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Gold silver down as chart-based bears pressing their case

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Gold, silver down as chart-based bears pressing their case

Gold and silver prices are lower at midday today, in a choppy, two-sided trading session. The significantly bearish near-term technical postures for both metals are inviting the speculators to play the short sides of the futures markets at present. Gold hit a six-week low and silver a two-year low today. August gold futures were last down $6.80 at $1,810.60. Gold prices are close to key chart support levels ($1,800.00 and $1,792.00) that if breached would likely set off heavy sell stop orders in the futures market. July Comex silver futures were last down $0.363 at $20.29 an ounce.

The U.S. data point of the day was the personal income and outlays report for May, including the personal consumption expenditures price index component of the report that is said to be the Federal Reserve’s favorite inflation gauge. The May CPE price index came in up 6.3%, year-on-year, with the core rate up 4.7% in the same period. In the April report, the PCE price index was also reported up 6.3%, year-on-year. Metals market bulls were briefly assuaged by the stable readings in the report, as many reckoned the numbers could have been worse, possibly prompting the Federal Reserve to be even more aggressive in its monetary policy tightening. Raw commodity traders, including metals traders, have taken a tack recently of being more worried about less consumer and commercial demand for commodities amid an economic recession—as opposed to the notions of higher inflation being supportive for raw commodity prices.

Bitcoin closes June down 40% and below $20k as markets see recession fears, contagion risks

Global stock markets were mostly lower overnight. U.S. stock indexes are lower at midday, on this last trading day of the month and of the first half of 2022. Reports said the S&P 500 is set to close out its worst half-year since the 1970s. Trader and investor risk appetite has receded late this week, following downbeat consumer confidence and GDP readings out of the U.S. this week. Fed Chairman Powell and ECB President Lagarde on Wednesday repeated warnings that their central banks will keep raising interest rates even if their economies slowed down. Recently, much of the marketplace has deemed economic recessions potential as superseding inflation worries, when placing their trades.

The key outside markets today see Nymex crude oil prices lower and trading around $107.75 a barrel. The U.S. dollar index is weaker in midday U.S. trading. The yield on the 10-year U.S. Treasury note is fetching around 2.9%. Yields have declined this week amid the increased concerns regarding a U.S. economic recession.

Technically, August gold prices hit a six-week low early on today. Bears have the firm overall near-term technical advantage and have gained power this week. Prices are starting to trend down on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the June high of $1,882.50. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the May low of $1,792.00. First resistance is seen at today’s high of $1,826.80 and then at Wednesday’s high of $1,834.90. First support is seen at $1,800.00 and then at $1,792.00. Wyckoff's Market Rating: 2.5.

July silver futures prices hit a two-year low today. The silver bears have the solid overall near-term technical advantage and gained more power today. Silver bulls' next upside price objective is closing prices above solid technical resistance at $22.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $20.00. First resistance is seen at today’s high of $20.705 and then at $21.00. Next support is seen at today’s low of $20.16 and then at $20.00. Wyckoff's Market Rating: 1.0.

July N.Y. copper closed down 550 points at 372.40 cents today. Prices closed near mid-range today. The copper bears have the solid overall near-term technical advantage. A four-week-old price downtrend is in place on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 400.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 350.00 cents. First resistance is seen at this week’s high of 384.30 cents and then at 390.00 cents. First support is seen at today’s low of 368.80 cents and then at the June low of 364.00 cents. Wyckoff's Market Rating: 1.5.

By Jim Wyckoff

For Kitco News

Time to buy Gold and Silver on the dips

 

 

Tim Moseley

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Gold silver bulls squelched by firmer US dollar

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Gold, silver bulls squelched by firmer U.S. dollar

Gold and silver prices are steady to slightly lower in midday U.S. trading Wednesday. A rally in the U.S. dollar index at mid-week kept the precious metals bulls at bay. August gold futures were last down $1.20 at $1,819.90. July Comex silver futures were last down $0.136 at $20.67 an ounce.

The marketplace was closely watching a central bankers’ forum in Portugal that began earlier today. Speakers included Fed Chairman Powell, ECB President Lagarde and Bank of England governor Bailey. However, the markets did not show any significant reactions to the central bank officials’ comments.

Today’s downbeat U.S. final first-quarter gross domestic product (GDP) estimate that showed contraction of 1.6% gave the gold and silver markets a brief boost but those gains could not be held.

Global stock markets were mostly lower overnight. U.S. stock indexes are mixed at midday. Trader and investor risk appetite has pulled back at mid-week, following downbeat consumer confidence readings out of the U.S. on Tuesday and out of the Euro zone today.

Gold prices trading near session highs as U.S. Q1 GDP drops 1.6%

The key outside markets today see Nymex crude oil prices near steady and trading around $111.75 a barrel. The U.S. dollar index is higher at midday. The yield on the 10-year U.S. Treasury note is fetching 3.108%.

Technically,August gold futures prices scored a mildly bearish “outside day” down on the daily bar chart today. Bears have the overall near-term technical advantage. However, the recent sideways and choppy trading action at lower price levels is suggesting a market bottom is in place. Bulls' next upside price objective is to produce a close above solid resistance at the June high of $1,882.50. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at today’s high of $1,834.90 and then at this week’s high of $1,842.80. First support is seen at today’s low of $1,810.70 and then at the June low of $1,806.10. Wyckoff's Market Rating: 3.0.

