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Gold Price News: Gold Falls for Third Day Ahead of Fed Rate Decision

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Gold Price News: Gold Falls for Third Day Ahead of Fed Rate Decision

Gold is down for its third consecutive day with the precious metal now trading comfortably below $2,000 an ounce.

While safe haven demand continues to be strong amid Israel’s ongoing attacks on Gaza, today also brings the latest Federal Reserve interest rate announcement that will provide a reminder of the “higher for longer” stance of central banks.

gold kau price on kinesis exchange

Gold ($/g) price – 3-month view – from Kinesis Exchange

As a result, even though gold has dipped slightly from the highs achieved at the end of October, the price remains at a very high level historically with the recent movement more reflective of a slight correction rather than a broader downward trend.

Today’s Fed rate decision is widely expected to see the US central bank keep its rate unchanged at 5.5% but while rates may not rise further, the prospect of any cut in the coming months looks remote. As such, gold will have to face this permanent headwind of high-interest rates, making the non-yield-bearing asset less attractive.

While the peak of gold above $2,000 an ounce may have passed for now, the precious metal is unlikely to slide much further before fresh support rushes in.

Time to Buy Gold and Silver

Tim Moseley

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Bitcoin price whipsaws on Fed rate decision reclaims support above 34600

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Bitcoin price whipsaws on Fed rate decision, reclaims support above $34,600

The broader crypto market experienced a slight uptrend in trading on Wednesday after the Federal Reserve announced that it would be holding interest rates steady in a range of 5.25%-5.5%, the highest level in 22 years.

While rates remain unchanged for the time being, the central bank left the door open for future increases as they work to bring inflation back to their 2% target. Fed Chair Jerome Powell said the committee “is proceeding carefully” and will continue to make decisions “meeting by meeting.”

Stocks climbed higher following the announcement as traders saw the pause as evidence that the risk-on environment has returned. At the close of markets, the S&P, Dow, and Nasdaq finished in the green, up 1.05%, 0.65%, and 1.43%, respectively. Treasury yields sank lower, with the 10-year yield trading around 4.755%

Data provided by TradingView shows that Bitcoin’s (BTC) price whipsawed near midday, spiking to a high of $35,200 before dipping to $34,080. The top crypto has since climbed back above support at $34,600.

BTC/USD Chart by TradingView

Senior Kitco technical analyst Jim Wyckoff noted that “November Bitcoin futures prices [were] a bit weaker in early U.S. trading Wednesday,” and said, “Recent price action has formed a bullish pennant pattern on the daily bar chart.”

Bitcoin futures 1-day chart. Source: Kitco

“However, prices need to see a bullish upside breakout this week, or the bullish pennant will be negated,” Wyckoff warned. “The BTC bulls still have the solid near-term technical advantage as a price uptrend is in place on the daily bar chart.”

MN Trading analyst Gunter Lackmann said the daily chart for Bitcoin shows its price is “in a bullish consolidation resembling an ascending triangle chart pattern as the 8EMA, a reliable source to look for relative strength, is catching up with price.”

BTC/USD 1-day chart. Source: MN Trading

“Currently, the most obvious invalidation of this pattern would be daily candle closes under $34k, but we should also be ready for an intraday retest of the 8EMA, which last got tagged on October 23,” he said. “Upside resistance is at around $34.8k.”

Zooming in on the 1-hour chart, Lackmann said there is a “clear consolidation pattern, especially focused between $34,240 – 34,760.”

BTC/USD 1-hour chart. Source: MN Trading

He said the “most preferable entry into long exposure here probably would be a raid of the range low ($32.2k) followed by a reclaim of the range.”

“Most conservative traders wait until after the move to the upside (often divided into two – three legs up) completes” to reenter the market, he said. “My targets for those potential legs up from here are the areas of $36 – 38k and $40 – 42k. From there, it will become more likely that we get a retest of the previous HTF range high of around $31.5k, just when the market gets excited for more upside.”

For traders waiting for a significant pullback before opening a position in Bitcoin, market analyst Rekt Captial warned that there are only 100 days left when such an opportunity could present itself.

Altcoins in an uptrend

A majority of tokens in the top 200 recorded gains on Wednesday, while only nine coins saw losses greater than 3%.

Daily cryptocurrency market performance. Source: Coin360

SushiSwap (SUSHI) was the top performer, with an increase of 46.4%, followed by a gain of 26.8% for Just (JUST), and 16.3% for Uniswap (UNI). Polymesh (POLYX) led the losers with a decline of 11.64%, while MobileCoin (MOB) lost 10.5%, and Centrifuge (CFG) fell by 9%.

The overall cryptocurrency market cap now stands at $1.29 trillion, and Bitcoin’s dominance rate is 52.4%.

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Jordan Finneseth

For Kitco News

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Tim Moseley

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The Power Dynamics of A Global Economy: Who Is Ultimately Pulling The Strings?

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The Power Dynamics of A Global Economy: Who Is Ultimately Pulling The Strings? 

The question of who controls the global economy can vary depending on one's viewpoint. Some may argue that Mega Banks such as JP Morgan, asset managers like Black Rock, tech giants like Microsoft, or international organizations like the World Economic Forum hold significant influence. However, there is an overarching entity that surpasses these institutions. It is worth noting that these entities share common goals and interests, such as Central Bank Digital Currencies (CBDCs), Digital IDs, and Smart Cities. This alignment is not a mere coincidence.

In this article, we will uncover the true power behind the world's most influential institutions. Surprisingly, it is the United Nations that is orchestrating it all. There seems to be a pattern, so it’s worth investigating as to whether it is the UN pulling the strings. We embark on an eye-opening journey through the hidden depths of global control, where the United Nations takes on the role of puppet master, manipulating events to carry out their sinister agenda. The United Nations presents itself as a symbol of peace and collaboration, but what lies beneath its admirable facade? 

We will delve into the history and purpose of the UN, exploring its origins and transformation into a powerful force with evil intentions. Brace yourself as the manipulation tactics the UN employs, from secret agreements to strategic alliances, are exposed. They have become masters at pulling strings and subtly guiding governments toward their desired goals. 


Image Source: Defenseindepth.co

The Historical Roots

In the early 19th century, a series of relentless wars and conflicts had a profound impact on the global economy. In the aftermath of the Napoleonic Wars, prominent European nations made a concerted effort to establish a prolonged period of peace. This initiative culminated in the creation of the Concert of Europe in 1815, an unprecedented international organization dedicated to preventing member states from engaging in armed conflict. Despite its noble intentions, the Concert of Europe ultimately failed to maintain peace, succumbing to the pressures that led to the outbreak of World War I in 1914.

However, a previous example has been established. Following the war's conclusion in 1918, the authorities decided to once again pursue a period of tranquility with the League of Nations in 1920. What set this attempt apart was that the League of Nations encompassed multiple objectives beyond averting war. Many of these objectives were centered around human rights, including matters such as working conditions. Unfortunately, the League of Nations did not endure as long as its forerunner. It disintegrated when the Second World War commenced in 1939, less than two decades later.

