Удорожание золота в 2018 году окажет поддержку российской экономике и вызовет приток инвестиций в регионы Восточной Сибири и Дальнего Востока. Эксперты стараются спрогнозировать цену золота на новый год...
В последние кварталы на рынках сохранялось несколько островков стабильности. Но что с ними будет дальше? Прогноз от основателя и президента группы компаний GL Financial Group Германа Лиллевяли.
An improving balance sheet, efforts to maximize cash flows and cost-improvement initiatives should aid Barrick (ABX) in 2018.
Authored by Stewart Dougherty via InvestmentResearchDynamics.com, IRD’s Note: In the past year, there has been a noticeably substantial increase in the use of the obscurely defined EFPs (Exchange for Physicals) and PNTs (Privately Negotiated Transactions) in the settlement of Comex gold and silver futures contracts. In simple terms, the EFPs and PNTs enable the counterparties a Comex futures contract or LBMA forward to settle the contract in an acceptable form other than the actual physical commodity as required by the contract specifications (e.g. one gold futures contract requires the delivery of a 100 oz. gold bar as qualified by the Comex). As an example, the counterparty that is required to deliver gold under Comex contract terms can deliver a comparable dollar amount of GLD shares if the counterparty standing for delivery agrees to take delivery of the GLD shares. The EFPs and PNTs plunge the Comex operations into even greater opacity – likely intentionally. In all probability, the EFPs and PNTs are used to bridge the gap between the amount of gold (silver) that needs to be delivered and the amount of gold (silver) that is available to be delivered. The settlement of the contract occurs outside of the Comex. These contract settlement devices further enable the ability of the western Central Banks to execute the successful manipulation of the gold (silver) price. * * * In recent months, the issuance of gold Exchange for Physical (EFP) contracts has surged. EFPs convert a physically deliverable Comex gold contract into an LBMA or LME contract supposedly deliverable at a later date ex London and/or Hong Kong. As an incentive for Comex contract holders to accept EFPs, a cash bonus reportedly is paid. EFPs in silver are also being issued in vast quantities, but we will focus on gold for brevity. Most gold market observers believe that EFPs are a Comex gimmick designed to prevent, or at least forestall a formal Comex delivery failure. We believe the full story behind the EFPs is more complicated and disturbing, and that it involves collusion, conspiracy, and fraud. In order to fully understand the corruption within the gold market, we believe that one must first understand the full extent of American political corruption, as the two are directly linked. Inferential Analytics, the forecasting method we have developed and use, is based on linkages, which are crucial to insight. Please bear with us as we take a brief tour of the Washington, D.C. political swamp; it is crucial to understanding the gold swamp. The 2016 U.S. presidential election was never intended to be an election. Instead, it was a Deep State charade designed to pass the presidential baton from Obama to Clinton. Obama’s reign was an unprecedented financial bonanza for his Deep State handlers, and they were poised to go in for the looting kill upon the second White House coming of the epically money motivated Clintons. The mainstream media did everything in their power first to derail Trump’s nomination, and then to destroy his prospects in the general election. Anyone who understands American politics knows that there was no way whatsoever any of the non-Trump Republican nominees, such as Rubio, Cruz and Kasich, could ever have beaten the stop-at-nothing Clinton political machine in the general election. None of the Republican candidates was ever supposed to win; their specific purpose was to lose, while creating the false illusion of a real presidential campaign and election. The Republican establishment was greatly looking forward to the Clinton presidency, as the political streets would have been more thickly paved with gold than ever before in their careers. They could taste the graft, kickbacks, donations, pay for play bribes and other forms of illicit compensation headed their way. When the Republican establishment realized that the initial Trump phenomenon was not a fluke that would soon flame out, Ryan, McConnell and their respective chamber mates did everything in their power to destroy Trump’s campaign, including recruiting Mitt Romney to excoriate Trump personally and professionally. But the smears and attacks did not work, because Trump had tuned into the gathering despair of millions of flyover America voters, and his insight into their pain enabled him to speak to them in a language they hungered for and understood. His words galvanized their anger and their anguish into action. Against all odds and by nothing short of a miracle from God, Trump won. Now, more than a year later, we are beginning to learn the mountainous heights of corruption scaled by the Deep State elite to rig the 2016 election. Among many other sordid details revealed, we have learned that at the highest levels, the Justice Department and FBI have been corrupted, and turned into crude, partisan, Mafia-style enforcers of the Deep State looting agenda. With rarely seen arrogance and false righteousness, traitors within these organizations decided to subvert the will of the American people, and to swing the election to suit their personal tastes, and bank accounts. In November, 2016, the American people came within a few thousand votes of being plunged into the crony communist dictatorship the Deep State elitists have planned for us. If Trump had not won, the people would never have found out what is now being revealed to them on an hourly basis about the depths of the Deep State corruption, because all of it would have been shredded and erased, like something out of