July silver futures were down $0.136 at $20.67 in midday trading today and nearer the session low. The silver bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the June high of $22.565 an ounce. The next downside price objective for the bears is closing prices below solid support at the May low of $20.42. First resistance is seen at $21.00 and then at Tuesday’s high of $21.355. Next support is seen at the June low of $20.545 and then at $20.42. Wyckoff's Market Rating: 2.0.

July N.Y. copper closed up 35 points at 377.75 cents today. Prices closed nearer the session high today. The copper bears have the solid overall near-term technical advantage. A four-week-old price downtrend is in place on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 400.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 350.00 cents. First resistance is seen at this week’s high of 384.30 cents and then at 390.00 cents. First support is seen at today’s low of 370.75 cents and then at the June low of 364.00 cents. Wyckoff's Market Rating: 1.5.

By Jim Wyckoff

For Kitco News

Time to buy Gold and Silver on the dips

 

 

Tim Moseley

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Effective Ways to Overcome Market Crash in the Global Economy

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Effective Ways to Overcome Market Crash in the Global Economy

The global economy is in flux, and many investors are feeling the impact. This unstable environment has led to widespread panic, which has caused some people to make irrational decisions with their investments. To overcome this difficult time, individuals need to understand how these crashes happen and what steps they can take to minimize the damage done. There are different ways that investment crashes occur, and each one presents its own set of risks and challenges.

The investment crash is a devastating event that has impacted many people differently. However, by being prepared for the crisis and employing various methods to overcome it, most people were able to restore their wealth and rebuild their lives.

A few effective ways can help investors overcome these crashes and stay safe throughout this turbulent time. Let's get started!

What is a market crash?

The term "market crash" refers to a sudden and sharp decline in the value of one or more markets or assets that can trace directly to an economic factor. Such as a shortage of currency or a decline in demand due to bad weather or political events, or because there has been a market bubble inflated by excessive exuberance or greed among investors (people who trade securities).

The market crash can also be seen as anything from a mild drop in prices to a total market collapse in less than a day. It can happen when there is too much demand for one particular product, and the sellers cannot supply enough to meet that demand. Hence, prices start to drop rapidly to try and clear out excess stock before it falls into the hands of someone else who wants it more than you do or who will pay less than your price because they are buying on credit, etc.

A market crash may be temporary, with prices recovering in days or weeks. However, a market crash can signal the start of a more prolonged downturn that can last for months or even years. A perfect example is the U.S housing market crash of 2007, which started with a relatively mild decline in home prices leading up to 2005.

What causes a market crash?

An eventual crash is inevitable in a market so full of madness.

The best place to start is with "Why did it happen" (what caused the crash)? And then from there, you can get an idea of what caused the crash, how it was created, and why people didn't do anything about it until it was too late to prevent it from becoming so big that nobody could recover from it before it became terrible. It would cause substantial social upheaval, leading to chaos, war, economic collapse, etc. This seems to be the same problem we are facing now: a large-scale problem that is not being dealt with but will become much worse over time without being dealt with, creating massive civil unrest which may lead to widespread chaos and mass death from starvation, etc. So we need to try to understand this problem and hopefully find some way to solve it. The first step is to understand the reason for the crash.

A common answer is that there are just too many people trying to buy assets simultaneously or too much money being thrown into the market by too many investors. This leads to over-speculation and a bubble that bursts when it inevitably collapses under its weight in a process known as a "crash."

For instance, an economic bubble occurs when too many people try to buy assets such as stocks, crypto, bonds, etc., resulting in overinflated prices and consequently more losses than gains for those who try to sell them when the SMART MONIES (top firms and individual wealthy investors) have already left the market. This leads to widespread bankruptcies, as individuals or businesses with debts cannot afford to pay off their mortgages and can no longer keep up with their interest payments on their loans, so they default and lose all their assets.

When investors start to sell their assets as they believe market prices are unrealistic and will fall in the future, this can cause wide-scale panic selling of assets. This creates a downward spiral of further market price falls as investors lose confidence in holding a particular asset and selling it as quickly as possible.

Every investor lives with the risk of a major economic meltdown, no matter how small. It has occurred before, and it can happen again. If it does, years of hard-earned savings and retirement funds could be wiped out in hours, days, weeks, or months.

Fortunately, you can take measures to safeguard most of your assets from a market crash or even a global economic depression. Preparation and diversification are the pivotal elements of a sound defensive strategy. Altogether, they can help you withstand a financial storm.

Diversify

Diversifying your portfolio is possibly the single most significant measure that you can take to safeguard your investments from a severe bear market. In other words, if you're 100% invested in one particular stock or sector, then when the market goes into freefall, you will be devastated financially and emotionally, as well, as it might take years to recover from such an experience! 

Diversification means exposure to different assets, including stocks, bonds, crypto, etc, and being exposed to various sectors of the economy (e.g., banking/finance, consumer discretionary, technology, etc.). However, if you diversify too much, you risk spreading yourself thin and thus exposing yourself to potential risks that might impact your investment returns.