However, the third attempt was more successful. By the conclusion of World War II in 1945, the UN had been established with great efficiency, although its official foundation came a month later. Like its precursors, the UN emerged from the initiative of the ruling nations, of which there were 50 at the time. Nowadays, the UN encompasses practically every country worldwide, comprising 193 nations.

Similar to the League of Nations, the main objective of the United Nations was to maintain peace. Nevertheless, its initial Charter encompassed an extensive range of additional aims to keep member nations engaged. These objectives comprised not only humanitarian endeavors but also the promotion of global collaboration on various other worldwide concerns.

The crux of the matter is that if you purport to have concerns that affect the entire world, then it follows that you must also advocate for solutions that can address these issues on a global scale. However, the only way to achieve such universal solutions is by establishing a unified global authority, which is what the United Nations represents. This logical progression implies that a single global currency and military, among other things, would also be necessary.

In 1948, the United Nations formed its military branch shortly after its establishment. The UN's first peacekeeping mission took place in 1956. Following the end of the Cold War in 1988, the UN's military role evolved to encompass not only controlling tensions within countries but also regulating the population. Notably, the UN recently announced plans to extend its peacekeeping efforts to social media by creating a so-called digital army, which will combat misinformation and disinformation.

At this point, it should be clear that this refers to content those in authority disapprove of. The announcement explicitly mentions that the United Nations' online force will also address any data that hinders the advancement of the Sustainable Development Goals (SDGs).

For those unfamiliar, the SDGs encompass 17 objectives that every member nation is required to achieve by 2030. It is the reason why countries are hurrying to introduce digital IDs, Central Bank Digital Currencies (CBDCs), and smart cities. The SDGs dictate the adoption of these dystopian technologies by 2030, only seven years away. With time running out, the UN and its associated organizations are striving to expedite their implementation.

The question arises as to who has control over the United Nations. In order to provide an answer, it is necessary to comprehend the functioning of the UN. As the UN is commonly known as an international organization, its different divisions are often called organs. The UN is composed of six organs, namely the General Assembly, the Security Council, the Economic and Social Council, the Secretariat, the International Court of Justice, and the Trusteeship Council.


Image source: Blogger

The Roles Of The Six Organs 

There’s not much worth noting about the International Court of Justice except that it’s the sole United Nations entity not headquartered in New York City. Regarding the Trusteeship Council, its purpose was to facilitate the attainment of sovereignty for nations, but it ceased operations in 1994. 

In any case, the United Nations General Assembly comprises 193 member nations. Representatives from these countries convene annually in September to engage in deliberations and voting on resolutions. Resolutions of great importance necessitate a 2/3 majority approval, while less significant resolutions require a simple majority (over 50%). 

Moving on to the Security Council, it consists of 15 countries, with five permanent members and ten rotating members who change every two years. The permanent members are France, Russia, China, the United States, and the United Kingdom, which were the victorious nations of the Second World War.

The United Nations Security Council's five permanent members hold the authority to veto significant resolutions, a contentious issue because it enables these countries to dismiss any UN decisions that negatively impact them. Although Russia's use of veto power has garnered significant attention, it was the United States that insisted on veto power in exchange for its membership in the UN. It is believed that the veto will remain an integral part of the Security Council, as removing it would require the United States and its allies to relinquish their own veto power.


Image Source: Statista 

It is essential to be aware that the United States attempted to obtain a resolution from the United Nations to justify its invasion of Iraq following the 9/11 attacks. Despite the rejection of this resolution by the United Nations, the US proceeded with the invasion anyway, contributing to a complex and controversial struggle for dominance on the global stage, with no party emerging untainted from the conflict.

The United Nations' administrative organ, the Secretariat, plays a crucial role in the creation, passage, and enforcement of UN resolutions. The leader of the Secretariat, known as the Secretary-General, is selected by the Security Council and elected by the General Assembly for a five-year term. Interestingly, while there's no limit on the number of terms a Secretary-General can serve, none have stayed in office for more than two terms – yet.

However, the past records of selecting Secretariat officials expose the individuals in control. It appears that the UN underwent a significant transformation in the early 1990s. It is important to note that the approval of resolutions necessitates a 2/3 majority vote or a simple majority vote. It should be clarified that every member nation holds an equal vote in this procedure, regardless of their contribution level to the UN.

The implications of this go beyond what you might initially think. The country with the most sway over other nations can effectively control the United Nations, which has major consequences. In the 1990s, it seemed like the developing world was gaining momentum, and the US and its allies were not pleased with this shift in power dynamics.

During the early 1990s, the United Nations Secretary-General was Boutros Boutros-Ghali, a representative from Egypt. However, the United States strongly opposed his leadership and went so far as to offer him a nonprofit foundation in exchange for his resignation. Despite the offer, Boutros-Ghali refused to resign and was subsequently denied a second term (vetoed by the US) even though most member countries had supported his return. Since then, the United States has exerted significant influence over the selection of subsequent Secretary-Generals, ensuring that they have been aligned with American interests.

Kofi Annan, a Ghanaian diplomat, succeeded Boutros-Ghali. He also introduced the Millennium Development Goals (MDGs) before the Sustainable Development Goals (SDGs) were established. Notably, he drafted the original letter that spawned the concept of Environmental, Social, and Governance (ESG) investing in 2004. Interestingly, the SDGs heavily influenced the criteria for ESG. Moreover, Antonio Guterres, the current Secretary-General from Portugal, actively promotes the SDGs. He has played a crucial role in advocating for digital IDs, central bank digital currencies (CBDCs), and smart cities.

Unelected and unaccountable international organizations advocating for the interests of both private and public sectors, including large corporations and governments, are driving the development of these dystopian technologies. For example, the World Economic Forum (WEF) collaborated with the UN to expedite the adoption of its Sustainable Development Goals (SDGs) using Environmental, Social, and Governance (ESG) measures in 2019. Additionally, entities such as the International Monetary Fund (IMF) and the World Bank, operating under the UN umbrella, represent the public sector's involvement in these efforts.

In organizations such as the WEF, there are influential financial institutions like Bank of America and investment managers like BlackRock who oversee the allocation of funds, making sure that individuals and institutions adhering to ESG principles receive the necessary financing to support the achievement of the SDGs. Additionally, technology companies like Microsoft play a crucial role in developing critical technologies for this purpose.

The World Economic Forum aims to shape the public sector through initiatives like the Young Global Leaders, which identifies and develops future leaders of nations, and Global Shapers, which focuses on cultivating local leaders, including mayors. Additionally, institutions like the International Monetary Fund and the World Bank offer loan programs to developing countries with favorable terms, provided they align with the Sustainable Development Goals and US interests.

