively neutral territory, analysts see a small victory in what the market didn't do: break down to new lows. Let's start with the U.S. dollar, which rose to a 20-year high against a basket of global currencies.

The greenback saw major breakouts against the Japanese yen and Chinese yuan; at the same time, the pound fell to a 35-year low against the U.S. dollar and the euro continues to trade below parity with the greenback, falling to a fresh 20-year low.

Currencies around the world are falling to the juggernaut that has become the U.S. dollar, all global currencies except gold. The precious metal has managed to hold fast support at $1,700 an ounce.

Gold also as managed to withstand rising bond yields. U.S. 10-year yields pushed to 3.5% this week, its highest level in two months. Heading into the weekend, markets see a 90% chance the U.S. central bank will raise interest rates by 75 basis points.

Market expectations solidified after Federal Reserve Chair Jerome Powell said the central bank will maintain its aggressive monetary policy stance “until the job is done."

Gold prices fell to session lows following Powell's hawkish comments, but ultimately support held.

Some analysts have said that gold has been able to withstand the rising bond yields and the U.S. dollar's momentum as investors are once again starting to see it as an important safe-haven asset as well as an inflation hedge.

In dismal headlines this week, Michael Gayed, portfolio manager and Publisher of the Lead-Lag Report, told Kitco News that the U.S. could be facing a sovereign debt crisis as Treasury yields continue to rise.

It's not just in the U.S. European Central Bank President Christine Lagarde raised the specter of recession after the ECB raised interest rates by a historic 75 basis points.

Perth Mint outpaces U.S. Mint in gold sales last Month

During the press conference, she said that a recession wasn't the ECB's base case scenario, but as part of its bearish scenario, they see the eurozone economy contracting by 0.9% in 2023.

Although some investors are starting to see value in gold, there is still a long way to go to undo the damage done this summer. Bears are still in control of the market as they liquidate their bullish gold bets.

There is still a long road before gold shines bright again, but at least it is holding fast for now.

Have a great weekend

By Neils Christensen

For Kitco News

Time to buy Gold and Silver on the dips

Tim Moseley

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Gold backs down as Powell reiterates hawkish Federal Reserve

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Gold backs down as Powell reiterates hawkish Federal Reserve

Gold prices are lower in midday U.S. trading Thursday, pressured by comments from Federal Reserve Chairman Jerome Powell that again leaned hawkish on U.S. monetary policy. Powell’s comments boosted the U.S. dollar index and U.S. Treasury yields, both of which had been weaker ahead of his speech. The yellow metal had seen higher prices overnight, but lost those gains to trade near steady when upbeat U.S. jobless claims data were released, and then sold off when Powell made his remarks. October gold was last down $10.80 at $1,707.40 and December silver was up $0.065 at $18.325.

Powell’s speech today was the last scheduled ahead of the FOMC meeting on Sept. 20-21, at which time the Fed is expected to raise the Fed Funds rate by 75 basis points. The Fed’s beige book, out Wednesday afternoon, pointed out weaker U.S. economic growth. Meantime, the European Central Bank met today and raised its main interest rate by 75 basis points, as expected.

U.S. stock indexes are higher at midday, and recouped early losses that occurred shortly after Powell’s hawkish monetary policy comments in a discussion with the Cato Institute. Global stock markets were mostly firmer overnight, following the strong gains in the U.S. stock market on Wednesday.

Brace for a possible U.S. debt crisis if inflation stays elevated, democracy itself is at risk – Michael Gayed

The key outside markets today see Nymex crude oil prices higher on a corrective rebound and trading around $83.50 a barrel after hitting an eight-month low overnight. The U.S. dollar index is firmer after hitting a 20-year high Wednesday. The yield on the 10-year U.S. Treasury note is fetching 3.292%.

Technically, October gold futures bears have the solid overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,750.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the July low of $1,686.30. First resistance is seen at today’s high of $1,729.30 and then at $1,740.00. First support is seen at $1,700.00 and then at $1,686.30. Wyckoff's Market Rating: 2.0.

December silver futures bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $19.50. The next downside price objective for the bears is closing prices below solid support at $17.00. First resistance is seen at today’s high of $18.665 and then at $19.00. Next support is seen at $18.00 and then at this week’s low of $17.74. Wyckoff's Market Rating: 2.0.

December N.Y. copper closed up 800 points at 351.10 cents today. Prices closed near the session high today. The copper bears have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the August high of 378.35 cents. The next downside price objective for the bears is closing prices below solid technical support at the July low of 315.55 cents. First resistance is seen at 355.00 cents and then at 360.00 cents. First support is seen at today’s low of 344.20 cents and then at this week’s low of 336.10 cents. Wyckoff's Market Rating: 3.0.

By Jim Wyckoff

For Kitco News

Time to buy Gold and Silver on the dips

Tim Moseley

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Two Types of Leadership Seeking To Emerge

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Two Types of Leadership

There are two types of leadership looking to emerge right now. One leads to total enslavement. The other has the potential to set you free. Just listen to this extracted clip up to the 4min mark, from a speech by Barack Obama several years ago, which captures the summary of the conflict. 

It lays out two forms of power, one whose central theme is the empowerment of the people, as underpinned in the Constitution of the USA. The other is a top down centralized form of world power, based on the concept that mankind needs to be controlled by man’s version of a sovereign power.

The Old Guard

Image Source: The Old Guard

If the Rothschilds, Rockefellers and Vatican have their way in their control of giant corporations, we will be moving to a new world order, which means everything is centralized and controlled by the few. This includes the governments whom I exposed in a previous article as being corporations, not service entities. 

See if you can make the connection between their stated relationship with ‘other financial ‘ institutions, and how this connects to the current asset stripping that is going on with the land and the farmers, as one example. Their control will be accompanied by a disdain and dislike for ‘we the people’ and will result in more rules that stack the cards in their favor so to speak. It has already been happening.

For those who can read the signs of the times, and go beyond the conflicts of mainstream media reporting, it is becoming more evident that this is what is in play. If you still think we are reverting to getting our life back after the latest global events read this from the Vatican News.

