OpenAI’s major upgrade…
by Jeff Brown, editor, The Bleeding Edge
|
Tim Moseley
OpenAI’s major upgrade
Philosophy of the good life – Why we need unhappiness
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Easter Sunday marks the beginning of the season of joy in Christianity, even though Jesus was crucified just two days earlier. Pretty quick. What does this turn of emotion reveal about the connection between joy and sorrow?
The government probably had it in mind: According to the Christian narrative, Easter rest is supposed to begin a time of hopeful dawn, indeed, of joy. Even as a child, however, I wondered why joy should break out so suddenly, when the Savior had just been tortured and beaten on the cross.
Unhappiness – a philosophical blank space
This childish irritation is accompanied by a basic ethical problem: What is the relationship between suffering and joy? Is unhappiness merely the absence of happiness?
For 2500 years, happiness has also been a philosophical hot potato. Its opposite, however, unhappiness, is rarely analyzed. It hangs like a sword of Damocles over the happiness-fixated study of life. There are isolated references to unhappiness factors, for example in Aristotle, who considered spoiled children and a lack of beauty to be obstacles to happiness. And yet it is symptomatic that the relevant handbook "Glück" (Happiness) published by Metzler does not contain a single entry on unhappiness, despite 84 entries.
Searching for consolation and deeper meaning
Many people probably only think about a successful life because life can still be unsuccessful. Probably, unhappiness is also one of the main motives for taking up the study of philosophy. Those who are completely happy will want to dig less deeply.
Conversely, people often only know what makes them happy as soon as they experience unhappiness and learn from it: from failure, loss, loneliness, despair, pain, illness or death. Those who are so unhappy like to imagine what it would be like to be "happy" again.
Kant's paradox: Happiness arises from pain
This results in a paradox: We may not want our own unhappiness, but we can't want it either. "So pain must precede every pleasure; pain is always first," says philosopher Immanuel Kant. "Pain is the sting of activity, and in this we feel our life for the very first time; without it lifelessness would occur."
I understand Kant here in this way: life, even the happy life, arises from pain. A life completely without the struggle against prickly unhappiness would probably also be a life without happiness.
Illusory happiness is repugnant to most people
Imagine that you could be connected to a "happiness machine". From then on, this machine would make you believe that you were in a state of complete satisfaction. Would you let yourself be hooked up? Or would you miss the contrast?
A second indication: In a famous study by Northwestern University in the USA, the quality of life of lottery winners was compared with that of paraplegic accident victims. As expected, people were very happy shortly after winning the lottery and very unhappy shortly after the accident. With a time lag, both the happiness of the former and the unhappiness of the latter diminished. And with a long interval, the accident victims actually turned out to be happier overall.
Impetus for a better life
This yields some initial answers to our initial question. First: Only those who know misfortune can appreciate happiness. Second: People can grow from individual episodes of unhappiness. Third: Many people do not simply want to receive their happiness as a gift, they want to earn it. Fourth: Unhappiness may drive us to strive or fight for a better life in each case. And fifth, overall, unhappiness thus becomes a motor of social progress, toward a better life for all.
This last thought leads back to Easter – and especially to an Easter under pandemic conditions. With all the sadness about misfortune suffered: If we learn from this misfortune, a dawn of new joy may dawn after the time of suffering.
Tim Moseley
Gold breaks the key level of 2000 in its first unsuccessful attempt
Gold breaks the key level of $2,000 in its first unsuccessful attempt
The combination of exceedingly high inflation and the geopolitical crisis in Ukraine were strong enough forces to run gold prices back above $2000.
The focus of my articles throughout last week dealt with how the Federal Reserve and global central banks were faced with a near impossible task to reduce rising inflation. Dramatic measures would need to be taken including raising rates to at least half of the current level of inflation. That means raising rates to 4% – 6%.
However, this alone would not lead to the endgame of inflationary normalization. To achieve that goal governments have to focus upon the primary forces that led to a 40 year high. Inflation levels began to climb long before Russia attacked Ukraine. They began as central banks globally allocated enormous amount of capital to rebuild devastated economies that occurred during the recession, and to accomplish a task without their actions leading to a recession. Secondly, the primary force taking prices higher besides global devalued currencies were and are the supply chain issues that up till now have yet to be solved.