Organizations such as the Financial Action Task Force (FATF) have also had a significant impact in this area. Likewise, the International Monetary Fund (IMF) aims to influence the private sector by implementing regulations that lead to centralized systems in developed nations and corrupt leadership in developing nations. This enables developed countries to maintain control over their own populations and also manipulate developing countries. Consequently, very few developing nations have been able to transition into developed nations in the past fifty years.

The current state of affairs has left much to be desired for most of the United Nations member states. Over the past few decades, numerous leaders have taken to the podium at the UN's General Assembly to express their opinions. One of the most notable figures to do so was former Libyan Prime Minister Muammar Gaddafi, who delivered a lengthy and impassioned speech that lasted over 90 minutes in 2008 and even included a dramatic moment where he tore a page from a copy of the UN Charter.


Screenshot: Muammar Gaddafi's speech at the United Nations General Assembly

Since 2011, Libya and North Africa have been in turmoil following the assassination of Gaddafi, allegedly orchestrated by US interests. Hillary Clinton's infamous quote, "We came, we saw, he died," references this event. Considering Gaddafi's demise, it is unsurprising that UN countries have been cautious about challenging the United States. However, this has not prevented other leaders from expressing their views, although they have become more careful in doing so. 

Xi Jinping and Vladimir Putin are particularly notable examples. In recent years, they have refrained from personally attending the UN's annual assemblies, choosing instead to send their top diplomats. The last time they physically addressed the UN's General Assembly was as far back as 2015. Strangely, their speeches appear absent from the UN's YouTube channel, as if they have been deleted.


Image source: United Nations

Covert Operations of the United Nations

NGOs and education systems often work closely with the UN, assisting in various initiatives. These organizations, while seemingly well-intentioned, have a significant presence in society, including our education systems, where they aim to convey their message. It's as if they are gradually influencing how we learn, one classroom at a time. They cover topics like identity politics and climate change, potentially shaping the minds of young learners.

If you look closer at the materials they produce, you might find that they emphasize what to think rather than how to think critically. This raises questions about independent thought when a collective "woke" mindset is seemingly imposed.

The UN has become a master of manipulation, employing a wide array of tactics to advance its agenda discreetly. Behind their polished image, they offer promises of global harmony while quietly working to shape the world to their liking. But how exactly do they pull off this elaborate act? Well, they've honed the craft of charm, coercion, and cleverly concealed power plays. These manipulation tactics are carefully designed to ensure their agenda remains unchallenged.

One of their most favored tactics involves using funding as a strategic weapon. Governments that align with the UN's objectives receive financial aid and international support as a reward. Conversely, those who dare to question the UN's motives may be cut off from vital resources and isolated diplomatically. Their influence extends far and wide, infiltrating and subverting national sovereignty through a web of alliances, treaties, and agreements.

Countries are entangled in a complex web of obligations and dependencies, often unable to make decisions without considering the UN's interests. It's like a colossal chessboard, with the UN skillfully moving the pieces while governments scramble to stay in their good graces. They strategically cozy up to key players and cultivate a network of loyal followers, all while maintaining a facade of impartiality and neutrality.
As for the governments under the UN's influence, the list is extensive, encompassing both developed and developing nations. From superpowers like the United States to smaller countries striving for independence, no one is immune to the UN's puppeteering. How does this connect to the UN's broader agenda? Well, fasten your seatbelt because it's quite a journey. Their ultimate goal is nothing less than global domination, albeit subtly and inconspicuously.

Population control stands out as one of their key strategies. Under the guise of family planning and reproductive health, they promote policies that restrict individual freedom and interfere with personal choices. This is a clever means to manipulate demographics and ensure their vision of a controlled world becomes a reality. But their agenda doesn't stop there. 

Economic manipulation is another tool in their arsenal. By concentrating power and widening the wealth gap, they create a world where a select few hold all the cards, perpetuating the cycle of the rich getting richer and the poor getting poorer.

Climate change has also become a convenient crisis for the UN's objectives. They exploit the fear and concern surrounding environmental issues to push for global regulations and policies. While protecting the planet is undeniably important, it's hard to ignore that the UN leverages it as a tool to advance its agenda of centralized control. And let's not forget about global governance. By eroding national sovereignty and promoting the idea of a new world order, they aim to establish a system where the UN reigns supreme.

But what about freedom of speech and independent media? Well, they might as well be a thing of the past. The UN's influence on media and its inclination for censorship and control directly threaten the fundamental principles of democracy. They dictate what information is disseminated, effectively molding public opinion to align with their agenda. It's as if George Orwell's "1984" has never felt more relevant.

Now, who are the puppeteers behind this grand operation? At the forefront is the Secretary-General, the face of authority but perhaps just another puppet dancing to the UN's tune. Then there's the General Assembly, which should serve as a voice for all but often acts as a rubber stamp for the UN's decisions. And let's not overlook the Security Council, supposedly a protector of nations but frequently serving the UN's interests instead. Behind closed doors, the real power lies within the Secretariat, an intricate web of bureaucrats and administrators who make the strings dance to the UN's tune.

Furthermore, the UN employs the tactics of infiltration and indoctrination as part of its core strategies. They infiltrate non-governmental organizations (NGOs) and educational systems, subtly spreading their ideology and molding minds to align with their vision. It's like a slow and steady form of brainwashing, with the UN orchestrating the process. Then there's Agenda 2030 and beyond. It may sound harmless, a plan for global development and sustainability, but upon closer examination, it reveals itself as a blueprint for control and manipulation.

Manufacturing crises are another tactic in the UN's extensive toolbox. From conflicts to humanitarian disasters, they exploit these situations to push their agenda and gain more control. It's akin to a dark and twisted chess game where innocent lives are treated as mere pawns. And we must not underestimate the UN's ability to employ treaties and conventions as instruments of global influence. They effectively legalize control, disguising it as international law. By manipulating these agreements, they can override national sovereignty and dictate the terms of international relations.

Conclusion

The United Nations is often portrayed as the world's saviors, but behind the scenes, they are the puppet masters, orchestrating the actions of institutions and governments to further their agendas, sometimes controversial objectives.

In this exploration, I've uncovered a world where appearances can be deceiving. It's a world where institutions and governments may find themselves unwittingly influenced by the UN's behind-the-scenes maneuvers. Our journey has taken us through the UN's history, its manipulation strategies, and the influential individuals who play a role in its intricate web of global influence.

The key takeaway here is that knowledge is power. By understanding the UN's tactics and strategies, we can liberate ourselves from potential manipulation and contribute to a world characterized by genuine freedom and sovereignty. It's time to shed light on the puppeteers and reclaim control over our destinies. If you once considered this article a mere conspiracy theory, it might be time to reassess. Reality often surpasses the strangest fiction. So, it's vital to stay vigilant, question the status quo, and remember that the United Nations' actions are constantly under scrutiny.

 

 

About: Prince Ibenne. (Nigeria) Prince is passionate about helping people understand the crypto-verse through his easily digestible articles. He is an enthusiastic supporter of blockchain technology and cryptocurrency. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.