Troubled Waters

The traditional leaders of our times have largely led us into troubled waters, and many are now awakening to the realization that this is far from accidental. Rather it was orchestrated to enable the few to benefit while the majority plunge deeper into modern day slavery in all aspects of their lives.

If that still feels like a dramatic statement to you, simply take your research beyond the mainstream media and all governmental authorities who have conflicts of interest with their puppet masters and the general public, and you might start to think differently.  If you conduct more independent research, a pattern will emerge that cannot continuously be put down to error or incompetence, and clarity will emerge. 

Self-Serving Leadership is Not Leadership

It seems that money continues to do the talking, with politicians and many big corporate CEOs selling their soul to line their pockets, serving money and profits, while behaving duplicitously toward the public, and claiming ignorance on the repeated errors that play out in governance.

This is their model as David Icke eloquently put it. To create money they find a way of robbing the people. They create a problem, they watch the reaction, and then come up with a solution for the problem they created, which, by the way, they blame on the population. Usually that solution requires you to part with money in some shape or form. The energy crisis is a great example of this in action.

Self Serving Leadership Characteristics Exposed

My submission is that what we are witnessing from a leadership perspective, is a style of leadership that is based on a scarcity mentality, and a disregard for mankind as being worthy of equal consideration. Current politics is based on a hierarchical structure with ‘divide and rule’ being its modus operandi.

Mental Characteristics

At a psychological level scarcity mentality is playing out. This is based on the belief that there is not enough to go around, which of necessity leads to a survival strategy, marked by competition. 

An example of this is Bill Gates' Ted Talk, where he talks about the world being overpopulated and how vaccines within a CO2 formula can help to reduce the world population. It’s no surprise that the Climate Agenda is now taking stage at this moment, and how everything that is happening is being connected in such a way as to help them impose the new world order.

If you think that the airport and train strikes are simply about wage protests, think again. We are in a different version of lockdown where freedom to travel is being curtailed, and not by virtue of ’vaccination’ status alone. In a previous article I shared a university piece recommending that by 2030 all UK airports should be shut, and that we should only be able to eat certain things.

The thinking behind this also points to a purely convergent thinking which focuses on narrowing down a problem toward a solution. In this case it is a biased form of convergent thinking, proposing a one-size fits all solution that gives huge benefits to the few who are pulling the strings. 

The population does not really get to have a say. Ask yourself why Bill Gates talked freely about vaccines being part of a depopulation strategy, and why he is buying up huge amounts of land in the USA. The key strategy used by big corporations and certain politicians is through competitive thinking showing up in the monopoly of industries. Competition, when done fairly, can be healthy. 

Monopoly on the other hand is a divide and rule strategy, where an attempt is made to effectively wipe out the opposition, so the few rule the roost. Ask yourself why Dr David Noakes and his business partner were extradited to France under the corrupt European Warrant, which allows someone to be thrown in jail without evidence. 

Their so-called crime was that they were helping so many people to put cancer into remission through a naturally occurring protein called GC-MAF. They got hounded under the guise of regulatory investigation, and were then extradited to a French prison. 

The last thing I gleaned was that they were not allowed daylight for more than about 20minutes, and their health was suffering greatly – unsurprisingly. They represented a significant threat and opposition to Big Pharma because they were getting huge and better results. They had to be removed.

The mental attitude is to manipulate and shape thinking through the advertising of fear and propaganda, based on their false narratives. The goal is to disempower the people so the few can asset strip with less and less resistance until the people are at zero. 

It is a top down thinking and approach to governance, which dictates to people what they can think, say or do. In this scenario they are the puppet masters and we are the puppets. That has become evident in the censorship and de-platforming of several thought leaders on youtube, who challenged the status quo. It is plain to see that this type of thinking and leadership does not serve the people and the planet on which they live. This is the old guard of current leadership. It’s time for a changing of the guard.

The Cross Roads

The world is at a major crossroads right now, and the decision that each of us makes from here will determine the destiny of the planet. There are more of us than those seeking to impose their control. We pay for the government through our taxes. Therefore we are not powerless.

However it involves more than words or just voting for another politician. For example in the UK we now have a new leader of the conservative party. We did not get to vote, it was all done internally.

Ask yourself though, given the choice, who would you vote for who is truly all for serving the people? If they are, does the current structure of governance allow them to operate freely to do so? It’s not as simple as just getting rid of Boris Johnson.

I have not voted for a politician since the days of Jeremy Thorpe, the former Liberal party leader, not because I do not care, but because I believe that a different governance structure which truly supports humanity needs to exist. Over in the USA Donald Trump and company are urging people to get out and vote.

Again the same question arises, as above in the example of the UK. If the current underpinning flawed structures remain, it doesn't matter who you vote for. It’s not so much that we need a new governance and leadership that has never been thought up before. We do, however, need a leadership that is going to mirror the opposite of the old guard, and lift humanity to new levels of life and freedom.

Building the Bridge of A New Leadership

It starts with you and me, and it takes presence and courage! We need to decide what principles and values will shape our lives and world moving forward. Then we can plan to embody it in practice. 

Source Image: Bridge Over Troubled Water 

This creates a new infrastructure which is first imprinted from within, ready to morph into being in the external world. So far, more people are making their voice heard, as seen in the many global demonstrations taking place, and the world has witnessed what could happen as the people of Sri Lanka chased their government out of official residence, causing them to flee the country.

However as that article suggests this is only one layer of addressing the crisis. There is evidence of a new leadership emerging where small groups of people are building infrastructure in technology and land, to replace the old. They are effectively building a parallel society where peaceful means of living and support can exist.

Agorism comes from the ancient greek work  equivalent 'agora', meaning an open place for assembly and market. Whether through agorism, or fairness and consideration for the welfare of all living things, projects are being established based on principles of living in an interdependent manner of sharing and caring.

Gandhi’s quote on ‘be the change you wish to see in the world’ gives a powerful insight into the sort of leadership that can change the world in a positive manner, while recognising all as leaders, not simply by virtue of status and title, but based on inner transformation, life experiences and the demonstration of wisdom attained throughout.

If everyone embraced and embodied that quote, the world would change overnight, because the collective energy of the will to change from the inside out would affect the collective consciousness, out of which something new and constructive would morph.