The military invasion by Russia into Ukraine added jet fuel to the fire, magnifying supply concerns in particular the cost of energy and food. Russia is the third-largest exporter of oil to countries worldwide. And the production of grain specifically corn and wheat, have a large component exported from both Ukraine and Russia.
Ukraine for example is the fifth largest producer and exporter of corn in the world, and Russia is the third-largest wheat exporter globally. Collectively they represent a respectable percentage of these grains which are exported around the world. Unquestionably, these exports have ceased or greatly diminished since the onset of the war.
The recent rise in inflation has been fueled by food and energy costs. Gasoline prices alone increased by 18% last month. Even though the United States is the number one producer of oil, was greatly affected by the Russian oil boycott by the U.S. and the European Union.
These inflationary forces I believe will remain so persistent that it is inconceivable that the supply chain issues will be resolved this year and highly unlikely that they will unwind in 2023. This concern along with global currencies continuing to be devalued is a recipe for double-digit inflation.
Investors have turned to gold and U.S. debt instruments as the safest asset class to protect against the uncertainty that currently exists. As of 5:19 PM EDT gold futures basis, the most active June 2022 contract is currently fixed at $1982. However, it is today’s intraday high that had garnered the most attention when gold traded to a high of $2003 per ounce. At the same time, it was unsuccessful in holding that price, giving back approximately $21 of that gain. The net result was that gold gained $7.10 on the day and still looks exceedingly strong. In my opinion, it is not if but when gold will breach $2000 per ounce on a closing basis and then move to higher pricing.
Currently, our technical studies indicate that there is resistance at $2000 with stronger resistance at $2016. That being said, although our technical studies do not look at the timeline needed to achieve certain price points at some point which I believe will come before the end of the year we will challenge and take out the all-time high of $2088 per ounce.
As our subscribers and loyal readers at Kitco News know my forecasts of gold reaching between $2166 – $2300 per ounce have been published over the last four months. While four months ago these predictions might have been perceived as foolish and overly optimistic. But today’s break above $2000 certainly makes that upper-level forecast more achievable and realistic.
For, those who would like more information simply use this link.
By Gary Wagner
Contributing to kitco.com
Time to buy Gold and Silver on the dips
Tim Moseley
THE IMPORTANCE OF HAVING AN ESTATE PLAN FOR YOUR BITCOIN
THE IMPORTANCE OF HAVING AN ESTATE PLAN FOR YOUR BITCOIN
Bitcoin users need to seriously consider their plan for what will happen to their bitcoin when they pass away. Having an estate plan is necessary.
by Scott WORDEN
Have you thought about what will happen to your bitcoin when you die? For many of us, the thought has at least crossed our mind. But the number of HODLers we know that have actually put in place a legally sound plan of action ensuring both the sovereignty and privacy of their holdings is very few. This is understandable. For starters, most of us don’t expect to die anytime soon. Even those of us who have planned ahead with a well-crafted testamentary device still likely haven’t considered the nuance of proper estate planning for digital assets. And there is no digital asset we know of whose custody and conveyance requires more nuance than bitcoin.
Most people think about trusts in terms of an irrevocable trust. These trusts can be an excellent tool to confer tax advantages to both your estate and beneficiaries if crafted properly. Under such circumstances, legal and equitable title must be split between trustee and beneficiary, meaning the grantor necessarily cedes either legal control or, perhaps more commonly, a portion of his equitable claim to the trust property. While this may be perfectly acceptable for some, others may balk at the mere thought of imposing any limitations on the use and enjoyment of their bitcoin while alive. Here we will examine the revocable living trust as an estate planning instrument for your bitcoin.
Do you know what will happen to your bitcoin when you’re gone? (source)
WILL YOUR BITCOIN BE SECURE IF YOU DIE TOMORROW?
For those of us that have gone through the trouble of setting up a properly executed will, there’s a tendency to treat our bitcoin in the same manner we treat dollars in an account. This may work out just fine if our assets are held on an exchange like Coinbase or Gemini, but what if they’re not? If you died tomorrow, would your next of kin know how to access your funds? Would they know what to do with the seed phrases you buried next to the tree in the backyard, or how to interpret BIP39 punched into steel?