Orwell’s 1984. The truth about the election, and the numerous related political scandals, such as the real Russian collusion, the Clintons’ treasonous $145 million Uranium One sting against the citizens of the United States, would have been assassinated and buried deep in the D.C. swamp. The evidence is now incontrovertible that, on an inflation-adjusted basis, the United States has become the most corrupt empire in history. We see this corruption everywhere, not just in presidential politics. We see it in the cooked and crooked government books that totally ignore $21 trillion in accounting fraud, and likely, outright theft; in deliberate government misreporting of inflation, retail sales, employment, and GDP, perpetrated to tell false economic narratives and front-run markets that will react in predictable ways to them; throughout the banking and financial system, where scandals and massive fines are now so routine that no one even notices or pays attention to them anymore; in central bank interest rate rigging, which ripples into every other market, distorting all of them; and in cronyism that has bred the most pervasive wealth inequality in our history, and that is starting to resemble what was seen in ancient monarchies and feudal societies; to mention just a few examples of our corruptive disintegration. This endemic and systemic corruption is suffocating the American economy, not to mention the American dream, or what is left of it. It is precisely this advanced, systemic corruption that enables the gold price manipulation fraud to continue unabated. If the High Priests of corruption could overtake the United States Justice Department and FBI, which they did, they can also easily control the gold market, which they do. And they do so because the corruption of the gold market is the necessary prerequisite to and enabler of every other form of official American corruption, as we shall later explain. Which brings us back to the gold EFPs. The important question is: Are the EFPs solely designed to prevent Comex delivery failure? We don’t think so. We think the EFP story is bigger than that. As we have outlined in recent articles, it is critically important to the Deep State financial elite that the price of gold not “go Bitcoin.” If it does, it would create a buying stampede that would feed on itself, sucking funds out of individual bank deposit accounts. Banks make money by controlling depositors’ money, and precisely nothing from a box of Gold Eagles buried in someone’s back yard. More important to the banks is that individual deposits will be required for future bank bail-ins and capital controls, and cannot be allowed to leave the banks, soon to be monetary prisons, in which they currently reside. As has often been said by those who have experienced them in the past, “there is no fever like gold fever.” This fact is well known to the financial elite, and they are doing everything in their power to prevent gold fever from breaking out. The way to keep a gold buying stampede from happening is to sharply depress gold’s price, making gold look like a terrible place to put money. Human beings are momentum chasers by nature, which is broadly evident in the current Bitcoin and stock market phenomena. In 2011, gold was in the process of going vertical, just as Bitcoin subsequently has gone, and this represented an emergency for the ruling financial elite. Since then, they have pounded down the price from $1,900 to $1,250 today, during a dreary, relentless campaign now well into its seventh year. In the process, the ruling financial elite has made an unprecedented $1 trillion profit from the manipulation of the gold market, but the full story is more nuanced and complex than the elite’s looting and corruption. The control of the gold price is a technical and complex process. Some people wonder why, if the manipulators could crush the price from $1,900 to $1,250, they haven’t they kept pushing it down in order to profit even more? Why haven’t they taken it down to, say, $1,000 or $750? The answer is that the supply does not exist to handle the increased demand that lower prices would create, particularly from sovereign buyers such as Russia and China. These buyers have certain amounts to invest on a regular basis. In September, 2017, for example, Russia purchased 1.1 million troy ounces, or 34.2 metric tons of gold. The average price of gold that month was $1315.39. This means that Russia spent approximately $1.447 billion on gold that month. If gold had been pushed down to, say, $1,000 per ounce, Russia would have been able to purchase 1.447 million ounces of gold for the same amount of money, or 347,000 ounces (31.6%) more gold. China, a huge gold accumulator that is far less transparent about the scale and timing of its sovereign purchases, and whose citizens are buying gold on a massive scale, would also have been able to buy 31.6% more ounces with whatever amount it invested in gold in September, 2017. And so would every other gold buyer that month, including sovereign, industrial and retail purchasers worldwide. But with supply and demand already in a tenuous balance, where would the extra gold have come from? The gold price manipulators are therefore required to cap the price not just on the upside, but also on the downside. If the paper price were to go lower than the supply / demand equilibrium price, this would trigger delivery failures that would spread like wildfire as everyone raced to buy disappearing, increasingly non-available gold. Buying stampedes are created by the non-availability of merchandise desired by consumers, because it is human nature that when people are told they cannot have something, their desire for that thing goes exponential. When the gold price moves too low, the manipulators must go long (buy) paper gold in order to support and stabilize the price. The manipulators are therefore in the predicament of needing to vacillate between going long and going short, as circumstances demand, to keep the price