 

 

 

 

 

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UK to implement first set of crypto regulations in 2024 Spain to implement MiCA in 2025

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UK to implement first set of crypto regulations in 2024, Spain to implement MiCA in 2025

The government of the U.K. has completed its review of comments received from the public regarding its proposed regulatory regime for crypto assets and has decided to move forward with implementing the first set of rules to regulate the crypto sector, including a requirement that all market participants be authorized before they can offer services to customers.

HM Treasury released the government’s responses to the comments received from the public on Monday, saying, “The government’s ambition to make the UK a global hub for cryptoasset technologies remains steadfast.”

“To realize this ambition, we must make the UK a place where cryptoasset firms have the clarity needed to invest and innovate, and where customers have the protections necessary for confidently using these technologies,” said Andrew Griffith, economic secretary to the Treasury.

“The learnings gathered from our engagement have been invaluable for further informing our approach,” he added. “While most aspects of our proposals were well received by the large majority of respondents, we have modified certain features of our future framework to take onboard the evidence presented.”

The Treasury said it would move ahead as proposed in a February public consultation, requiring firms undertaking cryptoasset activities to be authorized by the Financial Conduct Authority (FCA), although it gave no start date.

“By and large, the government intends to implement the territorial scope of the future regulatory regime as proposed in the Consultation,” they said. “This means a person (whether legal or natural) will generally be required to be authorized by the FCA under Part 4A of FSMA if they are undertaking one of the regulated activities or are providing a service in or to the UK.”

The rules that the Treasury intends to enforce focus on crypto assets like Bitcoin (BTC), the underlying blockchain technology that underpins the sector, and providers that are looking to offer crypto asset services to the U.K. public.

Regulated activities include offering a cryptoasset, operating a trading platform, swapping cryptoassets for currencies such as sterling, arranging investments and lending in cryptoassets, and safekeeping or custody.

“The government’s position is that firms dealing directly with UK retail consumers should be required to be authorized irrespective of where they are located,” they said.

The ministry said the new rules will be brought under established market law rather than exist as a standalone regime.

"It’s unlikely that crypto regulation will be easily shoe-horned into the existing regulatory framework," said Jonathan Cavill, a lawyer at Pinsent Masons. "The reality is that as the market develops at pace, the UK runs the risk of being left behind if it fails to attract crypto businesses."

The ministry said it plans to accelerate the implementation of these rules to provide the sector with greater clarity and will present secondary legislation to parliament in 2024. They also released a separate document outlining their approach to regulating stablecoins and will propose legislation in 2024 to give the FCA powers to oversee them.

The decision to move forward with establishing regulations around digital assets comes on the heels of the June passage of the Markets in Crypto Assets (MiCA) legislation in the European Union, which is the world’s first set of comprehensive rules specifically for cryptoasset markets.

  Singapore, Japan, Switzerland, and the U.K. partner on digital asset pilot programs

Spain to implement MiCA ahead of schedule

The Spanish Ministry of Economy and Digital Transformation has announced that it will begin implementing MiCA at the national level in December 2025, six months before the July 2026 general deadline for implementing the crypto framework for all 27 member states of the E.U.

The Ministry made the announcement via a press release on Thursday, and the first vice president of Spain, Nadia Calviño, has since met with the president of the European Securities and Market Authority, Verena Ross, to discuss the government’s intention to advance the implementation of MiCA.

While MiCA was approved in June, E.U. countries have been given a 36-month transition period from the time the bill was published in the Official Journal of the European Union. Spain previously stated they wanted to shorten that transition period to 18 months.

"The government will shorten the transitional period of application … with the aim of creating a predictable and stable regulatory and supervisory framework," the release from the Ministry said. “[This] will provide legal certainty and greater protection for Spanish investors in this type of assets.”

But they are not waiting until 2025 to start their preparations, as multiple large international crypto exchanges in Spain have been granted local licenses. In June, Crypto.com announced that they had been granted a Virtual Asset Service Provider (VASP) registration from the Banco de España that allows the exchange to operate in the country.

In September, Coinbase secured an anti-money laundering compliance registration from Spain’s central bank, and Kraken attained a VASP registration similar to Crypto.com.

Earlier this month, Banco de España issued a note to Spanish citizens preparing them for the potential introduction of a digital euro and explaining the basics of how the European Union’s central bank digital currency (CBDC) would operate.

“These preparations are multiple and complex in nature, not only for the Eurosystem but also for legislators,” they said. “The objective is clear: to be able to complement the range of payment solutions available to citizens, including cash. The digital euro would be an additional option that would ensure access to public money with all its guarantees, also in an increasingly digital environment.”

“The infrastructure that allows us to make electronic payments (machines, connections, protocols …) is a key part of our financial system and the Eurosystem ensures its soundness and availability,” the central bank said. “The digital euro would be based on a public and European infrastructure that would strengthen the European financial system and make it more independent of foreign alternatives.”

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Jordan Finneseth

For Kitco News

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Tim Moseley

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China’s gold output consumption rise in 2023 gold ETFs add 953 tonnes in Q3

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China's gold output, consumption rise in 2023, gold ETFs add 9.53 tonnes in Q3

China’s gold production and consumption both increased over the first nine months of 2023, while the country’s gold ETFs also saw significant inflows in the third quarter, according to a report from Xinhua.

“China produced 271.248 tonnes of gold in the first nine months of 2023, up 1.261 tonnes or 0.47 percent compared with the same period last year,” the report said, citing data released by the China Gold Association (CGA). “In the January-September period, gold consumption in China totaled 835.07 tonnes, up 7.32 percent year on year.”

The CGA data also revealed a rise in the consumption of gold jewelry and gold bars and coins in the Chinese market. “Consumption of gold jewelry in the Chinese market rose 5.72 percent year on year to 552.04 tonnes, while that of gold bars and coins surged 15.98 percent from the same period in 2022 to 222.37 tonnes,” they said.

However, not all sectors saw an increase in gold consumption. “During the period, consumption of gold for industrial and other use fell 5.53 percent from a year earlier to 60.66 tonnes,” the report said.

The third quarter also witnessed significant inflows to the holdings of Chinese gold-backed exchange-traded funds. “In the third quarter alone, holdings of gold-backed exchange-traded funds (ETFs) in China added 9.53 tonnes,” the CGA said.

This addition brought the total holdings of gold ETFs in the Chinese market to about 59.69 tonnes by the end of September.

According to a recent report from Vladimir Zernov, Market Analyst at FX Empire, China is selling off massive quantities of its U.S. assets, and has little choice but to reallocate the funds to gold.

Zernov said he believes gold is one of the few viable alternatives to U.S. Treasuries. “In this scenario, China could increase its gold purchases in the upcoming months,” he wrote.