In a rapidly growing number of instances, proper estate planning requires a level of technical competence and understanding that the majority of estate planners do not possess. With the trend continuing towards technological decentralization, an increasingly significant portion of a decedent’s assets will no longer be accessible with a mere email or letter to the decedent's bank, stockbroker or bitcoin exchange.
Self-custodied bitcoin requires more than an account password to assume ownership. (source)
DIGITAL ASSET PROTECTION TRUSTS AND HOW THEY FUNCTION
Digital Asset Protection Trusts are a relatively new element of an estate plan. Lawyers in the estate planning community are beginning to realize that an increasing portion of an individual’s net worth can be found in this rapidly-evolving asset class. The legal community has been forced to account for cryptocurrencies, NFTs, digital photo accounts, email accounts, social media profiles and so on. While lawyers react to the idea that someone’s Twitter profile, or Bored Ape NFT is worthy of new regulation, we look to these regulations in the context of the primary digital asset we believe is worthy of preservation: bitcoin.
REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (RUFADAA)
Most states have either adopted the RUFADAA or plan to. In many instances, RUFADAA will empower the executor of your estate with the authority to request access to most of your digital assets in a manner that takes into account your privacy interests and the terms of service agreements of the big tech companies. But when it comes to permissionless, decentralized monetary energy, e.g., bitcoin, the RUFADAA will be of little use on its own.
This is why we at BTC Trusts recommend placing your bitcoin into a living trust. A living trust will allow you to maintain access to your assets in the same manner as you do today, but also rest assured that if the unexpected happens, those assets won’t be lost, forgotten or misused.
ACHIEVING MAXIMUM FLEXIBILITY WITH A REVOCABLE TRUST
With a revocable trust, you may elect to act as the trustee of your digital assets pending a future event, e.g., death or disability. As both the grantor and trustee, you are free to change or amend the trust as often as you like. Unlike an irrevocable trust, the property is not protected from creditors and even though it technically belongs to the trust, it will not receive any special tax treatment while you’re alive. However, provided these assets can be managed distinctly from non-trust property, a revocable living trust can be crafted to convey your bitcoin to your heirs without limiting your use or enjoyment of those assets while you’re alive.
DOCUMENTING A SECESSION PLAN WITHOUT COMPROMISING PRIVACY
“Privacy is necessary for an open society in the electronic age. Privacy is not secrecy. A private matter is something one doesn’t want the whole world to know, but a secret matter is something one doesn’t want anybody to know. Privacy is the power to selectively reveal oneself to the world.” — “A Cypherpunk’s Manifesto” Eric Hughes
Is privacy important to you? You may or may not be aware that whether you have a will or not, the assets of your estate will pass through a legal process known as probate. Probate is a legal process that becomes public record. If you don’t want the public to know how many bitcoin your next of kin just took possession of, probate is something you want to avoid. Setting up a revocable trust or testamentary trust for your bitcoin will allow you to maintain the privacy of your holdings — something your heirs are likely to appreciate.
Disposition through probate could expose the contents of your estate to the world. (source)
How you store and manage your bitcoin while you’re alive is up to you. At BTC Trusts, we find that most of our clients with significant holdings will choose to secure their digital trust property via noncustodial, cold storage solutions. While this provides the highest level of security and privacy, it also introduces a level of technical complexity into the conveyance. Accounting for this is an aspect often overlooked at traditional estate planning firms. That’s why it’s important to select an estate planning firm that can ensure the conveyance is well documented not just legally, but in a technically sound manner as well. A competent digital-estate planner will work with clients to craft the best possible conveyance plan that will maximize security without introducing uncertainty or confusion. Don’t forget — you won’t be around to answer questions if something is unclear. Your estate planner should consider the use of smart contracts, multisignature cold storage and encryption when crafting the optimal manner to effect the conveyance.
GET IN TOUCH FOR A FREE CONSULT
Now is the time to plan for the unexpected. If you hold significant value in bitcoin, a proper estate plan is going to be needed at some point. The sooner this is in place, the more protection and more value it will provide. Take the first step and reach out today. We’ll be able to share our insights to tailor a plan that works for you and your family.