Be Quick to Run to Safety

Whenever natural market turbulence or new unfavorable policies are enacted by the government in most notable nations of the world, most people quickly liquidate their assets into cash equivalents. You may also want to do the same if you can do it before the crash.

Although this depends on the economic sector you invested in. You can always get back in when prices are much lower. Then, when the trend or economy eventually reverses, you can profit much more from the appreciation.

When you wait too long to exit the market during a turbulent time, you may be forced into a position that is not the best for you financially to maintain capitalization and stay profitable, if at all possible.

Make Guaranteed Investments 

You may likely don't want all of your savings in guaranteed investments. They don't pay off well enough. But it's wise to keep at least a small portion in something that isn't going to fall with the markets. The best part about this is that you can be confident that you have some money set aside to take care of yourself, so if things go south, you won't be too worried because you have a safety net in place.

Bank certificate of deposit (CD) and Treasury securities are a good bet for the long term, especially if they earn higher yields than what you'd get on your money in cash or other investments that pay little interest (like government bills). That's why these are often called "safety" issues. If rates go up, your principal is protected; but as long as rates stay low, the return is generally higher than that offered by cash or Treasuries (which also come with risks). The downside is that it can take years to make back what you paid.

Hedge Your Bets

When you see a significant downturn ahead, don't hesitate to set yourself up to profit directly from it. There are several ways you can do this, and one of the best is by hedging your bets with options trading strategies designed to take advantage of declines in stock prices and other financial markets.

One popular strategy is buying covered calls, which pay out if the underlying security price falls enough, so the call expires worthless. This means that you have earned 100% on your money (unless the option contract was written so the writer could exercise his right to repurchase the shares at the strike price). This strategy works great when a particular company has been experiencing declining sales over time but is currently selling at a premium because of investor optimism.

Offset Your Debts

Do you have considerable debts, you may be better off liquidating some or all of your holdings and settling off the debts if you see bad weather approaching in the markets. You will probably lose money doing this, but it's possible that the loss could be less than what you would have suffered if you had kept the assets in place and the market went down when you needed to sell them most heavily because they were now worth much more than they were then.

Suppose you are going to pay down debt. You might consider making a lump sum payment over time rather than paying it off install mentally. This could cause problems with your retirement savings or investments if you cannot afford them now because you are losing money on the market and need the cash to live on during the worst of times before things improve.

In Summary

Finally, remember that while a crash is never easy, it is essential to emerge stronger. Don't give up on your goals, and don't let the market defeat you. Use these tips to make the most of a difficult situation and succeed where others have failed.

There is no one answer to overcoming an investment crash. However, staying informed, having a plan, and being resilient are all essential steps in avoiding a crash and succeeding when it does happen. In the last five years or so we have witnessed some of the most extreme market corrections on record.

I believe we are likely headed for another one soon as markets continue to be driven by exuberance fueled by easy money from central banks around the world. Hence the rising government deficits that are rapidly growing our national debt, and further eroding investors’ confidence in their ability to withstand a significant loss of wealth over some time if they should choose to do so all without negative implications for the economy.

 

Disclaimer: 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.

 

 

 

Tim Moseley

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An important bigger-picture perspective on gold

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An important bigger-picture perspective on gold

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) – An examination of the monthly continuation chart for nearby Comex gold futures is a classic example of why it’s important to look at the longer-term charts, in order to gain a critical over-the-horizon perspective on where a market has been and where it may be heading.

The monthly gold chart shows prices are still not far below the record high of $2,078.80, basis nearby futures, scored in March of this year. Prices have pulled back from the record high, but not a lot, by longer-term historical standards. Technical analysts call this price action a “downside correction” in an overall longer-term price uptrend that remains in place. Gold market bulls still have the firm longer-term technical advantage.

By Jim Wyckoff

For Kitco News

Time to buy Gold and Silver on the dips

 

 

Tim Moseley

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Market participant wait for two key reports this week GDP and PCE

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Market participant wait for two key reports this week; GDP and PCE

Analysts and investors are waiting for two critical government reports due out on Wednesday and Thursday of this week. On Wednesday the Bureau of Economic Analysis (BEA) will release its latest numbers on real GDP which will be followed on Thursday by the PCE for May 2022.

Concerns over a potential recession which will either be confirmed or negated by Wednesday’s GDP report. These concerns took both the dollar and gold lower today. As of 5:35 PM EDT gold futures basis, the most active August 2022 contract is trading $6.30 (-0.34%) lower and currently fixed at $1824 per ounce. The dollar lost 0.244 points today taking the dollar index to 103.715.

According to a report by Dr. David Kelly, Chief Global Strategist at J.P. Morgan asset management, “1Q22 Real GDP showed the economy contracted at a 1.5% annual rate in 1Q22, a deceleration from the boomy 4Q21. Weakness was primarily led by volatile trade and inventory data. Trade subtracted 3.2% from overall GDP growth as exports fell sharply and imports soared.”

The report also said that first-quarter 2022 earnings have held up better than expected. However, inflation continues to far exceed the FOMC’s 2% target with the May CPI report indicating hotter than expected inflation despite hopes by the Federal Reserve that it would moderate.