in the allowable range. They must maintain dual long and short positions all, or at least most of the time. And all of the contracts they buy must ultimately settle, one way or another. The manipulation of the gold price is strategically engineered at the highest levels of the deep state financial elite, and is managed for the elite by the Bank for International Settlements (BIS). Instructions from the BIS are then communicated to the western central banks (WCBs), who in turn inform the bullion banks of the specific price ranges they must keep gold within. These price targets change according to financial and economic conditions, and Deep State market manipulation profit (theft) objectives. The Commitment of Traders (COT) gold report, which is issued by the CFTC based on data provided to them by the Comex, categorizes positions held by “commercials” (the bullion banks), “non-commercials” (generally assumed to be big dollar hedge funds), and “non-reportables” (smaller investors such as gold fabricators, jewelers and coin dealers, who must hedge their positions so as not to be financially hurt by price swings). People assume that these market participant categorizations are honest and accurate, but we do not. The gold market has been corrupt for decades, and this includes in its reporting. We believe there are many bullion banks (commercials) that also manage shadow “non-commercial” (e.g., hedge fund-like) accounts. Therefore, at any given time, the bullion banks can be both long and short the gold market, via both known commercial accounts, and also unknown, shadow, non-commercial accounts. If the COT report were honest, there would be a fourth category of market participants: Official Price Manipulators (OPMs), and all official price manipulation activities, long and short, would be reported. We will call such positions OPM Contracts. Of course, official price manipulation cannot be admitted or detailed, because it would expose the gold price for the rigged fraud that it is. Therefore, OPM Contracts currently hide within the shadows of the commercial and non-commercial investor categories. The role of the bullion banks is to control the price of gold per the instructions of the BIS and WCBs. The bullion banks make enormous profits as a side benefit of being officially authorized gold price controllers, as they have been granted a Bondian License to Steal. But their primary duty is to ensure that the price remains within the ranges set by deep state financial elite and central bank agents. With respect to price manipulation, per se, it is not the intent of the bullion banks to take delivery of gold when their long contracts expire, or to deliver gold when their shorts expire. For them, gold price manipulation is a cash settlement operation. There are numerous times when the price manipulators must act in a non-profit manner to keep the gold price in line. This occurs when the price comes close to breaching either the minimum or maximum price set by the BIS. It is at these times that the bullion banks must act in behalf of the BIS, not themselves. In other words, when the price is intra-range, the bullion banks can manipulate it for their own profit; but when the price threatens to break out of the range, then their job is to control it, no matter what the cost. In performing their BIS and WCB gold price control duties, the bullion banks receive a guarantee that any losses they might incur will be fully subsidized. Because their actions come with great exogenous risk. News of such things as war, a major terrorist attack, a bank failure and even election outcomes can result in immediate, substantial moves in the price of gold. For instance, on election night, 2016 and the following day, the price soared and then plunged, as the controllers worked overtime to keep it within the set boundaries, producing massive paper gains and losses during the process. The deal between the BIS and WCBs, and their price manipulation agents, the bullion banks, is that Job One is to keep the price of gold within the set range at any given time. Imagine a situation where the gold price is going too low, and the manipulators must step in to support it by going long. Imagine, too, that there are no market participants willing to go short at that necessary market intervention moment. Therefore, there is an order imbalance. To fix this problem, the bullion bank manipulators simultaneously go both long and short, to set the price where it needs to be. Keep in mind, these are price manipulation, not money trades. There is no intention on the part of the manipulators to settle them either via cash or physical delivery; these trades are solely made to maintain a particular and phony gold price. Therefore, as these contracts expire, the manipulators need to vaporize them, and make them disappear. This is what the EFPs do. EFPs are where the OPM Contracts go to die and be buried. The EFP longs offset the corresponding Comex short OPM Contracts (which are also phantom), keeping the Comex accounts in balance. We acknowledge that in times of delivery stress, the Comex might need to convince legitimate gold longs (in other words, non-Official Price Manipulators) to accept EFPs by offering them a cash bonus for doing so. But this would be in a minority of cases, given that the non-commercial hedge funds are typically momentum trade, cash settlement players, not investors in physical gold. They want cash profits to fund their salaries and bonuses, not gold. Therefore, it is uncommon for them to stand for delivery. The Comex is owned by the CME, a publicly traded corporation subject to regulation, audits and taxation. If the CME were to actually pay cash bonuses to legitimate longs persuaded to accept EFPs, they would need to report them as a business expense. While they would try to bury these expenses deep in the footnotes of their financial reports, in the event of a lawsuit and legal discovery, the payments would be revealed. This is a legal risk the CME cannot