So ask yourself what sort of values and principles you wish to embody as part of a different world. What are you willing to be and do to become that leader in your life? After that I would like to recommend a book I have been reading over the summer which can help you embed your answers within a framework that builds from root principles.

That is Steven Covey’s well known book from the 80’s, The 7 Principles of Highly Effective People. While reading it, I recall thinking that this was more than just about effectiveness. It was about leadership. He has written a book on this too. It is well worth revisiting this book as there is timeless wisdom in there which needs resurrecting, and would serve as a great practical guide to build on Gandhi’s exhortation.

Effectiveness and Empowering Leadership

Steven Covey proposed that effectiveness is built on certain habits which permeate all areas of our lives, and that when those habits have their roots in life principles, rather than personal growth tactics and techniques alone, it has a far reaching effect that is akin to empowering leadership. His 7th Principle of Sharpening The Saw integrates the first 6. Let’s look at what constitutes that saw and how to sharpen your saw. 

Image Source: Sharpening The Saw

Empowered Leadership

Empowered Leadership is the ability to raise individuals up to express their potential in ways that go beyond self-service to that of service to humanity. It is a transcendent path and an interdependent path, which goes beyond the ego and its desires, to mastering the art of connection of  ‘we’, not just “i’ and ‘you’. He divided his principles into two domains, private victory and public victory and posited that what you build in the internal private world affects what shows up in the external world.

Private Victory

His first three habits come under private victory:-

Be Proactive

The basic theme here is that you are the creator, and do not have to wait for circumstances to be right in order to create. Therefore you can develop proactiveness rather than being reactive to circumstance.

Ask yourself:  ‘How proactive am I when it comes to my life principles?’ Do I wait for circumstances to be favorable or do I create resourcefulness?’

Begin with the End in Mind

You may be aware of the study in Australia where a group of people with terminal illness were asked about their regrets. Not one of them said they wished they had worked harder, because for most their jobs were a means to an end, rather than fulfilling of itself. All of the answers spoke to the quality of life, such as spending more time with loved ones, having the courage to go for their dreams, and so on.

Steven uses this to suggest a more accurate compass to designing our lives moving forward. He suggests a powerful visualization. However I will adjust it here to its core essence. Imagine if you can, that you do not have long to live.

Ask yourself “If today were my last day, what would I regret not being and doing?’

Use this as a guide to adjusting your life from today moving forward. To get his version of the visual he proposed, do read his book, and get a version of the book that is between 1989 and 2012 when he died because those versions will have his personal edits, not someone else's.

Put First things First

This section is all about scheduling priorities according to what is most important in our lives, not what is urgent yet not so important. Most people build around the urgent in reactive fashion.

Ask yourself: ‘ How well do I prioritize and attend to those things that are important to me?’

The remaining 4 habits come under Public Victory based on interdependent living:

Think Win-Win

This is about thinking in terms of cooperation to attain the highest good for all those involved. Win-win is not always possible and there are different variations to this scenario. Win-win types of scenarios fall under the banner of mastering the art of ‘we’.

Ask yourself: ‘ How well do I operate from the level of win-win in my relationships and work?’

Seek First to Understand Then to Be Understood

This is about the desire to understand the depth of a person and their world through listening and empathy, rather than to be preoccupied with what you want to say.

Ask yourself: ‘ What is the quality of my listening and empathy like?’

Synergize

This is about integration and bringing all the moving parts together in the private internal world to merge with the activities in the external world. It is about the being and doing aspects coming into alignment with each other.

Ask yourself: ‘How aligned and harmonized do I feel in my being and doing?

Sharpen The Saw

This is all about cultivation. This means taking the time out to reflect on the whole, and the moving parts where the seven habits are concerned. It is about asking the right questions, answering with honesty, and adjusting accordingly.

One of the interesting things Steven posed in his book is how it is possible to be efficient while doing the wrong things. Leadership he says is doing the right things, and management is about doing things well. So it is possible to be using your skills in the wrong place, for example. This provides an appropriate reference to reflect on the topic of new leadership.

Ask yourself: ‘Where would be the best application of my skills and talents right now, which would make my heart sing, while providing a significant contribution to humanity?’

This ties in with habit 2, Start with the End in Mind. Create your own personal constitution, using the seven habits as a structure for your thoughts and plans moving forward, so that your life becomes based on root principles, which can give way to a new form of governance in your life and beyond.

The great thing about this is that you don’t have to be perfect. Leadership is for all who are willing to correct error, incompetence and corruption, starting within, with a view to serving mankind. I like to look at current reality as a mirror and ask, for example, ‘where have I contributed to the error, incompetence and corruption I am observing?’ 

I then look at what values and principles I wish to bring forth in myself and beyond, so that my inner infrastructure can pave the way for new structures to form on the outside for the benefit of all. Steven Covey provides two recommended resources of people who were willing to bridge those gaps, from within their prison surroundings.

They are Viktor Frankl’s autobiography ‘Man’s Search for Meaning’, and Anwar Sadat’s autobiography, ‘In Search of Identity’. For a current inspirational example of someone standing in the gap between the old guard and new emerging leadership, take a look at the documentary The Seeds of Vandana Shiva, an activist in India who embodies fearlessness with the courage and integrity to serve humanity in a way which reflects their sacred identity.

With this type of leadership, everyone can become a light dispelling the darkness of the old destructive guard, through how they are being and what they are doing, while bringing about a new golden age, where all can shine and thrive.

Which of these two types of leadership emerges, is down to ‘we the people’, whether we choose by default and keep to the old guard, or get proactive as Steven Covey encourages, bringing in the new guard.

 

 

About: Anita Narayan. (United Kingdom) My life's work is about helping individuals to greater freedom through joy and purpose without self-sabotage, so that inspirational legacy can serve generations to come. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.

 

 

 

 

 

 

Tim Moseley

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The Two Obstacles to Achieving Success

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The Two Obstacles to Achieving Success

markethive

There are two major obstacles that stand between you and achieving success. These are self-awareness and time management. Without the right mindset, it's easy to get sidetracked. The best way to overcome these obstacles is to develop the proper mindset and focus.