Tim Moseley
Volatility to dominate gold market as ‘central banks running out of options’ bullish sentiment intact – Kitco’s gold price survey
Volatility to dominate gold market as 'central banks running out of options,' bullish sentiment intact – Kitco's gold price survey
Despite a $20 retreat prior to the long weekend, the bullish sentiment continues to dominate the gold market with volatility keeping investors watching the $2,000 an ounce level again, according to Kitco's gold price survey.
During the short trading week, gold was able to breach a key resistance level of $1,975 an ounce, with June Comex gold futures touching a high of $1,985 on Wednesday. And even though prices saw a drop Thursday, gold futures are ending the week up 1.2%.
Most of the 13 participating analysts on the Wall Street side were bullish when asked about their gold price expectations for next week, with 46% projecting higher levels. Another 31% were bearish, estimating a bigger pullback. And the remaining 23% were neutral.
The Main Street side was even more decisively bullish. Out of the 1,254 participating retail investors, 72% expect higher prices, 16% estimate a move lower, and 12% are neutral, Kitco's survey showed. This was the highest retail participation since November 19.
Wall Street
Bullish
46%
Bearish
31%
Neutral23%
VS
Main Street
Bullish72%
Bearish16%
Neutral12%
Many analysts pointed to technical progress gold made after moving past the $1,980 an ounce level, stating this was a sign of strong interest in the metal, which will continue to push prices higher.
"There is a growing belief in a long-term commodity rally along with the weakening of all major currencies. If gold can push through $2,000, it will invalidate the double top and leave it with unlimited room to run," Forexlive.com chief currency strategist Adam Button told Kitco News.
Gold has broken above multiple formations, which contributes to the bullish sentiment, said Moor Analytics creator Michael Moor.
However, with Good Friday and Easter holidays coming up, some are expecting trading to be thin due to the shortened week.
As gold price eyes $2,000 again, its 'big test' is yet to come, says MKS
"I am neutral on gold for the coming week. Technically it's in an upswing, but with so many holidays over the next few days, trading could be quiet in general, and it could be time for a pause with the price near the big $2,000/oz round number," said SIA Wealth Management chief market strategist Colin Cieszynski.
The bearish camp leaned towards a pullback next week as investors look to take profits after solid gains. However, even those who expect lower prices in the short term are confident that the overall macro environment supports higher prices going forward.
One long-term driver remains the global central banks, which are being backed into a corner by high inflation, said Adrian Day Asset Management president Adrian Day.
"We may see a pullback next week, but only shallow and 'transitory' before gold moves up again in response to higher inflation, central banks running out of options, and a deteriorating situation in Ukraine," he told Kitco News. "The higher U.S. inflation number makes some investors think that the Fed will actually tighten in a meaningful way. But in fact, it will make the eventual retreat by the Fed all the more bullish for gold. So we certainly would not be selling, but looking to add."
By Anna Golubova
For Kitco News
Time to buy Gold and Silver on the dips
Tim Moseley
Hivemapper Dashcam Earns Crypto
Hivemapper Dashcam Earns Crypto
by Ashley Cassell, Editor, The New Digital World
Aims to Compete with Google Maps
The “crypto winter” is thawing out pretty nicely now. Not only are prominent cryptos starting to bounce back in price… Innovation is making a comeback, too. So, if you got bored with all the DeFis and Dogecoin (DOGE-USD) clones, then good news: I think I’ve found the hottest crypto startup for Summer 2022.
The Google Maps Killer
What would it take to beat Google Maps at its own game? Or Apple Maps, for that matter? A worldwide fleet of GPS camera operators… And a vast amount of cash to hire them. It could be a vanity project for a billionaire – although Bezos, Musk, or Branson might find it less gratifying to the ego than, say, going to space!
Or… what if you could recruit an equally vast number of ordinary people to map out their corner of the world – by rewarding them in cryptocurrency? That’s what Hivemapper is all about.