He concluded the following; first, the Federal Reserve could push the economy into a recession if it over-tightens in response to supply-driven inflation. Secondly, heightened geopolitical tensions with Russia could result in continued energy shortages, low consumer confidence, and dampening growth. Lastly, he concluded that markets may remain depressed and volatile until investors receive clarity on inflation and the Fed.

The other key report which will be released on Thursday is the PCE price index for May. The PCE for April revealed a slight uptick in core inflation increasing by 0.2% month over month. However. This was a decrease from the increase in March which came in at a 0.9% increase in MoM.

Although we will have to wait until Thursday for the official PCE price index from the BEA, last week they reported that “The U.S. current-account deficit widened by $66.6 billion, or 29.6 percent, to $291.4 billion in the first quarter of 2022, according to statistics released today by the U.S. Bureau of Economic Analysis. The revised fourth-quarter deficit was $224.8 billion. The first-quarter deficit was 4.8 percent of current-dollar gross domestic product, up from 3.7 percent in the fourth quarter.”

August gold opened at $1839.60 today and traded to a high of $1842.80. Today’s high was $1.10 below the 200-day moving average which is currently fixed at $1843.90. This puts the first level of resistance in gold at the 200-day moving average. Above that, there is resistance at $1850.40, the highest value gold achieved in trading last week. Our technical studies indicate that major resistance is currently at $1882 which corresponds to the highest value of gold achieved this month on June 13.

Strong support for gold does not occur until $1805 with major support at $1786.20. Both levels of support are based upon recent price lows.
 

By Gary Wagner

Contributing to kitco.com

Time to buy Gold and Silver on the dips

 

 

Tim Moseley

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Czech Presidency For The Council of the European Union

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What’s Happening to Bitcoin?

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What's Happening to Bitcoin?

Whats happening to bitcoin  

If you're wondering, "What's happening to bitcoin?" You're not alone. Bitcoin is a very hot topic right now, and everyone wants to know why. The current price decline is a result of global economic trends and the emergence of new cryptocurrencies, such as TerraUSD and El Salvador's legal tender. But there are several other factors contributing to the downfall of Bitcoin. Read on to learn more about these factors and what they mean for the price of bitcoin.

Price of bitcoin

Traders, investors, and financial professionals alike are concerned about the volatility of the Bitcoin price. Its limited supply and volatility have influenced its price dramatically, causing it to spike and drop dramatically in the same day. Inflation, a situation when the money supply increases rapidly, causing prices to rise and reducing the value of a currency, also has an effect on Bitcoin. But because of its limited supply, Bitcoin is safe from hyperinflation. Hyperinflation is a financial crisis that has destroyed the value of many fiat currencies.

In April 2011, Bitcoin broke the $1 mark and rose by nearly three-fold in just three months. In June 2011, bitcoin reached an all-time high of $32, but soon crashed and finished the year at a low of about $2. Although it has recovered in 2019, it hasn't yet reached its peak from 2017, and hasn't reached it yet, the price of Bitcoin is likely to rise dramatically in 2020 and 2021. Coindesk reports Bitcoin prices in US dollars, but this information is not indexed to inflation.

Impact of global economic trends

Global economic trends are a major influencer of the price of bitcoin, and many investors are speculating on the future of the cryptocurrency. Global GEPU is increasing, and Europe is grappling with immigration issues from war-torn countries. This causes uncertainty about the future of the European economy, and has a negative effect on trade. During periods of rising global GEPU, Bitcoin prices tend to be stable.

On the other hand, there are many countries that have mismanaged their domestic currencies. The authoritarian regime in Venezuela, for example, has a history of sky-high inflation that has resulted in an edgy economy and a plummeting standard of living for its citizens. The current inflationary environment is a testing ground for bitcoin, and a higher dollar value would strengthen the currency's appeal.

Impact of TerraUSD

The $60 billion TerraUSD project has destroyed the crypto market. Many investors thought it would revolutionize payment systems by creating a stablecoin pegged to the U.S. dollar. As it turns out, the project was a fraud, as investors panicked and wiped out their funds in days. The resulting bank run wiped out many investors, pulling down the entire crypto market. The Wall Street Journal reported on the situation of some investors.

But in the following weeks, the price of Luna soared, reaching $116 in April. Just three weeks earlier, it was trading for under a dollar, making many investors billionaires. The crypto currency's popularity spawned a retail trading community, including Bitcoin millionaire Mike Novogratz. Mr. Kwon, who founded TerraUSD, announced his support by getting a Luna-themed tattoo. Moreover, the start-up behind the new cryptocurrency Luna launched a cryptocurrency exchange and a lending service called TerraUSD 2.0.

Impact of El Salvador's legal tender

While the world's central banks are often hesitant to support Bitcoin, the government has made it a legal tender in El Salvador. The decision likely stems from the country's adoption of the US dollar in 2001, and some citizens perceived the new currency as a financial hardship. However, the country's new legal tender may prove to be a boon for Bitcoin. Ultimately, El Salvador's decision will likely spur further adoption of the currency in the country.