Self-Awareness

When we are consciously aware of our actions, we can make better decisions and progress toward our goals. Self-awareness can also be an important part of problem-solving, which will help us to persist in the face of difficulties and maintain the readability of our goals.

Developing self-awareness is one of the most important aspects of personal and professional success. By being more aware of your actions, you'll be able to solve problems more efficiently and effectively, and you'll be less likely to blame others for your failures. Furthermore, self-awareness promotes self-responsibility, which supports positive behaviors and relationships. It is essential to master this skill, because it can have a lasting impact on your personal and professional lives.

ecosystem for entrepreneurs

Prioritization

Prioritization is essential for successful project management. However, it can be difficult to know how to prioritize your projects when you are working in a team. In such cases, using a prioritization matrix can help you make the most effective choices. The best approach is to involve the team members in prioritization decisions, and avoid putting the focus on individual contributors.

A good prioritization process ensures that projects are aligned with the strategy of the organization. This helps reduce project failures. A project that is aligned with the strategy increases its chances of success by 57%. A good prioritization process can make the most of resources and help ensure that projects are completed on time and within budget.

Accountability

Accountability and responsibility are two of the most common barriers to success in the workplace, yet they don't have to be one-and-the-same. The two concepts are very different, yet they both require the same types of actions. Accountability involves being responsible for your actions and reporting on the results. Responsibilities are more task-oriented.

To improve accountability, organizations must change the dynamic between managers and employees. Instead of micromanaging employees, leaders must create a culture of ownership and self-motivation. This helps reduce confusion, increase productivity, and improve customer satisfaction. Accountability also reduces the burden of supervision on managers.

ecosystem for entrepreneurs

Time

One of the biggest obstacles to success is the inability to prioritize tasks. Most people shy away from pursuing big goals because they don't feel they're "stable enough." But there's no better time to achieve what you want than now. In order to achieve success, you need to prioritize and share responsibilities. Life is too short to try to do everything.

Perfectionism

Perfectionism can prevent you from taking risks, generating new ideas, or taking advantage of opportunities. It also stifles your creativity. To overcome perfectionism, you can seek professional help. The first step is to make a list of all the things that must be perfect, and then challenge those behaviors or beliefs.

Perfectionists often fear rejection and are defensive when others criticize them. They may lash out, be judgmental, and refuse to admit their mistakes. By disclosing your flaws, you can let others perceive you as more human and likable.

Tim Moseley

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The Controlled Demolition of Food and Energy Supplies

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The Controlled Demolition of Food and Energy Supplies

 by Doug Casey, editor, International Man Communique

The Controlled Demolition of Food and Energy Supplies

 

International Man: Russia is one of the largest producers of fertilizer in the world, and tensions with the US and EU are disrupting supplies.

In addition, it seems there is a deliberate effort to sabotage the global agriculture industry.

For example, in the Netherlands, the government is restricting the use of nitrogen fertilizer under the ridiculous pretext that it's needed to combat so-called "climate change." Dutch farmers have protested the measures because they believe they will destroy their livelihoods and cause food shortages.

In Canada, the Trudeau government has announced a similar policy. Other governments will likely follow.

What's your take on this? Is this a deliberate plan to disrupt food supplies?

Doug Casey: This meme has been circulating, along with three related ones, for a couple of years.

It's as if the world's governments decided to unleash the Four Horsemen of the Apocalypse (Pestilence, War, Famine, and Conquest). The Covid hysteria and subsequent Vax mania can stand in for Pestilence. The US proxy war against Russia in Ukraine has every chance of getting much worse. Vastly higher commodity prices caused by central bank inflation and State dictates will cause famine in poor countries. As for the Fourth Horseman, Conquest? That's best translated as State Power. Kings and rulers, of course, but it evidences itself as socialism and authoritarianism today. We're in for tough times. The Four Horsemen are saddling up.

But let's look at Famine. Few people realize that before the Industrial Revolution, which only started in the 19th C, the world was perennially on the edge of mass starvation. Privation and hunger were normal. Hobbes was accurate when he said that life was "solitary, poor, nasty, brutish, and short." The Industrial Revolution, powered by coal and then oil, changed the nature of life itself. Food has become abundant and is now, by far, at the cheapest levels in history.

That may be changing. Basic commodities like wheat, soybeans, and corn have doubled in the last couple of years—incomes haven't. I doubt this is just a cyclical self-adjusting fluctuation. It's much more serious.

So what's going on? What's the deeper cause behind it?

The great Covid hysteria was the catalyst that put WEF's "Great Reset" in motion. Even though the flu itself turned out to be a big nothing, it brought on a collapse in economic activity. The Democratic Socialist Republic of Sri Lanka, a place few think about, seemed to lead the way. Its rulers decided to make it the most ESG-compliant country in the world at the very time tourism collapsed because of the pandemic hysteria. The government banned imported fertilizers in 2021, and production of tea and rice collapsed 50%. Sri Lanka made the news because of the depths of its self-caused disaster. I wonder, since Sri Lanka is an island with a very authoritarian government, whether this was an experiment to see what happens if you cut off all fertilizers and create an agricultural crisis in a country. Does it sound crazy? I think it's a real question. It's crazy—but it's exactly what happened.

Is it possible that the world's elite has decided, among themselves, that the world has too many people and that too many of them are what the WEF's court intellectual, Yuval Noah Harari, has called "useless mouths"? With few exceptions, all the world's leaders are members of the World Economic Forum. They all have common interests, share the same elitist/collectivist philosophy, promote each other, and have a common party line.

The elite are to blame for the problems that we have now, the release of the Four Horsemen.

This isn't a conspiracy theory. This is just a recognition of the fact that birds of a feather flock together. And once members of the elite become internationally influential or control a government, they become a "class."

I hate to sound Marxist talking about class interests, but it's true. The people who run most governments are much more loyal to their class—the international elite—than they are to their constituents or their countrymen.

They think alike. They went to the same schools, they go to the same clubs, read the same books, go to the same conferences, have the same worldview, and become friends with each other. They're influenced by the same influencers. So what's going on right now is not just an accident.