take, because bribing customers to accept EFPs would indicate a de facto delivery failure on their part. If an EFP were no different from a Comex contract, why would the CME need to bribe a customer to accept it? Non-admitted and elaborately disguised delivery failure would be tantamount to fraud, and the payment of bribes to cover up such a delivery failure, in other words, to cover up the fraud would be a prosecutable criminal act. Therefore, any EFP payments / bribes must be transferred to the LBMA, the over the counter gold market in London, which is opaque and loosely regulated, if regulated at all. Keep in mind, the vast majority of EFPs simply vanish, as they are the concocted method of making OPM Contracts disappear. As has been pointed out by several gold market experts, it is inconceivable that the LBMA has the ability to deliver the quantity of physical gold represented by the massive number of EFPs created in recent months. But we believe this misses the point. It was never the bullion banks’ intention to demand delivery of the OPM contracts, which are nothing but shadow, price control mechanisms. This is why, despite the fact that the enormous gold futures trading volume in New York and London would by now almost certainly have produced delivery failures, if they were all legitimate and real, there have not been any reported delivery failures. The only explanation for this is that a large number of these contracts are shadow OPM Contracts whose sole purpose is to control the price of gold, and which are then vaporized after they have served their price manipulation purpose. Please keep in mind that the control of the gold price by the deep state financial elite is not some parlor game that they play for their enjoyment; it is an absolutely critical requirement in keeping the fraudulent fiat currency counterfeiting scheme from collapsing. There are literally trillions of dollars at stake, and the entire counterfeiting scam could and almost certainly would implode if gold “went Bitcoin.” If that were to happen, gold would tell the world the sobering monetary, financial and economic wisdom it has gleaned from 5,000 years of study, experience and reflection. The simple fact is that the financial system cannot handle the truth that gold knows, and that it would tell, if it were allowed to. In our view, we are at the point where official corruption is so endemic and extreme that it has become a mistake to rely on official gold reporting of any kind, whether from the CFTC, the CME, the Comex, the LBMA, the World Gold Council, the mainstream media, the government or anyone in between, in conducting market or price analysis, or in forecasting coming gold market developments. When it comes to the one and only money, gold, we believe the most logical and profitable approach is to simply refer to history, and use common sense. The 5,000 year old antidote not only to financial fraud and corruption, but to the profoundly corrosive and dangerous effects of political fraud and corruption, has been gold. We believe this antidote is now more important than it has ever been in human history. The Washington, D.C. swamp is evolving from a living, breathing cesspool of out-of-control corruption, into a Silurian breeding ground for epic, highly-evolved evil. We hope the now ceaseless revelations of corruption can at least halt, if not reverse the further spread of this destructive scourge, but history says this never happens in declining empires. Therefore, we believe that those who honor their basic, common sense instincts to buy physical gold as protection against the consequences of official corruption and evil will be rewarded by Time for doing so. Kindly note: Harvey Organ is the leading expert when it comes to EFPs. He publishes detailed EFP data on a daily basis, and if you do not already follow his work, we believe you will find it illuminating. No one is closer to the daily specifics of the EFP fraud than Harvey. S.D.
New EU Rules For Cross-Border Cash, Gold Bullion Movements - War on cash continues and expands to affect non-criminals including gold owners- New definitions of "cash" to be drawn up by EU to include gold and precious metals- Claim cash and gold bullion "often used for criminal activities such as money laundering, or terrorist financing"- Legislation will allow authorities to seize assets from those 'without a criminal conviction'- New rules usurp those currently in existence since 2005 The ironically named European Parliament’s Civil Liberties and Economic Affairs committees have backed plans by the European Union to introduce tougher checks and controls on cash entering or leaving the region. Currently individuals are required to declare cross-border cash sums of €10,000 or more, under the First Cash Control Regulation (CCR) from 2005. A new decision will repeal the CCR and allow authorities to seize cash below the €10,000 threshold should criminal activity be suspected. According to the European Parliament news website, MEPs have agreed to: - widen the definition of ”cash” to include gold, precious stones and metals, as well as anonymous prepaid electronic cash cards, - enable the authorities to impound cash below the €10,000 threshold temporarily, if criminal activity is suspected, and - make it mandatory to disclose “unaccompanied” cash sent by cargo. The justification for these changes? They say the current legislation is 'riddled' with loopholes. These loopholes apparently make it very easy for money to be laundered across borders, especially as criminals regularly move amounts below the €10,000 limit. "Large sums of cash, be it banknotes or gold bullion are often used for criminal activities such as money laundering, or terrorist financing. With this legislation, we give our authorities the tools they need to improve their fight against those crimes," Mady Delvaux, MEP. This decision to tighten controls is not a surprise. On December 21st last year the European Commission announced plans to increase efforts