Some analysts fear that El Salvador's adoption of Bitcoin could encourage money laundering. While many experts disagree, the adoption of Bitcoin as legal tender in El Salvador could reduce the likelihood of sanctions imposed by the U.S. Treasury. In addition, some analysts believe that Bitcoin adoption could help alleviate the financial burdens faced by a country with a huge unbanked population. Ultimately, it is up to the government to determine how to deal with the situation and make the best possible decision for its citizens.

Impact of regulation

Although the UK and EU are at odds on the regulatory issues surrounding cryptocurrency, there are signs of a shift in Australia's attitude toward the currency. Both countries have embraced cryptocurrency exchanges and have taken a more friendly stance than their regional counterparts. The Australian Taxation Office, or ATO, treats cryptocurrencies like goods and collects tax on them using the Goods and Services Tax, or GST. Furthermore, the Monetary Authority of Singapore recently clarified that digital assets such as bitcoin and other cryptocurrencies are securities.

In a recent speech, the CEO of Microstrategy, Michael Saylor, explained that regulatory clarity will help bitcoin continue to grow as the number of participants increases. Increasing government regulation will also facilitate institutional participation and accelerate growth in the cryptocurrency space. This, in turn, will allow more traditional banks and public companies to get involved, thereby further expanding the market. So, what does this mean for the future of Bitcoin and other cryptocurrencies?

Tim Moseley

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Mercury Wallet’s Roadmap To Bitcoin Scalability And Privacy

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Mercury Wallet’s Roadmap To Bitcoin Scalability And Privacy

by Shawn Amick 

 

Mercury Wallet, a Layer 2 scaling solution for Bitcoin, plans to integrate with the Lightning Network and blind its server.

Mercury Wallet, a Layer 2 application built for Bitcoin, is currently developing infrastructure to integrate with the Lightning Network.

Applications like Mercury are a way of scaling the use of Bitcoin by temporarily performing transactions off chain before returning to the main chain, making it easier and more cost-effective to make payments to other users. But what is Mercury Wallet, how does it differ from the Lightning Network and what could its integration ultimately accomplish for Bitcoin growth?

Statechains And Statecoins

In order to understand the Mercury Wallet, we must first understand the technology Mercury uses to build its application: statechains.

A statechain works in a very similar way to a blockchain or a sidechain. In short, a statechain provides cryptographic proof of ownership for any given statecoin. A statecoin can be thought of as representing digital currency without actually being the digital currency, which, in this case, would be bitcoin.

Similarly, the easiest comparison to understand a statecoin is to think of it in the way that paper money is tied to a gold standard. The paper currency is not the actual gold, it just represents some of gold’s value. Similarly, a statecoin is not bitcoin, it is just meant to represent some of bitcoin’s value. This allows users to transact the value of bitcoin without interacting with the Bitcoin blockchain.

Now that we have a basic premise for statechains and statecoins, let’s return to Mercury.

What Is Mercury Wallet?

Mercury Wallet is itself an implementation of a statechain. The wallet is how unspent transaction outputs (UTXOs), or funds are organized into a statechain once they are deposited.

When a user opts in to use Mercury Wallet, they deposit UTXOs into the wallet through the graphical user interface (GUI) in a fairly straightforward process. Depositing UTXOs into Mercury Wallet is sort of like playing a game of poker with your friends. Each person brings a fixed amount of cash denominated in chips. The chips cannot be divided into smaller denominations of cash and have a fixed value.

Likewise, UTXOs deposited into Mercury Wallet cannot be divided into smaller denominations. Therefore, if the given UTXO represents 1 BTC, it must be spent in full and cannot be divided into smaller payments. This is one of the downsides to Mercury Wallet.

Accordingly, once funds are deposited, a chain of transactions secured by cryptography signifying ownership begins. If a user would choose to spend their UTXOs, it would create a path of ownership leading from the spender to the receiver each time a transaction was made. However, in order to transact with Mercury Wallet a user must be transacting with another Mercury Wallet.

Moreover, each deposited UTXO in essence creates its own statechain that traces the transference of ownership with each transaction on the Mercury Wallet platform. This is why Mercury Wallet users must interact with one another, to continue the chain of custody.

In addition, should users want the path of ownership for their deposits broadcasted to the Bitcoin blockchain to actually transfer the funds, Mercury’s interface is connected to a Bitcoin node making the process quick and easy.

So, what does Lightning offer Mercury Wallet that it does not already have?

Privacy, Security And Optionality

If the Lightning Network is a Layer 2 scaling solution, and Mercury Wallet is a Layer 2 scaling solution, doesn’t that make them competitors? This is an incorrect lens through which to view the two projects. In fact, it would be more accurate to view them as adjacent, rather than in opposition to one another.

Accordingly, the Lightning Network is an implementation of a communication protocol through the use of channels, and Mercury Wallet is an implementation of statechains that leverage a product with a company behind it.

However, Mercury integrating its product to the Lightning Network allows Mercury users to access its communication protocol. This integration enables Lightning-to-Mercury transfers or vice versa, which strengthens Mercury’s use cases.

For instance, currently, the business model of Mercury is to collect a fee for facilitating Layer 2 transactions by charging an address once funds are broadcasted back to the Bitcoin blockchain, which users are required to provide when they initially deposit funds. This is a privacy concern, since the address has to be collected upfront and stored, even though it does not have to be the same address the deposited UTXOs are coming from.