According to recent data from the U.S. Treasury, Chinese investors sold $21.2 billion worth of U.S. assets in the month of August. “While Fed policy outlook was the biggest driver behind the sell-off in Treasuries, it looks that China’s activity contributed to the move that pushed the yield of 30-year Treasuries towards 5.00%,” he wrote.

Zernov said he believes that, contrary to the prevailing market view, high Treasury yields may actually serve as an additional bullish catalyst for gold. “Traders are searching for safe-haven assets due to geopolitical tensions,” he wrote. “Treasuries are considered to be among the safest assets in the world, but their price is falling for months, and some investors may choose to buy gold.”

Chinese investors may be among the first ones to redeploy their funds to gold markets, he said.

Recent gold purchase data supports the theory that China is moving heavily into gold as they move to liquidate U.S. debt, with the People’s Bank of China (PBoC) buying gold at a torrid pace.

According to updated foreign reserve data, China’s central bank bought 29 tonnes of gold in August, lifting year-to-date purchases to 155 tonnes. It was also the central bank's biggest purchase since December.

And it’s not just the Chinese state that’s shown a voracious appetite for the yellow metal. Recent months have seen China’s domestic gold prices spike well above international spot prices as the country’s wealthy and middle class have clamored to secure the value of their own savings.

The population’s desire for gold was so great that the PBoC intervened in the market by banning banks from importing gold, which pushed the spread between the spot price of gold in Shanghai and in London to a record $121 per ounce in mid-September.

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Ernest Hoffman

For Kitco News

Time to Buy Gold and Silver

Tim Moseley

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This is why the fiat system ‘ruins everything’ and ‘must be destroyed’ – Jimmy Song

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This is why the fiat system 'ruins everything' and 'must be destroyed' – Jimmy Song

The fiat system is responsible for not only bad financial practices and mountains of debt but also distorted incentives on personal and professional levels, according to Jimmy Song, Bitcoin Developer, Author, Educator and Entrepreneur.

In his new book, 'Fiat Ruins Everything: How Our Financial System Is Rigged and How Bitcoin Fixes It,' Song dives into the fiat system and its pitfalls.

Song makes the case that the debasement of our money is the root of many of our problems and that the system of central banking has, in a way, “enslaved” us.

Song writes, “Like a zombie master, central banks have turned every organization into its slave, and much of civilization now lives a zombie-like existence. This is the debasement you’ve been feeling your whole life, the reason why everything seems to be slowly deteriorating.”

Song maintains that fiat has ruined everything from the economy to policies to relationships to family to art.

"Fiat money and the system of central banking is allowed to put new money into existence," Song told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, on the sidelines of the Pacific Bitcoin Festival. "And the existence of somebody that can do that changes the incentives all over the place. In our personal lives, we don't have savings vehicles anymore, so that changes our behavior."

Song broke down his argument, starting with governments being in charge of printing money to prolong their stay in power.

"Governments can print money to buy votes to essentially prolong their power. That leads to a lot of distorted incentives. And at the global level, the U.S. has the ability to print the world's reserve currency. And that means it is dominant in foreign affairs," he said.

Song makes a compelling argument on how the fiat system impacts and distorts our daily lives. Watch the video above for details.

Money debasement

Inflation and currency debasement create a population that is focused on consumerism versus sound money spending, Song pointed out.

"The debasement of money causes you to want to spend it rather than save it because saving it is a lot of work. In order to keep the value that you have, you have to put a lot of time and energy into investments, savings vehicles, and maintaining those investments," he explained. "That's a lot of time, effort, and energy taken away from pursuing something more fruitful, like providing value to other people through the market process of providing goods and services."

This is how society ends up preferring short-term consumption versus long-term goals. The consequences of this could be dire, especially when it comes to civilizational progress. Watch the video above to get the full take.

Prior to the modern-day fiat currency, there was a gold standard, which served people better. However, one of its downfalls was centralization, Song added. For more details on what worked and what didn't under the gold standard, watch the video above.

Song argues for the sound money standard, noting that if Bitcoin is adopted on a large scale, it could fix the global issues the fiat system created.

"What fiat money lets you do is suspend reality. You can certainly see that with some of the zombie companies that exist today. The more money you inject, the longer they can live, even though they really should be dead," Song said. "Fiat must be destroyed to preserve civilization."

Coverage of the Pacific Bitcoin Festival is brought to you by Swan Bitcoin – Swan.com

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BeyondInfinityclub: Receive a Brand New Car by Contributing to Our Marketing Campaign

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BeyondInfinity.club: Receive a Brand New Car by Contributing to Our Marketing Campaign

 

Beyond Infinity One Year Anniversary Webinar Special – October 27, 2023 from Beyond Infinity on Vimeo.

Beyond Infinity Gold (BIG) is offering a unique opportunity for individuals to receive a brand new car when they contribute to their marketing campaign. The campaign requires a 1% contribution, with specified amounts ranging from $250 to $1,500. In return, participants have the chance to receive a car worth 100 times the value of their contribution.

Understanding the campaign is crucial for those interested in participating. The 1% contribution goes towards the development and promotion of BIG's product, which offers automatic deposits and withdrawals, as well as complete access to one's money at all times. The company is using this innovative marketing strategy to generate leads and ROI while providing an exciting incentive for potential customers.

Participation benefits include the opportunity to receive a brand new car at a fraction of the cost, as well as access to BIG's unique financial product. The campaign also highlights the role of technology and innovation in the automotive industry, as BIG uses cutting-edge marketing strategies to reach their target audience. By understanding the campaign and its benefits, individuals can make an informed decision about whether to participate and potentially receive a brand new car.

Key Takeaways

  • BIG's marketing campaign offers a unique opportunity for individuals to receive a brand new car when they contribute 1% of specified amounts to the campaign.
  • The campaign highlights the role of technology and innovation in the automotive industry, using cutting-edge marketing strategies to reach the target audience.
  • Understanding the campaign and its benefits is crucial for individuals interested in participating, as it offers the chance to receive a car at a fraction of the cost while providing access to BIG's unique financial product.

Understanding the Campaign

Beyond Infinity Club is offering a unique marketing campaign that allows members to receive a brand new car within one year of making a 1% contribution to the campaign. The campaign is designed to reward members for their support and help Beyond Infinity Club reach a wider audience.

The marketing campaign is a part of the Beyond Infinity Gold program, which offers members the opportunity to earn profit share earnings and other rewards. The program is based on a unique marketing strategy that leverages the power of social media and other online platforms to reach potential customers.

When members make a 1% contribution to the marketing campaign, they are eligible to receive a brand new car that is completely paid for and titled in their name. The value of the car is 100 times the amount of the member's contribution, which means that a contribution of $1000 would result in a car worth $100,000.

The campaign is open to all members of Beyond Infinity Club, and there is no limit to the number of contributions a member can make. Members can also earn additional rewards by referring others to the program and helping to spread the word about the campaign.