Hivemapper, whose upcoming crypto token will use the ticker HONEY, just completed its Series A fundraising round. Now, it’s about to roll out its first device: the Hivemapper Dashcam. Just affix it to the windshield, dashboard, or exterior of your car… and the Dashcam “automatically transfers collected imagery to the Hivemapper Network” through an app on your phone.
As soon as people receive their Dashcams and hook them up to the Hivemapper Network, their devices will start mining the HONEY token, in proportion to how much map imagery (and GPS metadata) they contribute to the project. Hivemapper is built on Solana (SOL-USD), which founders say provides “the truly global scale that the Hivemapper Mapping Network needs to operate.”
Hivemapper’s crypto rewards are what sets the project apart from, say, Waze, which was absorbed into Google (NASDAQ:GOOG) in 2013.
“There are now something like 25,000 Waze map editors. These are people sitting behind their computer screen editing maps … on behalf of what is effectively a multitrillion-dollar company,” Hivemapper founder Ariel Seidman told CoinDesk. “And they don’t get paid, there’s nothing they get in return for that. They get, maybe, a Google T-shirt or a Waze hat, but that doesn’t sit right with me.”
After all, the global market for geospatial data & analytics is valued at “$256 billion by 2028,” according to Meticulous Research. And as the heavyweight champion of GIS, Google Maps can do things like raising its prices by 1,400% on app developers who need them…leaving customers scrambling for alternatives. (No wonder Google Maps is now under investigation for antitrust violations!)
But what’s the best way to snatch up some of that market share? Simply to keep the map up-to-date.
See, even with the Scrooge McDuck-like hoard of cash sitting at Apple and Google… “Street-level imagery in many parts of the world is only updated once every two years,” Seidman explains in TechCrunch! “This causes cascading logistical, municipal, and political problems. However, maps have the potential to be near real-time. An open-source, community-owned map is the only way to continuously construct a living, breathing, ever-updating view of our world.”
Source: Hivemapper
Hivemapper is just getting started – with the first Dashcams scheduled to ship in July. What’s next for the project? According to its whitepaper:
- Contributors who sign up to review, annotate, and QA the map imagery will earn HONEY crypto, too.
- Any developer can build apps that provide driving directions, traffic warnings, or custom maps (geocoding).
- But to use Hivemapper’s APIs, developers will need to “burn” HONEY to receive Map Credits.
- “These burned tokens then increase the number of tokens available to mint and to pay to map contributors,” capped at 10 billion.
- Manufacturers can “seek approval” to make new hardware for Hivemapper, like cams for drones, scooters, and bikes, and add features like air-quality sensors or 3D.
Bottom line – this roadmap (so to speak) is exciting but long. It’ll take years to grow Hivemapper into a true rival to Google or Apple Maps.
Luckily, Helium (HNT-USD) provides a good model for how these projects can grow and succeed in the meantime.
Another “Proof of Physical Work” Project Grows 50X In A Year!
Helium is not unlike Hivemapper – and has a lot of the same investors, like Multicoin Capital, which provides a good, concise explanation of its investment thesis here.
Here, there’s also a physical device that mines crypto, in exchange for contributing to the network. But in this case, what you’re contributing is actually Wi-Fi coverage. By setting up a Helium Hotspot, you can share your internet connection with the Internet of Things (IoT) devices, like environmental sensors, GPS trackers, personal safety devices, and smart home/office devices. And you receive HNT crypto in return.
Unlike this new startup Hivemapper… Helium didn’t start out as a blockchain project. And without crypto incentives, it spent four years struggling to hawk its Hotspots to enough people for a robust network.
“The company was running out of money in 2017 when an engineer suggested, during an all-hands Scotch-drinking session, that more people might be willing to set up hot spots if they could earn cryptocurrency by doing it,” Kevin Roose reports for The New York Times in his memorably titled essay, “Maybe There’s a Use for Crypto After All.”
Now, the more people that use your Hotspot, the more crypto it earns. And from barely $1.50 in 2020, the HNT crypto reward is now worth over $21, even after coming through the long, hard crypto winter…a nice reward for long-term miners:
Source: CoinMarketCap
No wonder the Helium Network went from just 14,000 to 719,344 hotspots in the past year! The network is now present in 54,840 cities across 170 countries. That’s 12% growth – and 5,471 additional cities – in just the last 30 days!