to "tighten cash controls, ease cross border police probes, and speed up asset freezes and confiscation orders". This is all part of a larger "Security Union" package launched in April 2015. No conviction needed Last December Justice commissioner Vera Jourova told reporters that steps were being taken in order to make life more difficult for criminals and terrorists looking to finance activities. The problem is that whether you're a criminal or not then you are subject to these new changes. This is particularly worrying when one considers that the 'loopholes' being closed currently prevent the authorities from seizing and confiscating if the "criminal is not convicted". Now law enforcement offices in various states can take one look at you, decide they don't like you or suspect you and find cause to seize your assets. Sadly they don't even have to take a physical look at you in order to seize your assets, even 'unaccompanied cash' and precious metals is up for grabs if undisclosed. Careful with those birthday card gifts and wedding rings At the moment it is not clear if 'unaccompanied cash' includes gold and silver bullion coins and bars but it likely is under the new definition. Given the new legislation comes in two parts, first the inclusion of gold etc in the definition of cash and secondly the seizure of unaccompanied assets, then it would be sensible to assume that gold and silver are under scrutiny. The definition also includes 'anonymous prepaid electronic cards'. One has to ask how far this is going to go. I often receive 'gift vouchers' in the form of electronic cards, from relatives to be spent in a store of their choosing. Are these now at risk of confiscation? Furthermore, is the definition just about gold and silver bullion and coins, or also jewellery? Goodness knows how many women cross borders each day with their engagement and wedding rings comfortably sitting above the €10,000 mark. Typical scare-mongering combined with opacity from the EU This is typical scare-mongering combined with opacity from the EU. The organisation regularly uses 'criminal activities' as the justification for imposing additional controls on society in the drive towards the cashless society. We have seen this in the EU where many countries have capped the amount that can be legally paid in cash, in order to keep a track of money laundering. Following the Charlie Hebdo attacks France’s Finance Minister Michel Sapin declared war on cash, placing the terrorists’ ability to buy dangerous goods with cash as one of the main reasons for the murders. There is now a €1,000 cap on cash payments, down from €3,000 previously. Also in the EU, the removal of the €500 note was done under the guise of crime prevention. Whilst the EU like to act as though they are being transparent in their reasoning for imposing such controls the opacity with which they are able to enforce them is terrifying. Given that they are now apparently able to seize and temporarily freeze assets without evidence of criminal activity or conviction, we are now all at risk. The truly frustrating part of all this is that cash is not used for fraud at anywhere near the level we see at the electronic level. Governments love to use cash-based money-laundering as a reason to go cashless but cash-based only laundering is not that big of a deal. In the UK it is common knowledge that it is not as big a problem as cyber money laundering. The Treasury and Home Office believe that they ‘know about most cash-based money laundering’ but the big problem lies in ‘high-end’ money laundering, such as from bank accounts: “The size and complexity of the UK financial sector means it is more exposed to criminality than financial sectors in many other countries, including abuse enabled by professional enablers in the legal and accountancy sector.” It is here that the intelligence agencies see ‘significant gaps’ in their knowledge. Making you feel like a criminal The cashless society is very real and pretty terrifying prospect which we explored in some depth last year. One of our key points was how anti-cash legislation ended up affecting the mindset of innocent individuals who were looking to move legitimately held funds: In Sweden, the bastion of the cashless society, banks have done such a great job in making cash appear so suspicious that: “In general, the rule of thumb in Scandinavia is: ‘If you have to pay in cash, something is wrong,’” writes Mikael Krogerus for Credit Suisse. Arvidsson explains that “At the offices which do handle banknotes and coins, the customer must explain where the cash comes from, according to the regulations aimed at money laundering and terrorist financing,” The hassle, for the depositor, is enough to make them go cashless. Surely the risks of holding cash are for you, the individual, to manage. And the risks of criminal activity, if facilitated by cash or even diamonds, is for the police to manage. Why are the two conflated? Conclusion: Where do we go from here? The only example I have seen the EU offer up in terms of justifying the control of gold and silver is the following: National authorities have also seen that certain precious high-value commodities such as gold are now being used to escape the obligation to declare, since gold is not considered 'cash' under existing rules. For example, French customs authorities found non-declared cash and gold worth €9.2 million in postal parcels and freight packages during an investigation at Roissy Airport in 2015. I have seen this cited twice since last year, with no other accompanying examples. A (admittedly quick) Google search found no reports of this. It's also interesting how the EU's example fails to offer a breakdown of how much of the €9.2 million was cash and how much was gold. The sad truth is likely that the EU is seeing increasing numbers of people pulling their assets out of bank accounts and placing them into physical assets. They are doing this because of the increasing threat of both negative interest rates and