Overall, the Beyond Infinity Club marketing campaign is a unique opportunity for members to receive a brand new car while supporting a company that is committed to helping its members succeed. With its innovative marketing strategy and commitment to excellence, Beyond Infinity Club is poised to become a leader in the online marketing industry.

Participation Benefits

Beyond Infinity's marketing campaign offers a unique opportunity for members to receive a brand new car when they make a 1% marketing campaign contribution. The contribution amounts range from $250 to $1,500, and the value of the car received will be 100 times the amount of the contribution.

By participating in the campaign, members can benefit from owning a luxury vehicle that offers both impressive design and performance. The cars available through the campaign are carefully selected to ensure that they meet the highest standards of quality and luxury.

In addition to the tangible benefits of receiving a new car, participating in the campaign can also increase brand awareness and credibility. Members who contribute to the campaign are showing their support for Beyond Infinity's marketing efforts, which helps to build trust and credibility with potential customers.

Overall, the benefits of participating in Beyond Infinity's marketing campaign are clear. Members have the opportunity to receive a luxury vehicle while also supporting the company's marketing efforts and increasing their own brand awareness and credibility.

The Role of Technology and Innovation

In today's digital age, technology and innovation play a crucial role in marketing campaigns. The use of video, digital marketing, and online advertising has become increasingly popular in recent years. Companies are leveraging these tools to reach their target audience more effectively and efficiently.

One of the key benefits of technology and innovation in marketing is the ability to personalize content. With the help of data analytics, companies can gather information about their customers' preferences and behaviors. This data can then be used to create personalized content that resonates with the audience. This approach has proven to be more effective than generic content that is not tailored to specific individuals.

In addition to personalization, technology and innovation have also revolutionized the way companies communicate with their customers. Websites, newsletters, and social media platforms have become essential tools for companies to interact with their customers. These platforms allow companies to provide valuable information, updates, and promotions to their customers in real-time.

The use of technology and innovation has also enabled companies to measure the effectiveness of their marketing campaigns more accurately. With the help of analytics tools, companies can track the performance of their campaigns, identify areas for improvement, and make data-driven decisions.

In conclusion, technology and innovation have become critical components of marketing campaigns. Companies that leverage these tools effectively can create personalized content, communicate with their customers more effectively, and measure the effectiveness of their campaigns more accurately. As a result, companies can increase their ROI and achieve their marketing goals more efficiently.

Automotive Industry and Market Trends

The automotive industry is constantly evolving, and it is important for companies to stay up-to-date with industry trends to remain competitive. Marketing campaigns, like the one offered by beyondinfinity.club, are a way for companies to not only generate interest in their brand, but also to stay current with the latest automotive marketing trends.

According to a report by Deloitte, the global automotive industry is expected to experience moderate growth in the coming years. The report suggests that the industry will continue to shift towards electric vehicles (EVs) and autonomous driving technology. In addition, there is expected to be an increase in demand for shared mobility services.

In terms of U.S. sales, the automotive industry is projected to return to pre-pandemic levels with growth forecast around 9%, according to Porch Group Media. The report also predicts growth in the EV and Hybrid sector, which is expected to grow 29% from 2022 to 2023.

Automotive marketing is also evolving, with a greater emphasis on digital marketing and customer engagement. As reported by Affinitiv, the push for further digitalization is redefining sales and service strategies. Dealers are increasingly incorporating digital tools, such as chatbots and virtual reality, to enhance the customer experience and improve sales.

In automotive news, Ford Motor Company's Q3 2023 U.S. Market Performance was analyzed by Cox Automotive. The impact of the UAW strike against the Detroit automakers was the focus of Ford's third-quarter financial results. However, Wall Street analysts were looking ahead, beyond the strike, to assess Ford's future growth prospects.

Overall, it is clear that the automotive industry is undergoing significant changes. Companies that are able to adapt to these changes and stay current with industry trends are more likely to succeed in the long run.

Key Players and Influencers

When it comes to marketing campaigns, key players and influencers can make or break the success of the campaign. In the case of the Beyond Infinity Club's campaign, there are a few entities that stand out as potential key players and influencers.

Infiniti

As the brand offering the grand prize of a brand new Infiniti car, Infiniti is a key player in this campaign. Their involvement in the campaign can lend credibility and prestige to the promotion, which can help attract more contributors.

Social Media

Social media channels such as Facebook, Twitter, and Instagram can be powerful influencers in marketing campaigns. By leveraging these platforms, Beyond Infinity Club can reach a wider audience and generate buzz around their promotion. With the right social media strategy, the campaign can go viral and reach millions of potential contributors.

Celebrities

Celebrities can be influential in marketing campaigns, especially when they have a large social media following. By partnering with a celebrity who aligns with the values and goals of the campaign, Beyond Infinity Club can tap into their fan base and attract more contributors.

Influencers

In addition to celebrities, social media influencers can also be powerful in marketing campaigns. These individuals have a loyal following on social media and can help spread the word about the campaign to their followers. By partnering with influencers who have a passion for cars or the cause behind the campaign, Beyond Infinity Club can generate more interest and contributions.

Ford, Porsche, Toyota

While Infiniti is the brand offering the grand prize, other car brands such as Ford, Porsche, and Toyota can also be influential in the campaign. By partnering with these brands, Beyond Infinity Club can tap into their loyal customer base and generate more interest in the promotion. Additionally, these brands can provide valuable resources and expertise that can help make the campaign a success.

Overall, the success of Beyond Infinity Club's marketing campaign will depend on the involvement of key players and influencers. By leveraging the right entities and developing a strong marketing strategy, the campaign can attract more contributors and generate buzz around the cause.

Target Audience and Demographics

The marketing campaign launched by beyondinfinity.club to give away a brand new car is targeted towards a specific audience. Understanding the demographics of the target audience is crucial to the success of the campaign.

The target audience for this campaign is likely to be individuals who are interested in cars and are in the market for a new vehicle. They may also be interested in contributing to a good cause. Therefore, the campaign is likely to appeal to individuals who are socially conscious and want to make a difference.

Demographic data can also provide valuable insights into the target audience. For example, the age, gender, income level, and location of the target audience can help the campaign organizers tailor their messaging and outreach efforts.

Customer data can also be used to identify the target audience. By analyzing past customer behavior and preferences, the campaign organizers can determine the characteristics of their ideal customer. This information can then be used to create targeted marketing campaigns that resonate with the target audience.

Overall, understanding the target audience and their demographics is critical to the success of any marketing campaign. By tailoring their messaging and outreach efforts to the target audience, the campaign organizers can increase their chances of success.

Search Engine Marketing Strategies

Search Engine Marketing (SEM) is a crucial part of any marketing campaign. It is a highly effective way to drive traffic to your website and increase brand awareness. SEM involves placing ads on search engine results pages (SERPs) to target users who are actively searching for products or services related to your business.

One of the most important aspects of SEM is keyword research. This involves identifying the keywords and phrases that your target audience is searching for and then incorporating them into your ad copy. Google Ads offers a Keyword Planner tool that can help you find relevant keywords and estimate their search volume.