International Man: The Biden regime recently passed the Inflation Reduction Act. It aims to reduce inflation by creating more inflation.

A large part of this Orwellian spending bill includes an astronomical $369 billion for boondoggles related to "climate change."  

What do you think about this? 

Doug Casey: The names of legislation in today's Orwellian world will do just the opposite of what it says it will do.

The trillions of government spending we've seen in the last few years is the practical application of what is Modern Monetary Theory (MMT). It came out from under a rock as a meme a couple of years ago. But it never really caught on, perhaps because the theory itself is so outrageous and radical.

The "Inflation Reduction Act" is the practical application of MMT. What does it mean?

It means that the hundreds of billions of dollars that the Biden regime has authorized itself to spend will go in through the top of the funnel. It will all go to people that they favor, the projects they favor, and the ideas they favor. A giant amount of money is being given to the elite and people who toe the line.

But how is this immense giveaway supposed to reduce inflation, theoretically?

MMT says that the government can counter the effects of the money supply increase by taking it back out of the economy through taxes. But who's going to pay those taxes? Elements of the society that are not in favor. People that they consider to be unnecessary, politically unreliable, or deplorable.

In today's world, taxes are paid mainly by members of the middle class. People in the lower classes don't pay income taxes. Taxes are somewhat irrelevant to people in the upper classes—apart from the fact that they're the ones who'll get most of the new MMT money. It's the middle class who will be taxed to withdraw the money that comes in the top of the funnel.

The theory is that the $400 billion the bill authorizes will go into society where the elite say. Then $400 billion will be withdrawn through taxes from the middle classes, aided by 87,000 new IRS agents. That's exactly what they're going to do, and that's exactly what MMT intends.

The State puts money in at the top, in "smart" places, and they extract money from the economy from places, and people that they don't think are worthy. It's a catastrophically dangerous way for the government to totally capture and manipulate the economy. That's what the perversely named Inflation Reduction Act is really about.

And they'll do it without making it seem that way. It's diabolically clever.

International Man: The US government has been draining its strategic petroleum reserves in a big way recently. At the same time, the Biden Administration has made it difficult for oil and gas producers in the US. 

What is going on here?

Doug Casey: In the first place, I'm opposed to any strategic petroleum reserve run by the US government. Apart from the fact it amounts to the government speculating in commodities, it gives lots of extra power to the State and the bureaucrats who control it. Adequate petroleum reserves are something the market could, should, and would do—if we had an unrestrained free market. Which we don't.

Entrepreneurs, oil companies, and private speculators are immeasurably better at figuring out if oil will be in shortage or if it will be in glut. The government's debasement of the dollar is hurting the average guy, but the average guy votes. And he idiotically blames inflation on the oil producers—the very companies that are fighting the effects of inflation.

Of course, the Bidenistas want oil as low as possible before the election. They'll paint themselves as the good guys and oil producers as the bad guys. They're trying to reduce the effects of inflation by making oil more available. But once the reserve is gone, what's going to happen?

The elite absolutely hates fossil fuels. They hate coal, oil, gas, and uranium because they've empowered the common man since the start of the Industrial Revolution. They don't want to see more energy produced, they want to see energy conserved, then allocated ideologically, not economically. But the free market, not them, should decide if it makes sense to conserve energy or not.

They hate the fossil fuel industry and want to direct capital towards so-called green technologies, basically solar and windmills.

There is nothing wrong with these so-called alternative forms of energy production in select places and at certain times. But as a source of mass power generation, they make no sense at all. They're a disaster in the making and totally inappropriate for a prosperous industrial economy. These idiots are playing with fire on a global scale.

The climate change agenda is another form of psychological mass control. The more fear and hysteria the elite create, the more control they have. The brainwashed hoi polloi will beg for a strongman with promises to set everything right.

The fact is that there are many, many decades of oil, gas, coal, and nuclear power available. New technologies will eventually replace most of them, much as the internal combustion engine replaced the horse and electricity replaced wood 100 years ago. The stone age didn't end because we ran out of stones, and the fossil fuel age won't end because we run our fossil fuels. But trying to force these things for political and ideological reasons runs a genuine chance of collapsing the economy completely.

International Man: The European Union is similarly instituting self-destructive policies threatening to destroy its food and energy security.

It seems Western governments are deliberately sabotaging their economies. What is really going on here?

Doug Casey: It's like watching the controlled demolition of a building right before your very eyes. These people have declared war on Western Civilization. Releasing the Four Horsemen could bring on what amounts to a new Dark Age.

The global elite really does think they're different, better, and wiser than the plebs. They've become so bold that they're actually explaining what they're doing. They believe in authoritarianism because they believe they're the ones that should be on top. They don't understand economics, history, science, or technology—but they like being on top. 

They're trying to justify what they're doing. They want to look smart by saying, "Well, we're going to be in for some unavoidably tough times. We're going to have some cold winters. We're going to have some food shortages." I suppose they can spin it, so they look wise for having seen these things in advance and predicting them—but it's fairly easy to predict something that you cause. 

This is about the continuing collapse of Western Civilization, which these people see as an evil thing. At this point, the US is the last real bastion of Western Civilization. But Jacobins now control the apparatus of the State in the US, and they're not going to let go of power easily.

Western Europe has totally rolled over. It's totally controlled by socialist ideology. So we can expect more controls, more laws, and more regulations as we move into the gigantic financial and economic crisis that's right around the corner. It's no longer in some theoretical future. It could be in a matter of weeks or months. 

International Man: What can the average person do to protect themselves—and their money—from the consequences of these destructive measures?

Doug Casey: As the Greater Depression deepens, the average guy is going to clamor for somebody to solve his problems. The public will demand more controls. About half the country voted for the Bidenistas, and in Biden's recent speech, he practically declared war on the other half of the country. It's as if Biden has decided he, too, wants to be a War President, like the criminally stupid Baby Bush. Except Biden may wind up being a Civil War President.

What can you do about it? 

One possibility is that you can simply not play the game. As Timothy Leary said in a different context, "Turn on, tune in, drop out." Perhaps you can imitate the Amish, but I don't think they'll leave anyone alone; at best, you'll be left behind. Or perhaps you can be like Rhett Butler in "Gone with the Wind" and get out of the way of stupid people.