deposit bail-ins. Both are very real and depressingly legal risks. As we concluded in our study of the cashless society: A ban on cash does not remove the issues that the proponents claim it will, instead it exacerbates the issues that already exist and bring them to the forefront of every prudent saver and investors’ mind: liberty, security of assets, protection of wealth against negative interest rates, bail-ins and currency devaluations. The current drive towards a cashless society shows the importance of being diversified and not having all your savings and assets within the vulnerable financial and banking system. It underlines the importance of diversification and having direct ownership of some of your wealth – outside the electronic savings and payments systems. Related reading Cashless Society – Risks Posed By The War On Cash Gold Will Be Safe Haven Again In Looming EU Crisis Gold Is The “Ultimate Insurance Policy” As “Grave Concerns About Euro” – Greenspan News and Commentary Asian Stocks Hold Gains, Yen and Dollar Steady (Bloomberg.com) Bitcoin’s anonymous creator just cracked the top 50 richest list (MarketWatch.com) Gold May Not Be Bitcoin, But Miners Can Still Make You Money (Bloomberg.com) Home-builder confidence roars to an 18-year high (MarketWatch.com) Bitcoin hits bigger stage as exchange giant CME launches futures (Reuters.com) Source: World Gold Council U.K. Businesses Are Increasingly Pessimistic on the Nation’s Outlook (Bloomberg.com) Stewart Dougherty: 'Exchange for physicals' erases government trades that rig gold price (InvestmentResearchDynamics.com) Why a Skyrocketing Gold Price is Not Always Ideal (Kitco.com) The 10 "Grey Swans" Events For 2018 (ZeroHedge.com) Desperate UK homeowners are cutting prices, says Zoopla (TheGuardian.com ) Gold Prices (LBMA AM) 19 Dec: USD 1,263.10, GBP 944.93 & EUR 1,070.10 per ounce18 Dec: USD 1,258.65, GBP 943.11 & EUR 1,067.71 per ounce15 Dec: USD 1,257.25, GBP 937.41 & EUR 1,065.52 per ounce14 Dec: USD 1,255.60, GBP 935.67 & EUR 1,062.49 per ounce13 Dec: USD 1,241.60, GBP 929.96 & EUR 1,056.97 per ounce12 Dec: USD 1,243.40, GBP 933.92 & EUR 1,056.27 per ounce11 Dec: USD 1,251.40, GBP 935.80 & EUR 1,061.19 per ounce Silver Prices (LBMA) 19 Dec: USD 16.16, GBP 12.08 & EUR 13.68 per ounce18 Dec: USD 16.09, GBP 12.04 & EUR 13.64 per ounce15 Dec: USD 15.99, GBP 11.93 & EUR 13.55 per ounce14 Dec: USD 16.01, GBP 11.92 & EUR 13.54 per ounce13 Dec: USD 15.71, GBP 11.76 & EUR 13.38 per ounce12 Dec: USD 15.78, GBP 11.82 & EUR 13.40 per ounce11 Dec: USD 15.84, GBP 11.84 & EUR 13.43 per ounce Recent Market Updates - ‘Gold Strengthens Public Confidence In The Central Bank’ – Bundesbank- WGC: 2018 Set To Be A Positive Year For Price of Gold and Investors- Year-end Rate Hike Once Again Proves To Be Launchpad For Gold Price- UK Stagflation Risk As Inflation Hits 3.1% and House Prices Fall- Buy Gold, Silver Time After Speculators Reduce Longs and Banks Reduce Shorts- Bitcoin – Plan Your Exit Strategy Now – Maybe With Gold- Gold Demand Increases Along with Uncertainty Thanks to Trump, Brexit and North Korea- UK Pensions Risk – Time to Rebalance and Allocate to Cash and Gold- Bailins Coming In EU – 114 Italian Banks Have NP Loans Exceeding Tangible Assets- Silver’s Positive Fundamentals Due To Strong Demand In Key Growth Industries- An Interview with GoldCore Founder, Mark O’Byrne- Risk Of Online Accounts Seen As One of Largest Brokerages In World Halts Online Trading After “Glitch”- Low Cost Gold In The Age Of QE, AI, Trump and War Important Guides For your perusal, below are our most popular guides in 2017: Essential Guide To Storing Gold In Switzerland Essential Guide To Storing Gold In Singapore Essential Guide to Tax Free Gold Sovereigns (UK) Please share our research with family, friends and colleagues who you think would benefit from being informed by it.
The Zacks Analyst Blog Highlights: Sandstorm Gold, Newmont Mining, Royal Gold and Gold Fields
‘Gold Strengthens Public Confidence In The Central Bank’ – Bundesbank - 'Availability of gold strengthens public confidence in the central bank’s balance sheet' say Bundesbank- Bundesbank has Audited Reserves amounting to almost 3,400 tonnes, around 68% of Bundesbank’s reserve assets- Bank taken series of steps to increase transparency around Germany’s gold holdings- Germany has second largest gold holdings in the world; U.S. believed to be largest- Transparency important and all central banks should follow the Bundesbank lead Editor: Mark O'Byrne Germany's central bank serves as an example to central banks when it comes to respecting gold reserves and the public's knowledge of them. The Bundesbank has worked incredibly hard in recent years to be transparent in regard to its gold bullion reserves. The latest edition of Gold Investor from the World Gold Council has a very interesting article written by Carl-Ludwig Thiele, Member of the executive board of the Bundesbank which we bring to you below. In it Thiele outlines the reasoning of the Bundesbank to be open and transparent about the 3,373.6 tonnes of gold that represents nearly 70% of the country's reserves. There are two significant lessons to be learnt here - one for central banks and one for individual investors. The first is, central banks should be aware of the benefits of gold and how transparency will boost the public's confidence. The second is investors should understand why the Bundesbank is so interested in protecting its gold bullion. Gold cannot be devalued as the euro, dollar, sterling and all fiat currencies are being and will be. It cannot be confiscated a la deposits in bank bail-ins and it is extremely difficult to confiscate gold coins and bars if owned in allocated and segregated storage in safe vaults in the safest jurisdictions in the world. It is a borderless money that acts as the ultimate reserve and safe haven in a diversified portfolio. From Gold Investor: At the Bundesbank, we are tasked with ensuring price stability and have a variety of monetary policy