Also in the last 30 days, the network seems pretty active, with users burning $4.7 billion worth of HNT for transaction fees (called Data Credits).
After all, this level of coverage for IoT devices puts the Helium Network in high demand. So in March, its leadership announced a new Helium Roaming Services program, where it will partner with other networks to provide their clients with roaming coverage through Helium. “Roaming partners and their customers, such as Volvo Group, Cisco, Schneider Electric, Accenture, and more, will dramatically increase overall usage of the Helium Network and will be important drivers of data transfer rewards for Hotspot owners.”
As we see below in its network map, Helium Hotspots are pretty popular in Europe, not to mention the United States and China:
Source: Helium
Helium is further along than Hivemapper in its fundraising, too. Having just renamed to Nova Labs (to emphasize the decentralized, community nature of the Helium Network itself), the company “just closed a $200 million Series D equity round from some big-name investors like Google Ventures, Tiger Global, and Andreessen Horowitz,” as Luke Lango reported in a recent update to his Crypto Investor Network.
“It clearly appears that Helium is firing on all cylinders right now. This remains one of our favorite long-term cryptos,” Luke concludes.
These “proof of physical work” projects also tend to be discussed as possibilities for big institutional investors.
“Where might institutional investors find value in crypto?” wonders Byron Gilliam in his Blockworks newsletter. One “possibility is protocols that provide real-world utility, like Render, Helium, or Livepeer. Those will look more like investable companies to traditional asset managers.”
Right now, though, any crypto that’s smaller than Bitcoin (BTC-USD) and Ethereum (ETH-USD) is a no-go for most institutions. This is the early advantage that we have as “retail investors”: We have the flexibility to invest like a venture capitalist in great projects like Helium – and, soon, Hivemapper.
With a $265 billion total addressable market (TAM), Hivemapper has enormous opportunities ahead. Let’s say they grab 10% or even just 5% of the market share from Google and Apple. If we put Hivemapper’s valuation similar to Helium’s ($1.2 billion today), then this is easily a 10X opportunity for a company with a cool, unique idea – that brings huge utility.
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 through the democratization of 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 for example will be releasing 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
Tim Moseley
My mind has always been complex Bubbling and percolating with ideas
My mind has always been complex. Bubbling and percolating with ideas.
My first memory was a Holy Ghost experience. I have a thirst for knowledge and a thirst for the Lord. An unquenchable thirst, that has driven me my whole life with a spirit of urgency.
Markethive is the culmination of many systems I began building in 1996, prior to that I was driven to learn computers, coding and marketing. In 1984 I acquired my first computer and started an ad agency in the San Francisco Bay Area (Palo Alto)
Markethive is my life work, and as I have aged and become aware of the tech markets I became aware of Elon Musk from his Paypal days to his incredible focus, dedication to making the world a better place and how similar we are.
If you want to know me better, watch this video. I am Elon Musks little twin in so many ways.
Markethive is my Tesla my Spacex, designed to make the world a better place. A home superior to what social networks exist. A platform of freedom and liberty a kingdom built for the entrepreneur and innovator.
Elon talks about how he had to become the Chief Engineer because he could not find any that were any good to join and realized less than that was a mistake. A mistake I made 3 times and now I am that self-taught Markethive Chief Engineer.
Like Elon, I will never give up. I will either have to die or become completely mentally incapacitated.
Watch the video and see how it reflects Markethive in so many ways.
Thomas Prendergast
CEO
Tim Moseley
Those who know Easter cannot despair
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Feast of Hope Easter – Why? Because Easter gives us hope! On this most important of all Christian feasts we celebrate: that Jesus has conquered death. That he rose from the dead and gave us hope – for eternal life.
Easter thus stands in stark contrast to the 40 preceding days of Lent and Penance. 40 days – that's how long Jesus fasted in the desert, finding himself and God, before setting out to proclaim his message. 40 days for us today to renounce something and thereby become aware of our own life again. To reflect on our own life – and on God.