Negative keywords are also an important part of SEM. These are keywords that you don't want your ads to show up for. For example, if you're selling new cars, you might want to exclude keywords like "used cars" or "car rentals" to ensure that your ads are only shown to users who are interested in buying a new car.

Another important tool for SEM is the search query report. This report shows you the actual search terms that users are typing in when they see and click on your ads. By analyzing this data, you can identify new keywords to target and negative keywords to exclude.

Competitor keywords are also an important consideration in SEM. By researching your competitors' ads and website content, you can identify the keywords and phrases that they are targeting and incorporate them into your own ad copy.

Finally, ad copy is a crucial element of SEM. Your ad copy should be clear, concise, and compelling. It should include your target keywords and a strong call-to-action to encourage users to click through to your website.

Overall, a well-executed SEM strategy can be a powerful way to drive traffic to your website and increase brand awareness. By focusing on keyword research, negative keywords, search query reports, competitor keywords, and ad copy, you can create effective ads that target users who are actively searching for products or services related to your business.

Generating Leads and ROI

BeyondInfinity.club has come up with an exciting marketing campaign where contributors have the chance to receive a brand new car. However, to make this campaign a success, generating leads and ROI is crucial.

The first step in generating leads is to identify the target audience. BeyondInfinity.club needs to identify the people who are most likely to contribute to the campaign and purchase their products. Once the target audience is identified, the next step is to create a compelling message that resonates with them. The message should highlight the benefits of contributing to the campaign and how it can positively impact their lives.

To generate leads, BeyondInfinity.club can use various channels such as social media, email marketing, and phone calls. Social media is an excellent platform to reach a large audience quickly. The company can create engaging posts, run ads, and use influencers to promote the campaign. Email marketing is another effective way to generate leads. The company can send personalized emails to potential contributors, highlighting the benefits of the campaign. Phone calls are also an effective way to generate leads. The company can call potential contributors and provide them with more information about the campaign.

Once leads are generated, the next step is to convert them into customers. BeyondInfinity.club needs to have a well-designed sales funnel that guides the leads towards making a purchase. The sales funnel should be optimized to maximize conversions and minimize drop-offs.

ROI is a crucial metric that determines the success of the campaign. To calculate ROI, BeyondInfinity.club needs to subtract the cost of the campaign from the revenue generated. The revenue generated should include not only the contributions but also the sales of their products. By tracking ROI, the company can identify which marketing channels are generating the most revenue and optimize their marketing efforts accordingly.

In conclusion, generating leads and ROI is crucial for the success of BeyondInfinity.club's marketing campaign. By identifying the target audience, creating a compelling message, and using various marketing channels, the company can generate leads and convert them into customers. By tracking ROI, the company can optimize their marketing efforts and maximize revenue.

Accessories and Additional Features

BeyondInfinity.club is not just offering a brand new car, but also a range of accessories and additional features to make the driving experience even more enjoyable. The car comes with a sleek and modern design, with a range of colors to choose from to suit individual preferences.

For those who love sports, the car comes with a sports package that includes performance-enhancing features such as a sport-tuned suspension and high-performance brakes. This package also includes sporty exterior accents and a sport steering wheel to enhance the driving experience.

In addition to the sports package, BeyondInfinity.club offers a range of accessories to customize the car to individual preferences. These include personalized floor mats, custom seat covers, and a variety of exterior accessories such as spoilers, body kits, and wheel upgrades.

For those who value creativity and storytelling, the car also comes with a built-in infotainment system that includes a touch screen display, Bluetooth connectivity, and a premium sound system. This system also includes a range of apps and features to keep drivers connected and entertained on the road.

Overall, BeyondInfinity.club offers a range of accessories and additional features to enhance the driving experience and allow customers to customize their new car to fit their individual preferences. With a focus on design, sports, creativity, and storytelling, BeyondInfinity.club is confident that customers will be satisfied with their new car and the range of features that come with it.

Conclusion

In conclusion, Beyond Infinity offers an innovative compensation plan that rewards its members with a brand new car when they contribute to the marketing campaign. By making a 1% marketing campaign contribution, members can receive a vehicle worth 100 times the amount of their contribution.

This marketing campaign is an excellent opportunity for those looking to invest in a new car while also supporting a good cause. Beyond Infinity's compensation plan is designed to benefit both the members and the organization, ensuring that everyone involved can reap the rewards.

Overall, Beyond Infinity's marketing campaign is a unique and exciting way to invest in a new car while also supporting a worthy cause. With its innovative compensation plan, members can feel confident that their contributions are making a real difference while also receiving a valuable reward for their efforts.

Frequently Asked Questions

How can I contribute to the marketing campaign on beyondinfinity.club?

To contribute to the marketing campaign on beyondinfinity.club, you can visit their website and follow the instructions to make a contribution. The website offers various contribution options, and you can choose the one that suits you the best.

What are the requirements to be eligible for the brand new car?

To be eligible for the brand new car, you need to make a contribution to the marketing campaign on beyondinfinity.club. The contribution amount varies depending on the contribution option you choose. Once you make a contribution, you will automatically be entered into the draw to win the brand new car.

When will the winner of the brand new car be announced?

The winner of the brand new car will be announced on the website of beyondinfinity.club. The exact date of the announcement will be communicated on the website, and the winner will also be notified via email or phone.

Is there a limit to the number of entries for the marketing campaign?

No, there is no limit to the number of entries for the marketing campaign. You can make as many contributions as you want to increase your chances of winning the brand new car.

What brand and model is the brand new car?

The brand and model of the brand new car is not specified on the website. However, it is mentioned that the car is a brand new, top-of-the-line model from a well-known brand.

Who is sponsoring the marketing campaign on beyondinfinity.club?

The sponsor of the marketing campaign on beyondinfinity.club is not mentioned on the website. However, it is mentioned that the campaign is being conducted to promote a new product launch.

Tim Moseley

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Gold continues to shine as rising debt could cause bond yields to become unanchored – Sprott’s McIntyre

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Gold continues to shine as rising debt could cause bond yields to become unanchored – Sprott's McIntyre

There is no question that geopolitical uncertainty caused by chaos in the Middle East was the spark that ignited safe-have demand for gold and drove prices up from their seven-month lows; however, there is another factor at play in the marketplace that is helping to support prices at $2,000 an ounce, according to one portfolio manager.

In an interview with Kitco News, Ryan McIntyre, managing partner at Sprott Inc., said that the potential for a credit risk event is also providing solid safe-haven demand for gold and could help propel prices well above $2,000 an ounce.

McIntyre's bullish outlook on gold comes as the precious metal has held its ground, holding initial support this week above $1,950 an ounce even as bond yields remain in striking distance to 5%, their highest level in 16 years.

McIntyre said that one of the reasons why gold's negative correlation to bond yields is breaking down is because more and more investors are becoming worried about the U.S. government's fiscal outlook and the growing debt, which has surpassed $33 trillion.