tools to deliver it. We do, however, have another vital tool at our disposal: our word. As an independent body, free from political influence we have gained public confidence and our word is implicitly trusted. Confidence, once gained, is priceless. Just like a currency, this confidence must be continually reinforced, and the Bundesbank has always fought for just that – through words, argument and, increasingly, transparency, particularly in relation to our gold holdings. Germany’s gold reserves were largely accumulated between the 1950s and the early 1970s, when the country experienced rapid economic growth and developed a substantial current account surplus. Initially, the gold remained in its original locations, stored in central banks around the world. Today, our gold reserves are held in three locations: the Deutsche Bundesbank in Frankfurt am Main, the Federal Reserve Bank in New York and the Bank of England in London. The storage facilities at these sites satisfy a number of essential criteria, including cost efficiency, the ability to liquidate the reserves at short notice and security, which is particularly high at all three locations. Transporting several hundred tonnes of gold is a complex task and the decision to proceed took careful thought. Following the financial and euro crisis, general awareness of gold as an investment has risen considerably. As a result, interest in the Bundesbank’s gold reserves has increased markedly, among policymakers, the Federal Court of Auditors and the public at large. The overwhelming response to the Bank’s open days in 2014 and 2017 underlined this fascination, when individual visitors queued for up to two hours just for the chance to hold a gold bar in their hands. Against this background, the Bundesbank was increasingly questioned about the location, security and availability of Germany’s gold. As a direct result, our Executive Board resolved to become more transparent about the reserves and to relocate them... As a first step, the responsible Executive Board member broke with established practice and, in the autumn of 2012, disclosed the exact volumes of gold held at each storage location. That was when the Board opted to relocate a substantial proportion of this gold to Germany. The public was informed of this decision at a press conference on 16 January 2013. A number of gold bars were on display, several of the Bank’s verification processes were demonstrated and the Bundesbank announced that it would start to relocate 674 tonnes of gold, held in vaults at the Federal Reserve Bank in New York and the Banque de France in Paris. By 2020 at the latest, just over 50% of Germany’s gold reserves were to be stored in Frankfurt. The decision to transfer the gold was prompted by a number of factors: a desire to increase confidence among the German public; changes in geopolitical circumstances – such as the fall of the Iron Curtain – and the fact that the Bundesbank had available storage capacity in Frankfurt. In this context, it is important to note that, up until 1997, the Bundesbank stored only 77 tonnes of gold in Frankfurt. In a second step towards increasing transparency, at the beginning of 2014, the public was informed of the previous year’s transfers and, in February 2017, we announced that the transfer of gold from the Federal Reserve Bank in New York had been successfully completed. Six months later, we revealed that the transfers from the Banque de France in Paris had been completed too. At press conferences held to unveil these developments, journalists were given an up-close look at some of the gold bars that had been brought to Frankfurt from both New York and Paris. In a third step towards increasing transparency, the Bundesbank Executive Board commissioned a film on the transfer and storage of Germany’s gold, released in 2015. As another milestone and a global first, an additional fourth step towards increasing transparency was taken with the publication of a list of all German gold bars, totalling around 270,000 in number. The Bundesbank has now published this roughly 2,400-page list three times since October 2015, even though it involved a series of significant challenges. There is no ‘blueprint’ for inventory lists of gold holdings and, in 2015, virtually no central bank in the world had ever released such a list. “The devil is in the detail” – as they say – and we had to focus painstakingly on the detail to draw up the gold bar inventory list. During this time-consuming process, one thing became clear: rules are very helpful in making transparency a reality. The London Bullion Market Association (LBMA) offers an appropriate set of rules. Elsewhere however, there is little consistency. Even though various online gold forums claim that there is a ‘standard’ for gold bar inventory lists, determined by the LBMA, this only relates to commercial weight lists for gold deliveries to storage facilities in London. Looking back, the transparency campaign has taught us a number of useful lessons. First, the availability of reserve assets like gold strengthens public confidence in the stability of a central bank’s balance sheet. As at 31 December 2016, gold holdings made up around 68% of the Bundesbank’s reserve assets. This has a significant impact on public perception so it is essential that we constantly maintain and develop a relationship of trust with the general public. This was and continues to be the primary goal of our transparency campaign. However, making transparency a reality requires both time and human resources. Over the past five years, our dialogue with both the general public and policymakers on the topic of the Bank’s gold reserves has intensified considerably. Experts, politicians and citizens increasingly appreciate our openness around Germany’s gold reserves but it takes time to answer everyone’s questions, however legitimate they are. In the Money Museum, which reopened at the end of 2016, the Bank also offers visitors the opportunity to handle a gold bar for