At the end of Lent are Maundy Thursday, commemorating Jesus' last supper with his disciples, and Good Friday, the day Jesus was crucified. The Easter Vigil, the night from Saturday to Easter Sunday, then celebrates the raising of Jesus from the dead. That is why during the Easter Vigil Mass, the Exsultet, the sung Easter praise, says:
This is the night of which it is written:
"The night becomes bright like the day,
like radiant light the night will surround me."
The radiance of this holy night
takes away iniquity,
cleanses from guilt,
gives innocence to sinners,
joy to the mourners.
It drives away hatred,
unites hearts
and bends the powers.
It shines until the morning star appears,
that true morning star, which never sets:
Your Son, our Lord Jesus Christ,
who rose from the dead,
who shines for mankind in the paschal light;
who lives and reigns with you forever and ever.
A pator, Franciscan friar and spiritual director reflected on the theme of resurrection at the conclusion of Lent:
"It is like a miracle when the sun rises in the morning and we are allowed to get up again. Only when you can't get up do you feel how agonizing it is to have to stay lying down. To be allowed to get up, to be able to move, to be free, not to be dependent on outside help – what a grace that is given to us anew every day. For it is not a matter of course that this gift is given to us. Anyone who is ill can tell you a thing or two about it.
The idea of what it means to get up helps to get an idea of what Easter, the feast of the resurrection, means. Because here it concerns before a lying, which carries the name death. No man can rise from death by his own strength. One can be raised from death only by an external force, just as we are awakened from sleep.
This, however, is the almost unbelievable belief of Christianity that Jesus was raised from the dead. We humans did not make up this belief. This faith is a gift, just as the life of Jesus Christ himself, his deeds and words are a gift to this world.
That is why Easter is a feast of rejoicing, of thanksgiving, of singing. As the Easter fires light up the evening, and as the sun rises anew with its bright light in the morning, may this Easter faith in the Risen Lord rise anew in the hearts of the faithful and bring light to this world."
Hallelujah!
Those who can trust this message may have hope: for their loved ones, for the people in the crisis areas of the world – and for themselves. For hope, as fragile as it may sometimes seem, can give strength to a love that can move mountains.
Whoever knows this, whoever knows Easter, can really not despair. Instead, it means: rejoicing irrepressibly, joining in the Hallelujah that was not sung during Lent, but now resounds again in the churches. "Hallelujah" is a Hebrew word: "Hallel" is rejoicing, "yes" is the short form of God's name "Yahweh." So Hallelujah means "Rejoice in God!". And not only at Easter, but also beyond, because this time offers so much reason to rejoice that a few days are not enough for it.
The week after Easter is therefore a time of particularly intense celebration – and feasting, because Lent is now finally over. The festive week closes with "White Sunday". This is named because in the early days of the church, the new Christians baptized at the Easter Vigil wore their white baptismal robes throughout Easter week until the following Sunday.
But celebrations continue even after White Sunday: seven times seven days is the time of rejoicing over Jesus' resurrection – it ends only on the 50th day, on the weekend of Pentecost, which is celebrated as the founding feast of the Church. On Pentecost, Jesus poured out the Holy Spirit on his disciples and sent them out to proclaim what he promised them and all people after his resurrection: I am with you always, until the end of the world
Tim Moseley
The goldsilver ratio moves back into familiar territory
The gold/silver ratio moves back into familiar territory
The gold/silver ratio has moved back into familiar territory. The price has moved back into a wedge-type formation on the daily chart below. The trendlines have acted as clear support and resistance levels with both being tested and respected around three times each. More recently the price has moved to the lower bound of the pattern and bounced back up. In terms of support levels, the yellow line at 75.90 is the one to watch but if that breaks 74.64 could be next.
The upside looks more interesting, 79.00 is the previous wave high but the main high on the chart is at the green line (82.13). There is a massive consolidation area at 77.85 and this is where the price seems to gravitate towards. If there is to be another move higher it looks like it could be a magnet for the price once more.
Lastly, the price has also bounced off the 200-day simple moving average (SMA). On this chart, there has not been too much significance on this moving average but historically it has been a good indicator of trend. There was a period between 2017 and 2019 where the 200 SMA worked a treat.