Nevertheless, with a Lightning integration, Mercury could charge the fee upfront and only need to collect a Lightning invoice, storing none of the user data. This would not only be a boon for privacy, but also security.

In its current state, Mercury Wallet is subject to denial-of-service (DoS) attacks, which is where a malicious user spams fake transactions to flood the network, thereby making it difficult or impossible to use the platform. Being able to charge Lightning invoices up front would drastically reduce the likelihood of this attack vector by placing a price on spam and allowing more optionality.

Thus, Lightning invoicing would also allow Mercury to change its pricing model entirely. Similar to how Opendime allows users to transact with UTXOs placed onto a flashdrive-like device for ease of use; Mercury users would be able to purchase a virtual form of Opendime-like real estate en masse, which would allow bulk discounts for multiple deposits.

Still, Mercury has one other upgrade on the horizon.

A Blind Server

Currently, Mercury has plans to blind its server during the fourth quarter of this year, according to CEO Nicholas Gregory, per an email correspondence Bitcoin Magazine had with the Mercury team. What does this mean?

“The blinded version of Mercury Wallet will apply cryptography in an approach that makes it impossible to identify coins that have been transferred or swapped,” explained Tom Trevethan, CTO of Mercury Wallet.

The company announced its plans to go blind in June with an explanation of what it means to be blinded in the world of cryptography here. In short, the act of blinding Mercury’s server guarantees that it cannot know any identifiable information about a coin which prevents censorship of coins. 

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Tim Moseley

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News Bites Gold’s price floor has gone up What this means for Newmont the world’s largest gold miner Tom Palmer

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Gold’s price floor has gone up – What this means for Newmont, the world’s largest gold miner – Tom Palmer

Tom Palmer, CEO of Newmont, said that gold’s price floor has increased considerably over the past decade, making mining more lucrative as a result.

“We think, fundamentally, that the floor for gold has changed,” he said. “You typically have seen it sitting, probably for the last decade, at around $1,200 as a floor. I think the events of the last couple of years have changed that: the level of fiscal and monetary stimulus, the factors that are happening around Russia’s invasion of Ukraine. Gold is more comfortably, I think, sitting with a floor of maybe $1,500 or $1,600.”

Palmer spoke with David Lin, Anchor and Producer at Kitco News, at the PDAC 2022 Convention in Toronto.

Newmont’s Costs and Revenues

Newmont’s cost guidance this year is $1,050 per ounce of gold. This assumes an $1,800 price per ounce of gold.

“Built into that [cost guidance] number are the higher taxes and royalties that you pay at that higher price,” Palmer explained. “If gold’s price were to come down, then you’re paying less taxes and royalties, so they’re coupled to each other.”

U.S. inflation was 8.6 percent in May, and Newmont is taking this into consideration, said Palmer.

“We’re starting to see some additional cost pressures coming into our business,” he said. “And we talked about it being about 5 percent over and above that number we guided to. We continue to watch that carefully… If we look further into the future, in probably 2024 we would see inflation coming down to long-run levels of about 2 to 3 percent.”

In terms of higher oil prices, Palmer explained that Newmont’s base assumption is $60 per barrel, and that every $10 increase per barrel reduces his company’s cash flow by $15 million.

However, he added that, “every $100 increase in gold price above the assumption that we make, means we generate $400 million of free cash flow every year… I talked earlier about our $1,800 assumption. [Gold] has spent a lot of this year at $1,900 to $1,950.”
 

Drivers of Gold Price

Palmer identified key supply and demand factors behind gold’s price.

“For gold, there are less discoveries taking place, so there’s less gold that’s going to be produced going forward,” he said. “And then there’s demand. One of the big demands for gold is jewelry in China and India. A growing middle class in both of those countries leads to greater demand for gold… I think you’ve also seen more of a move to gold as a safe haven, as a result of the volatility over the last couple of years.”

To find out Newmont’s plans for explorations and discoveries, and its ESG strategy, watch the above video.
 

By Kitco News

For Kitco News

Time to buy Gold and Silver on the dips

Tim Moseley

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CRYPTO BEAR MARKET – Why Experts Say It’s A Good Thing

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CRYPTO BEAR MARKET – Why Experts Say It’s A Good Thing 

Billions of dollars of value have been wiped off the cryptocurrency market in the last few weeks because of a sell-off in stocks, another rate hike and balance sheet shrinkage by the Fed, and the downfall of algorithmic stablecoin terraUSD. Cryptocurrency and Blockchain industry leaders believe that the recent crash in the crypto market would purge “bad actors.” The executives said the market purge was necessary and characterized it as “healthy.”

There are currently over 19,000 cryptocurrencies and at least 1000 blockchain platforms with four types of Blockchain Networks. Blockchain is the technology underlying these digital currencies and platforms. Still, the question is who will survive this massive bear market that has been happening for at least six months, and the experts are shying away from predicting its short-term future. 


Image source: CNBC

Crypto Industry Welcomes The Bear Market

Many industry executives see the current market situation as unsustainable. Ripple CEO Brad Garlinghouse believes that the future may see “only a handful” of cryptocurrencies remaining, stating that there are around 180 national currencies worldwide. So many cryptocurrencies aren't really necessary.