However, McIntyre added that this is more than just the size of U.S. government debt.

"The most frightening thing for me is the deficit. I am more focused on the trajectory of where things are going," he said. "The rising deficit means the U.S. is not getting its finances in check."

McIntyre also noted that elevated gold prices reflect the growing risk that the U.S. economy faces a potential debt spiral as higher interest rates reflect higher borrowing costs, which precipitates the need for more capital.

He said that he thinks the U.S. is experiencing a slower version of what happened last October when the U.K. bond market was roiled after then-Prime Minster Elizabeth Truss proposed substantial tax cuts to be paid for with higher deficits. The turmoil in British financial markets cost Trust her job as Prime Minister.

One reason why markets are now focusing on the U.S.' growing debt is because of the sharp rise in interest rates. With the Fed Funds rates between 5.25% and 5.50%, the U.S. government is now spending more money servicing its $33 trillion debt than it spends on national defense.

At the same time, McIntyre also noted that along with the Fed's aggressive rate hikes, it has reduced its balance sheet, significantly reducing M2 money supply, the amount of money held by the public.

  Traders wait to see if gold can break $2,000 after the Fed holds rates steady

"Because the supply of money is decreasing, asset values are inherently decreasing. You now need more assets to support your credit requirements at higher levels. This is the last thing you absolutely want because it can quickly spiral out of control," he said. "I think this is why investors are turning to gold because they see a stable asset. There is only one safe-haven asset out there if you don't just want U.S. government bonds: that is gold."

While the Federal Reserve remains primarily focused on inflation, McIntyre said they need to be aware of the potential risk that bond yields could become unanchored to monetary policy.

While it may be a little early, the scenario that McIntyre is looking for is where the Federal Reserve maintains its hawkish stance but starts buying bonds, to keep yields in line. He added that the same time, increasing M2 money supply would also help ease market tensions.

However, McIntyre added that the Fed is in a difficult position. Because of rising deficits, the Fed can be seen increasing its balance sheet too much.

"Maybe in the short term, it will have the desired effect. But I think it will make people more nervous. And that's the problem when you lose control," he said. "With all this uncertainty, I think gold will continue to do well and remain in an uptrend until the government can get its spending under control, which isn't likely to happen anytime soon."

By

Neils Christensen

For Kitco News

Time to Buy Gold and Silver

Tim Moseley

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Gold bulls on parade SampP setup for a black Monday?

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Gold bulls on parade, S&P setup for a black Monday?

Monday, I wrote that my base case for the S&P is that prices are headed to the 200-week average. The breach of the trendline is turning out to be significant; we can’t tell the future, but we can let the trendline be a guide.

Even now, prior to prices getting to the 200-week moving average (if they even do), I am anticipating the flip to the long side. My feeling is that time will coincide with despondent sentiment. But I don’t think we are there yet, and the last few days of panic can be brutal (as gold bugs may know).

Beyond the bullish stance I have maintained on stacking gold, on Tuesday, I suggested a trade to short Bitcoin and long gold, citing the XAU/BTC ratio as a basis; that trade is playing out. As I write, gold is hitting the 2k spot, up $35+ from Tuesday morning. Below is a 2-hour chart; regular readers should be more than familiar with triangles breaking to the upside…

Bitcoin trades around $33,500 right now, down from $35,000 Tuesday morning. Still, as I also wrote Tuesday, I remain bullish on Bitcoin in the longer term and would be looking to close the short and add to a stack at around 31800, still as the base case.

By

Jonathan Da Silva

Contributing to kitco.com

Time to Buy Gold and Silver

Tim Moseley

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Bitcoin price is up 100 year-to-date Gareth Soloway charts the next level for Bitcoin

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Bitcoin price is up 100% year-to-date, Gareth Soloway charts the next level for Bitcoin

Bitcoin is up more than 100% year-to-date and 30% in the last two weeks, reigniting bullish sentiment. Gareth Soloway, Chief Market Strategist at InTheMoneyStocks.com and President of VerifiedInvesting.com, charts how far this recent rally can go.

Bitcoin hit a 17-month high of above $35,000 this week on optimism that a spot Bitcoin ETF will be approved within the next 4 months. At the time of writing, Bitcoin was trading at $33,981, down 2% on the day.

Bitcoin has been moving higher on spot Bitcoin ETF news, but once that approval officially comes through, that may trigger a sell off or a pause in the price, with some profits being taken off the table, Soloway told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News.

"You'll probably get approval by year-end or early in 2024. If Bitcoin is still up here, you may not go higher," Soloway warned. "It may be already factoring in the approval. It's very possible it could be a sell on the news."

At one point last week, Bitcoin surged 10% on a false report that BlackRock's iShares Bitcoin ETF application was approved by the Securities and Exchange Commission (SEC). There have also been several comments that a spot Bitcoin ETF approval could come as early as the end of this year.

The maximum upside for Bitcoin in this bull run is $47,000, according to Soloway, stating that may be the next resistance level.

"Many of these ETF institutions have probably been accumulating for the last couple of months, knowing that eventually an approval will come. And so, there may not be as many buyers for the spot ETF," he described.

Bitcoin at $15k?

Going into 2024, Soloway is projecting a recession and a potential stock market selloff of 35%. He is also not taking off the table his previous call that Bitcoin could drop to the $15,000 level.

"What happens if the stock market goes down 35%? Fear and panic will take over, even in Bitcoin holders. Remember, there are a lot of people who hold Bitcoin that also have big stock portfolios. And if I'm down huge at some point, do I start to panic and start selling everything? That's the worry that could drive us back to $15,000 or even lower," Soloway described.

To find out what Soloway sees as the floor price for Bitcoin, watch the video above. Soloway also gives his long-term 2026 outlook.

Surging yields & unsustainable debt to trigger bank collapses

Soloway's macro outlook is gloomy, with credit card debt already at all-time highs and interest rates more than doubling to 25% this year.

"The consumer is being tapped, the government and our debt is in a position where it's unsustainable. And then you have this push where yields are going up, which will eventually cause banks to collapse," he warned.

Recession will be inevitable in the first quarter of 2024, Soloway added, with the banking sector looking very risky. A lot of financial institutions are "essentially zombie banks now," carrying "dead paper on their balance sheet," he said.

Gold is an outstanding asset

Soloway is bullish on gold, stating that a new all-time high is coming. "It's always about listening to the smarter money [central banks], and they're the ones that literally see the dollars and cents being printed, and they're the ones printing it. If they're loading the boat on gold, then it probably says we need to do the same," he said.

For Soloway's 2024 gold price prediction, watch the video above. He also revealed three key trading bets for next year. Watch the video above for details.

This interview is brought to you by Swan Bitcoin. Swan IRA – Start Saving Now

By

Anna Golubova

For Kitco News

Time to Buy Gold and Silver

Tim Moseley

The Artist that came out of the Winter