One thing seems certain: we're facing a major turning point in world history. It's really serious.

What's going to happen in particular? What are the elite going to do, and what is the public going to do in response? It's a complex guessing game, like predicting the next turn of a kaleidoscope.

My bets at the moment are on commodities, in general. They're very cheap relative to all other financial assets. There will be shortages because of what the elites are doing with things like ESG and DEI and their general attitudes towards business, private capital, and entrepreneurship. 

Buy gold, silver, and energy, while looking for smart places to speculate. They exist.

Pay heed to the French expression Sauve Qui Peut—let he who can save himself. That's the situation as we move into increasing economic, financial, political, and social chaos. 

 

 

New Opportunities Are Emerging For Citizens of The World.

Freedom and democracy may appear to be struggling to stay alive in America, but there may be a knock-out punch ready to be released. The evolution of the blockchain-enabled metaverse is going to enable the 'Citizens of the World' to gain their own Freedom by democratizing power and creating a new world with new rules, new players, and new opportunities. For 99.99% of us, the metaverse will improve our real-world lives by democratizing power and opportunity.

Along with the major long-term trend of society towards decentralization and smaller-scale organizations, there are new opportunities developing to help 'Preparers' in the cryptocurrency sector. Businesses are beginning to issue their own Crypto Coins that can be traded on Cryptocoin Exchanges.

Markethive.com will release its HiveCoin (HIV) in the coming weeks. It has tremendous upside potential that is outlined in a Video by Founder Tom Prendergast, "Entrepreneur Advantage…".

Not only that, if you go to their website and register as a FREE Member, you will be given 500 HiveCoins for "FREE" along with access to several Earning Opportunities and online tools to increase your HiveCoin balance.

Be sure to check it out today – Markethive.com

Markethive

Tim Moseley

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Gold silver bounce as USDX Treasury yields decline today

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Gold, silver bounce as USDX, Treasury yields decline today

Gold and silver prices are higher and near daily highs in midday U.S. trading Wednesday, on short covering in the futures markets and perceived bargain hunting in the cash markets, following recent losses. The U.S. dollar index and U.S. Treasury yields backed down from their higher levels today, which also encouraged some buying interest in the metals markets. However, a big drop in crude oil prices to an eight-month low today did limit the upside in the precious metals. October gold was last up $11.50 at $1,714.90 and December silver was up $0.352 at $18.26.

U.S. stock indexes are higher at midday but still trending down on the daily charts. Risk aversion remains somewhat elevated in the general marketplace. China reported today its imports and exports fell more than the trade expected in August as the world's second-largest economy continues to stall amid Covid lockdowns, a wobbly property market and a weaker yuan. "The headwinds facing the Chinese economy are becoming increasingly fierce and recent efforts to shore it up have appeared inadequate," said an email dispatch from analyst Craig Erlam with OANDA.

The Bank of Canada monetary policy meeting today saw the central bank raise interest rates by 75 basis points. The European Central Bank meets Thursday and many expect the ECB to raise its main interest rate by 75 basis points.

Gold bears remain in control as short squeeze runs out of momentum

The key outside markets today see Nymex crude oil prices sharply lower and trading around $82.65 a barrel. The U.S. dollar index is a bit weaker after hitting another 20-year high in early U.S. trading. The yield on the 10-year U.S. Treasury note is fetching around 3.2%.

Technically, October gold futures bears still have the solid overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $1,750.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the July low of $1,686.30. First resistance is seen at this week's high of $1,727.00 and then at $1,740.00. First support is seen at $1,700.00 and then at $1,686.30. Wyckoff's Market Rating: 2.0.

December silver futures bears still have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $19.50. The next downside price objective for the bears is closing prices below solid support at $17.00. First resistance is seen at this week's high of $18.465 and then at $18.80. Next support is seen at today's low of $17.74 and then at last week's low of $17.40. Wyckoff's Market Rating: 2.0.

December N.Y. copper closed down 345 points at 342.70 cents today. Prices closed near mid-range today. The copper bears have the firm overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the August high of 378.35 cents. The next downside price objective for the bears is closing prices below solid technical support at the July low of 315.55 cents. First resistance is seen at this week's high of 350.00 cents and then at 360.00 cents. First support is seen at this week's low of 336.10 cents and then at 330.00 cents. Wyckoff's Market Rating: 3.0.

By Jim Wyckoff

For Kitco News

Time to buy Gold and Silver on the dips

 

Tim Moseley

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FreeHookupSearch.com Is A Fake Dating Website That Makes Use Of Fantasy Pages

Web Site Details:

Price:

To make use of this site you’ll want to change your account. In this case they do say that upgrading is no cost at all, $0. But why then perform they require your bank card details? In the event that you check out the evidence below you’re improved to a VIP account automatically without the permission. This VIP account contains listed here, a  free 2 day demo promo to ‘FreeHookupSearch.com GOLD’ renewing to $39.95/monthly. You additionally have charges from 18Passport.com at $35.71 each month, and XVideoBase.com at $36.12. The total cost for the “free update” quantities to $111.78 per month!

 

Today if this was actually really a no cost upgrade you wouldn’t be acquiring recharged $111.78 on a continual month-to-month subscription. Unfortuitously many people cannot consider as well as in this type of instance if you aren’t focusing you can easily get scammed out-of  $111.78 per month this is certainly repeating. This web site is not free of charge after all, plus its a fraud that tricks you by using the word “free” a variety of times from the repayment page to fool you into thinking its free. But when a dating website wants your credit card details they are going to ask you for, please realize that.

Features:

  • Browse Profiles: see users of members of the website.
  • Movies: View xxx videos.
  • Online people: always check which people are on the web.
  • Live Cams:  see alive cams of topless ladies, this is exactly a pay service.