Bertrand Perez, CEO of the Web3 Foundation, told CNBC,

“We’re in a bear market. And I think that’s good. It’s good because it’s going to clear the people who were there for the bad reasons.” 

He went on to say,

“It’s good also because all those projects are gone. So the legit ones will be able to focus only on developing on building and forget about the valuation of the token because everyone is down. During the bull markets, when everything is green, no one thinks about building; everyone thinks about making a fortune, which is the wrong mindset.”

Other executives reiterated the same view that the massive price rally caused people to focus on speculation rather than building products. Michael Gronager, co-founder and CEO of the crypto data analysis firm, Chainalysis, says these down periods help distinguish between the signal and the noise.

Mr. Gronager explained, 

“It’s during these bear markets where good new tech gets developed. We’ve seen people get excited about new technology, and suddenly everyone wants to access it, but it’s never as good as people hope for. And then there’s a certain level of disappointment, but it’s when a bear market comes along, and companies are under-funded that real innovation emerges.”

So despite the anguish of speculative investors when the price of cryptocurrency collapses across the board, some argue it is a necessary development to sort the genuinely innovative projects from the pump-and-dump schemes. 

Why Do So Many Cryptos Fail?

Although the flagship cryptos, Bitcoin and Ethereum, have fallen substantially from their historical prices, other altcoins have fared even worse, with many that have entirely failed, including Luna, Dogecoin, Squid Game, PayCoin, and many more for various reasons. So many crypto coins have been released into the market and have died and disappeared over time. Why do they keep failing? 

Numerous ventures are sure to face challenges in a market that is still emerging. Therefore, after releasing their coins and tokens, the creators often realize that their concepts are obsolete. Developers typically do not invest sufficient time or research when planning their foundational structure for their coins and tokens, only to find out after release that their concept is already on the market. 

Many cryptocurrencies are copied versions of previously successful currencies, and many of them aspired to match Bitcoin's success. However, Bitcoin is already on the market and is still in demand, especially now with its emerging Lightning Network. 

A Few Key Elements Why Cryptos Fail

Lack of a Defined Purpose: 
Most cryptocurrencies do not have a clear purpose or target market. They are like a machine gun firing in all directions, hoping to find a target and hit it. A well-defined purpose will help your cryptocurrency attract the right people and repel the wrong ones.

Lack of a use case:
A cryptocurrency with no actual use case will eventually become obsolete. A cryptocurrency with a clear use case will help people understand why they should own it. Many cryptocurrencies today don’t seem to solve a real problem. They are just trying to find a niche to apply blockchain protocol and take advantage of emerging technology.

Weak Ecosystem: 
Some cryptocurrency projects are focused on creating a coin and trading it without building a community that aligns with its vision and mission. The importance of a robust ecosystem cannot be overstated. Without one, a project will have a hard time gaining traction, let alone succeeding. A tenuous ecosystem could cause other problems, such as low liquidity and volatility.

Inactive Development: 
In the crypto ecosystem, things change at a rapid pace. New technologies emerge, new competitors appear on the scene, and user needs and preferences change. If a crypto project is not flexible enough to keep up with these changes, it will not be able to survive in the long term.

Security Issues: 
Breaches to cryptocurrency projects can also lead to their failures. From hacking to creating fake nodes, bringing down a coin is easy when its security isn't robust.

Rug Pull: 
A rug pull is a malicious maneuver in the cryptocurrency industry where crypto developers abandon a project and run away with investors’ funds. Rug pulls got away with more than $2.8 billion worth of cryptocurrency from victims in 2021.

Tokenomics: 
The amount of tokens supplied has a significant impact on the price. If there is a lot of supply, that can depress the price, even more so when demand is low. It's all about the law of supply and demand. 


Image source: Cryptoslate

Shiba Inu Has 15 Zeros!

Shiba Inu is one example with a coin supply of 1 quadrillion. Shiba Inu trades for a small fraction of a penny because its supply is so large. There was some speculation it may reach $1; however, there’s currently a supply of 549 trillion SHIB tokens in circulation, giving it a market cap of around $11 billion. 

If those tokens were worth $1 each, SHIB's market cap would be $549 trillion, roughly 200 times bigger than Apple, the world's most valuable company, and more than six times the world's annual GDP. 

In other words, Shiba Inu reaching $1 would likely require a massive reordering of the world economy, and that's not going to happen. But there is a way to decrease the total coin supply by burning the coin; however, it takes considerable time. 

Shibburn, a website dedicated to the project burn of Shiba Inu, said that 410 trillion Shiba Inu coins have already been burned. They were taken out of circulation by Vitalik Buterin, co-founder of Ethereum after the anonymous Shiba Inu founder gave him half of the one quadrillion Shiba Inu coin supply. Buterin said he was uncomfortable controlling so much of the supply.

According to Shibburn, around 63 million Shiba Inu coins have been burned in the last 24 hours, which seems like a lot. However, if that rate continues, it would take just over two weeks to burn 1 billion coins and 40 years to burn 1 trillion. If there were an organized movement among SHIB holders, the burn could accelerate and pick up steam if the value of SHIB continues to drop. 