By Rajan Dhall
For Kitco News
Time to buy Gold and Silver on the dips
Tim Moseley
US dollar is gold’s main obstacle in breaching 2k analysts
U.S. dollar is gold's main obstacle in breaching $2k – analysts
Gold tested a critical level this week on its way to $2,000, but one of its main obstacles remains a strong U.S. dollar, according to analysts.
Despite a selloff during the week's last trading day, gold is still up 1.5%, with June Comex gold futures last trading at $1,974.6 after rising above $1,985 an ounce a day earlier.
After seeing renewed safe-haven appeal amid significant geopolitical tensions, the U.S. dollar is limiting gold's upside. The U.S. dollar index breached the key psychological level of 100 Thursday, last trading at 100.36.
"Gold is receiving strong haven demand. But we see the same thing with the U.S. dollar. That will be a potential headwind for gold. The USD is being viewed as the 'cleanest dirty shirt in the laundry.' Investors are looking for safety outside of some of the chaos and uncertainty that we see in the markets. The argument is similar to gold — it is viewed as a trusted place," Gainesville Coins precious metals expert Everett Millman told Kitco News.
Escaating tensions further was Russia threatening to deploy nuclear weapons and hypersonic missiles if Sweden and Finland joined NATO. The comments came from Dmitry Medvedev, deputy chairman of Russia's Security Council. "There can be no more talk of any nuclear-free status for the Baltic – the balance must be restored," said Medvedev, who is also former Russian president (2008-2012).
This comes just a day after U.S. President Joe Biden announced he is providing Ukraine with an additional $800 million worth of firepower, including heavy artillery.
Renewed pressure from the stronger U.S. dollar could keep gold stuck in a trading range until the index falls back below 100.
"The dollar had quite the run. There was the belief that the rally would pause at the 100 level. But we are seeing further bullish momentum. Short-term, the dollar could appreciate more. That's why I'm neutral on gold. Fundamentals and still intact for bullish momentum in gold, but a stronger dollar could limit [the metal's prospects for now]," OANDA senior market analyst Edward Moya told Kitco News.
Rising yields in the U.S. are also boosting the greenback and pressuring the precious metal, said TD Securities head of global strategy Bart Melek.
"The dollar rallied to some extent because we've seen yields across the curve move up as well. The 2s, 10s, and 30s are all moving up. This is an important factor in driving prices here. Real rates are moving up here as well," Melek said.
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On its way to $2,000 an ounce, gold will have a harder time breaching the $1,975 an ounce level than the $2,000 one, said RJO Futures senior market strategist Frank Cholly.
"The dollar is probably the biggest factor right now. If the dollar dips back down towards 99-98 range, that will make it a lot easier for gold to break through $2,000, which will eventually happen," Cholly told Kitco News.
The $2,000 level could be within reach in the next month or so, but traders should be ready for volatility in either direction, Millman added. "In terms of factors that would drive it, it won't take much. The level of anxiety and fear in markets justifies that price level. By the same token, if there is a resolution to the conflict in Ukraine or inflation expectations come down, gold will drop to $1,900," he noted.
The gold market will also be paying very close attention to guidance from central banks around the world, especially to the Bank of England interest rate announcement and the upcoming Federal Reserve meeting in May.
Markets will continue to price in aggressive tightening cycles, kicked off by the Bank of Canada's oversized 50 basis point hike on Wednesday.
"Markets will be watching how other central banks respond to inflation. The ECB didn't do anything and leaning more dovish. At the same time, many other central banks will be pretty hawkish now," Millman said.
The Fed might be perceived as behind the curve on inflation as it focuses on the core inflation measure instead of the headline number, which could be a mistake, Melek pointed out. "We saw the largest increase in inflation in the U.S. since 1981, with inflation accelerating to 8.5% in March. But the core, which excludes food and energy, looked better. Will this convince some traders that the U.S. central bank may not need to be as aggressive?" he asked.
Data to watch
Wednesday: U.S. existing home sales
Thursday: Philadelphia Fed manufacturing index, jobless claims
Friday: Manufacturing PMI
By Anna Golubova
For Kitco News
Time to buy Gold and Silver on the dips
Tim Moseley