 Phony Chat Messages From “Fantasy Profiles”

Soon after signing inside users region we received chat emails. One of many talk communications had been from a lady which passes the name of “Carmenj”. Take a good look at evidence below. This girl is certainly not an actual individual and she is perhaps not giving any immediate communications to all of us. What exactly is truly taking place the following is that website utilizes a computer computer software labeled as a “bot” brief for robot. These spiders can send and reply to instant emails in the same manner an everyday individual would. Very to unknowing males that no clue they are being called by a robot they feel the individual delivering all of them the chat message is actually genuine. The scam here’s as soon as you just be sure to respond you will need to “upgrade the membership” as you can plainly see circled in yellow inside evidence below.

As previously mentioned above improvements commonly complimentary like they lead you to think since they require your own mastercard information then they begin charging monthly fees.

In addition any email messages you get operated along side same outlines. This includes artificial women giving you automatically generated emails.


Fake Opinions From Fake Ladies AKA “Fantasy Profiles”

Another prominent con that numerous scam adult dating sites utilize is by using fictitious profile views. A view happens when someone discusses your profile. You can view from the evidence below that individuals received 6 views to our profile on this site. That itself isn’t a scam exactly what happens  is that you are into watching exactly who viewed your own profile. All of the so-called women viewing the profile tend to be “Fantasy Profiles”, meaning they may not be real females. If you attempt to speak back again to these women that viewed your profile you’ll want to upgrade by giving website the mastercard info from which time they’ll scam you. It is all about money and they’ll utilize any deception method to deceive you into quitting your bank card details to enable them to swindle you.


Fake Women AKA “Fantasy Profiles”

The females on this web site that people viewed encountered the terms FP and they’re matchmaking profile, this is an abbreviation for dream profile Cygnus signifying the profile we viewed was in reality faked. But utilizing picture reversed pc software we had been capable identify a number of the online dating profile images located on additional adult picture websites. You will find proof of just a couple of profiles that people discovered getting stolen images entirely on websites below.


This image is actually taken from Adultfriendfinder.com and certainly will be located on numerous web sites had by them such as:

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“Fantasy Profiles” Developed By The Dating Site

Every single female profile on the webpage we was available in connection with we’re entirely make believe. Invest the a glance at the data below circled in red-colored you will notice the letters “FP” this is an abbreviation for “Fantasy Profiles” and every solitary profile we viewed had that logo upon it. Which means that any profile with that logo onto it is completely artificial. FreeHookupSearch.com admits to it and in actual fact phone calls the fake pages which they themselves develop “Fantasy Profiles”. It is not anything we comprised their really found on the stipulations page (part 7:2) where they talk about the usage and nature of “Fantasy Profiles” and exactly how it concerns their particular service.

We now have included the main part of the conditions and terms below so that you could review.

This can be one of the most incriminating proof, whenever a violent admits into the act that he / she did. In such a case the dating website is actually admitting precisely how they defraud and scam people directly on their site.

 

Yes, we would. A number of the user profiles posted about this web site are fictitious, and therefore are associated with our very own “Fantasy visibility” (FP) solution. We designate these pages with a written “FP” about profile details web page. The FP service falls under the initiatives to promote conversation with users, to encourage additional and broader engagement in most of one’s web site’s services, including the posting of additional information or images with the people pages.

  • Preliminary emails from your FP service can be instantly produced without man contribution, and third-party companies hired or contracted by you may generate messages or communication from then on.
  • You recognize that the info, book, and pictures contained in the FP solution pages do not pertain to the actual individual, however they are included for activity reasons merely. Nothing found in any FP solution profile is intended to describe or resemble any real person—living or lifeless. Any comparable between FP report information and any person is strictly coincidental.
  • A single FP could be connected with several (1) profile on the Website. You can easily determine and distinguish FP service profiles from user users because of the FP appearing on each FP profile, therefore the absence of any “interests” or geographic “location” identifier contained in the FP profile.

Is there whatever else i must know about the fantasy profile feature?

On one or higher occasions, FP profiles may get in touch with both members and members through computer-generated immediate messages or email messages to encourage additional or broader involvement from inside the web site’s solutions or even to keep track of user activity. These messages is likely to be sent to numerous recipients while doing so. Communications from FPs will support the uniform designation “FP” to inform the user that user has received a note from a FP.

You understand that no bodily meeting is ever going to happen between you and the people offering the FP service, which the trade of emails between both you and the FP is for enjoyment handbags, and to promote more or broader participation during the site’s solutions or even supervise individual activities.

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Gold bears remain in control as short squeeze runs out of momentum

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Gold bears remain in control as short squeeze runs out of momentum

Gold bears remain firmly in control of the market as prices have been unable to hold gains above $1,750 and a short squeeze on hedge funds has proved to be short-lived.

According to market analysts, hedge funds remain pessimistic about gold as markets shift expectations that the Federal Reserve will quickly pivot from its current aggressive monetary policy strategy.

Further rate hikes through the rest of the year and in the first quarter of 2023 continue to support the U.S. dollar at a 20-year high and bond yields above 3%, two significant headwinds for the precious metal.

According to the CME FedWatch Tool, markets see a 74% chance that the Federal Reserve will raise interest rates by another 75 basis points later this month.

Commodity analysts at TD Securities noted that gold's dismal performance through the summer indicates that the market has priced in higher interest rates; however, they added that the next wave of selling will be driven by expectations that a much-anticipated pivot is further away than initially thought.

"While gold prices may now have accurately captured the expected level of interest rates, they are not reflecting the implications of a sustained period of restrictive policy. Further, we see odds of a major capitulation event growing with every tick lower in gold prices," the analysts said in a note. "Gold markets still feature an extremely concentrated and bloated position held by a small number of family offices and proprietary trading shops, which are increasingly at risk as prices approach their pandemic-era entry levels."

The CFTC disaggregated Commitments of Traders report for the week ending Aug. 30 showed money managers decreased their speculative gross long positions in Comex gold futures by 4,089 contracts to 91,761. At the same time, short positions rose by 6,234 contracts to 79,973.

Gold's net length now stands at 11,788 contracts, down 46% from the previous week. During the survey period, gold prices briefly rose above $1,750 an ounce but could not hold those gains.

Platinum remains well supported even as surplus grows to 974k ounces – WPIC

Since then, gold prices have been stuck near support just above $1,700 an ounce.

Commodity analysts at Société Générale noted that the entire precious metals complex saw bearish flows of $2.5 billion.