However, there's a clear disincentive to burning the coins. If the value begins to increase, it's in the interest of holders to keep their coins rather than burn them. The decentralized nature of cryptocurrency makes it unlikely that an organized movement will be powerful enough to reduce the number of coins substantially. 

And what about the use case? John Wu, president of Ava Labs said, Shiba Inu "wasn't built with a sophisticated use case like borrowing, lending, trading, or gaming. It’s really just the Shib Army rallying behind the coin.”

Why Bitcoin And Other Purposeful Cryptos Will Survive

More and more institutions are paying greater attention to the role of Bitcoin and Ethereum as hedging tools. There is increasing interest in several countries to adopt Bitcoin as their official currency. El Salvador was the first to adopt it in September of last year as their legal tender, the most recent being the Central African Republic. 

More individuals, companies, and governments are beginning to accept and adopt Bitcoin, and more investors are noticing its value, so I think it’s safe to say that our digital store of value or digital gold will remain and gain prominence well into the future.

In addition, Bitcoin has faced various attacks and smear campaigns in the past decade in the past decade. Despite everything, Bitcoin has withstood the test of time with great tenacity, providing ample evidence of its ability to overcome challenges and problems. 

As mentioned earlier, experts in the industry believe the timing is perfect for getting rid of the weeds. At the same time, emerging projects rise with all the fundamentals and utility to cater to users' needs. So, it’s an excellent time to take stock of more promising cryptocurrency ventures for the remainder of this year. As the crypto world changes rapidly, some of these projects' overall strengths or weaknesses will likely change, while others will be on point.

Although Bitcoin and Ethereum have the first-mover’s advantage, a few Blockchain projects such as Solana, Elrond, and Cardano have the underlying principles and infrastructure to survive the most challenging crypto winters. They all have a strong community and dedicated team of developers with a defined end goal and solutions to some of the most challenging hurdles facing the blockchain and crypto industry.


Image by Markethive

An Emerging Sector For the Blockchain Crypto Industry

Another sector overcome by centralization and severely lacking in blockchain technology is the social media and marketing niche, until now. Markethive is a blockchain-driven social media, inbound marketing, and broadcasting network rapidly building a dynamic ecosystem for the entrepreneur. 

Markethive is a crypto project with extensive and varied use cases that significantly drive demand for its token. (HVC) It has developed the much-needed solutions for marketers, influencers, business owners, and the like. We have all been victims of the current state of the media and tech companies where monopolies have been created. 

A decentralized and open media ecosystem, by definition, requires it necessary to have different options to broadcast and consume information free from censorship. Where content remains the creator's property, and the culture embraces self-sovereignty. 

Markethive is an entirely different animal and one of the most promising and potentially disruptive projects in the entire social media and marketing industry. It is a project with a large number of real-world applications, and it has the potential to change the media landscape.


Image by Markethive

With its comprehensive wallet and member merchant accounts nearing completion, the timing couldn’t be better to distinguish itself and gain a foothold in the crypto market. This bear market will see weak projects and unscrupulous players fall, and the meaningful, intense, and focused projects will survive and thrive.  

Some argue that the best bear strategy is to hoard cryptos, but a better approach is to earn more cryptos with one's existing holdings, which resembles receiving interest on bank deposits. This strategy is just one of the ways Markethive rewards its users who are part of the community. 

The whole ecosystem revolves around earning and accumulating your crypto holdings by being active on the platform and conducting ecommerce via their business facilitation, thereby creating traction and velocity that is very likely to propel the coin.  

As Markethive is a first-mover for the blockchain-related social media and marketing sector with its proprietary technology, it is poised to become mainstream in the next phase of cryptocurrency and blockchain technology in the aftermath of the massive cleanup of all useless altcoins. Many experts in the cryptocurrency space have said they expect thousands of cryptocurrencies to collapse.

Some exchanges have already folded or laid off employees, including Coinbase. Much of this is due to the crypto crash and the fact they hold many of these dead coins on its exchange. Perhaps it’s time for them to rethink their strategies when listing cryptos. 

We are currently experiencing a collapse in traditional financial markets and many unprecedented events that are being hailed as “the storm”; spiritual, social, political, and economic – a  storm affecting every aspect of our lives. 

As the volatility of the global socioeconomic conditions continues on a downward trend, Markethive, guided by Divine inspiration, is here to pave the way as one of the new innovative technologies that will rise in the wake of this bear market.

There is a large contingent of people that believe that cryptocurrency can offer a more stable alternative. With more people investing and utilizing crypto, the market has more stable prices and less chance of being manipulated by outside forces. 

When looking beyond the shortcomings and issues of nascent technology, there are many positive benefits with new technology constantly emerging and the philosophical approach of many entrepreneurs heading the upcoming sophisticated projects. It makes sense why crypto is becoming an increasingly popular alternative for investing in the face of instability in traditional markets.

 

References:
Newsbtc.com
Benzinga

Also published @ BeforeIt’sNews.com: https://beforeitsnews.com/economy/2022/06/crypto-bear-market-why-experts-say-its-a-good-thing 

 

Tim Moseley

The Artist that came out of the Winter