"These flows came as Jerome Powell delivered his Jackson Hole speech. As the US Fed chair reiterated that the focus of the central bank is to tame inflation, precious metal prices fell, as higher interest rates erode the appeal of the non-interest-generating, safe-asset, bullion," the analysts.

As bearish as the sentiment is in the gold market, it is being outpaced by silver. Hedge funds made significant bearish bets in silver, according to the latest trade data.

The disaggregated report showed that money-managed speculative gross long positions in Comex silver futures fell by 564 contracts to 31,139. At the same time, short positions rose by 4,643 Analysts note that gross long are at their lowest point since Nov. 18, demonstrating how little contracts to 52,170.

bullish interest there is in the precious metal.

Silver's positioning remains net short by 21,031 contracts, up nearly 33%. During the survey period, silver prices dropped below $19.00 an ounce.

The sentiment in the silver market has continued to sour as prices have dropped below $18 an ounce.

Some analysts have said that growing recession fears continue to weigh on silver prices as 60% of demand comes from industrial uses.

Recession fears can also be seen in the copper market as hedge funds liquidate their bullish bets.

Copper's disaggregated report showed money-managed speculative gross long positions in Comex high-grade copper futures fell by 3,126 contracts to 37,617. At the same time, short positions rose by only 63 contracts to 46,284.

Positioning in the copper market remains solidly bearish with a new net short position of 8,667 contracts. During the survey period, copper prices hovered near support around $3.60 an ounce.

By Neils Christensen

For Kitco News

Time to buy Gold and Silver on the dips

Tim Moseley

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Study Shows More Than a Third of Africa’s 53 Million Cryptocurrency Holders Are Nigerians

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Study Shows More Than a Third of Africa’s 53 Million Cryptocurrency Holders Are Nigerians

Cryptocurrency and blockchain are hot topics in the news these days. Due to its growth and adoption, many people have become interested in digital money worldwide. However, Africa is making tremendous progress when it comes to cryptocurrency adoption. Cryptocurrency is transforming African economies through payments, international trade, and government functions. As countries look to embrace this new technology, Africa is poised to take advantage of its many benefits.

Several African countries have embraced cryptocurrency and blockchain technology by regulating crypto trading or creating state-backed crypto. For example, Kenya's Central Bank (CBK) classified crypto as a virtual currency and regulated its trade. South Africa also has plans to regulate crypto trading when it issued an amendment to its financial services regulatory framework this year. Uganda introduced a regulatory framework for blockchain development and Initial Coin Offerings (ICOs), which has led to increased investor interest in the country. Several other African countries are looking into similar strategies, further expanding the continent's cryptocurrency adoption rate.

Businesses in Africa typically use local bank accounts to conduct business with other nations. This allows African companies to make international payments using locally stored funds instead of transferring funds from abroad using foreign exchange dealers (FEDs). All thanks to the introduction of cryptocurrency. Many businesses across Africa now use cryptocurrency for international payments since it's cheaper than FEDs and doesn't require additional paperwork or conversions. This frees up time for other tasks while increasing profit margins simultaneously. The adoption of this technological development makes it perfect for casual businesses without extensive staff resources.


Image Source: https://mediciland.com/

African countries are also looking into blockchain technology to increase government transparency and accountability across the continent. Blockchain is secure and can transfer data quickly without any loss of accuracy like traditional computer systems do. This makes it ideal for keeping records such as land registries safe and easily accessible by all users on a decentralized platform like the Internet instead of an authoritative centralized system like governments have traditionally used.

Some African countries are already implementing this strategy, such as Zambia, which has created several pilot programs with international tech partners. These programs will bring government services online for the first time by allowing citizens access to their records online. Cryptocurrency has revolutionized African economies by making daily transactions cheaper, easier, and more secure than before, something any business would love!

Applying existing technology effectively can improve citizens' lives in developing areas far faster than simply throwing money at problems could ever achieve. Therefore, while developed countries wait to "catch up" with digital currency innovation, things appear to be changing in Africa, and Nigeria is leading the way and will be leaps ahead!

Nigeria Championing Crypto Adoption in Africa

According to the latest crypto-proprietary data from Triple-A, the African continent now has an estimated 53 million cryptocurrency holders. This is about 16.5% of the estimated global total of 320 million people. Interestingly, of all cryptocurrency holders in Africa, Nigerians account for more than a third of the total, or just over 22 million.


Image source: TripleA.io 

Nigeria has the fourth largest cryptocurrency holder globally, while the United States is the highest-ranked country with 46 million cryptocurrency holders. According to statistics, India and Pakistan are close behind, with 27 million and 26 million crypto owners, respectively.

While Nigeria ranks fourth in cryptocurrency ownership, the country is still considered the world leader in the number of people who Googled the keywords 'bitcoin' and 'cryptocurrency.' These findings are supported by the report of another study. The study shows that Nigeria is one of the most crypto-obsessed countries in the African continent.

Meanwhile, data from Triple-A shows that South Africa has the second largest cryptocurrency holder population in Africa at 7.7 million. This figure is equivalent to about 12.5% ​​of South Africa's population. Kenya has the third largest cryptocurrency owner in Africa, with 6.1 million or 11.6% of the country's population.

The top 5 countries in Africa with the most cryptocurrency owners are Egypt and Tanzania, with 2.37 million and 2.32 million holders, respectively. Seychelles is the lowest-ranked African country, with an estimated 1,257 cryptocurrency owners.

Bottom Line

The future belongs to those who will seize it today. No doubt, African countries like Nigeria are doing just that. By embracing cryptocurrencies and blockchain technology early on, the country has created an optimal environment for businesses and investors alike. Boosting their local economies significantly via increased investment and revenue generation opportunities through the adoption of innovative technologies such as these is something they have been doing at a rapid pace and with much success so far!

 

 

About: Prince Chinwendu. (Nigeria) Rapid and sustainable human growth is my passion, and getting a life-changing opportunity into the hands of people is my calling. Empowering entrepreneurs provides me with enormous gratification. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.

 

 

 

 

 

 

Tim Moseley

The Artist that came out of the Winter