themselves. This gold bar (400 oz) is no larger than a one-litre carton of milk, but weighs roughly 12.5kg and is worth more than €400,000. There is one question that we cannot answer, even though it has been asked time and again: what routes and means of transport were used for the gold transfers? In this matter, as in cash transport, the security of staff and assets always takes precedence over the need for information and transparency. For this reason, the Bundesbank has consistently refused to answer any such questions, and will continue to do so in the future. Ultimately, it is evident that central banks, with their more ‘sober’ attitude towards gold, can help to rationalise the discussion about gold. But we can do this most effectively by reinforcing our position as trusted authorities towards the general public – and that is best achieved by taking appropriate steps towards increased transparency. 'Transparency – at least as valuable as gold'. Gold Investor, December 2017 Related reading Gold Investment In Germany Surges - Now World's Largest Gold Buyers “Delivery Of Gold” Refused By Gold Exchange Traded Commodity In Germany Uncertain Times Sees Germany Repatriate 200 Tonnes Of Gold Bullion News and Commentary Bitcoin Heads to Bigger Wall Street Stage as CME Debuts Futures (Bloomberg.com) Bitcoin Hits New All-Time High At $19,659.50 (GoldSeek.com) The EU has signed a deal to integrate 23 armies (WeForum.org) Seasonally, January is generally a good month to own precious metals, particularly gold" - GoldCore (MarketWatch.com ) PRECIOUS-Gold prices edge down amid firmer dollar, equities (Reuters.com) China home to most gold production in 2016, slight increase in reserves over past decade (GlobalTimes.cn) Bitcoin explosion highlights gold price suppression (Gata.org) Silk Road Fever Grips The Russian Far East And Boosts Economy (ZeroHedge.com) Once the Fed “is out of the way, we expect people to start talking about the everything-bubble again" - GoldCore (Bloomberg.com) Why 2017 Was a Year to Celebrate (GoldSeek.com) Gold Prices (LBMA AM) 18 Dec: USD 1,258.65, GBP 943.11 & EUR 1,067.71 per ounce15 Dec: USD 1,257.25, GBP 937.41 & EUR 1,065.52 per ounce14 Dec: USD 1,255.60, GBP 935.67 & EUR 1,062.49 per ounce13 Dec: USD 1,241.60, GBP 929.96 & EUR 1,056.97 per ounce12 Dec: USD 1,243.40, GBP 933.92 & EUR 1,056.27 per ounce11 Dec: USD 1,251.40, GBP 935.80 & EUR 1,061.19 per ounce08 Dec: USD 1,245.85, GBP 924.42 & EUR 1,061.09 per ounce Silver Prices (LBMA) 18 Dec: USD 16.09, GBP 12.04 & EUR 13.64 per ounce15 Dec: USD 15.99, GBP 11.93 & EUR 13.55 per ounce14 Dec: USD 16.01, GBP 11.92 & EUR 13.54 per ounce13 Dec: USD 15.71, GBP 11.76 & EUR 13.38 per ounce12 Dec: USD 15.78, GBP 11.82 & EUR 13.40 per ounce11 Dec: USD 15.84, GBP 11.84 & EUR 13.43 per ounce08 Dec: USD 15.83, GBP 11.76 & EUR 13.48 per ounce Recent Market Updates - WGC: 2018 Set To Be A Positive Year For Price of Gold and Investors- Year-end Rate Hike Once Again Proves To Be Launchpad For Gold Price- UK Stagflation Risk As Inflation Hits 3.1% and House Prices Fall- Buy Gold, Silver Time After Speculators Reduce Longs and Banks Reduce Shorts- Bitcoin – Plan Your Exit Strategy Now – Maybe With Gold- Gold Demand Increases Along with Uncertainty Thanks to Trump, Brexit and North Korea- UK Pensions Risk – Time to Rebalance and Allocate to Cash and Gold- Bailins Coming In EU – 114 Italian Banks Have NP Loans Exceeding Tangible Assets- Silver’s Positive Fundamentals Due To Strong Demand In Key Growth Industries- An Interview with GoldCore Founder, Mark O’Byrne- Risk Of Online Accounts Seen As One of Largest Brokerages In World Halts Online Trading After “Glitch”- Low Cost Gold In The Age Of QE, AI, Trump and War- Own Gold Bullion To “Support National Security” – Russian Central Bank- Bitcoin $10,000 – Huge Volatility of Cryptocurrencies and Risky Fiat Making Gold Attractive Important Guides For your perusal, below are our most popular guides in 2017: Essential Guide To Storing Gold In Switzerland Essential Guide To Storing Gold In Singapore Essential Guide to Tax Free Gold Sovereigns (UK) Please share our research with family, friends and colleagues who you think would benefit from being informed by it.
With gold expected to perform well in 2018 buoyed by its two big markets China and India, it would be a prudent idea to invest in gold stocks with compelling growth prospects.
WGC: 2018 Set To Be A Positive Year For Price of Gold and Investors - Gold expected to build on 2017 gains into 2018 despite headwind conditions- Gold has gained more than 9% in the year-to-date- Monetary policy and policymakers will continue to be “significant drivers of gold demand"- Physical and structural market changes will support gold into 2018- Goldcore has been at forefront of reporting on major developments in gold market and price Gold's had a tough year. This isn't in reference to price. After all, it has made double-digit gains in some currencies and US Gold futures are up more than 9%. The precious metal has had some harsh criticism from the mainstream media and unfair comparisons to bubblicious assets, such as bitcoin and US equities. Few have acknowledged gold's impressive performance in the face of rising interest rates, tightening monetary policies and the ongoing equity bull market. The World Gold Council's Chief Market Strategist John Reade is optimistic that gold can carry on with its strong performance, well into 2018. Below, we outline how he expects gold to perform next year. Monetary policy and Fed chairs Monetary policy – and policymakers – will continue to be significant drivers of gold demand, given that the Federal Reserve (the Fed) is anticipated by many to hike rates further next year and start to allow its balance sheet to contract. The new staff roster may also change the way the Fed acts and communicates. Jerome Powell, nominated as the next Fed chair, recently aired his views on Fed communications and any changes that he makes could lead to a period of adjustment by fixed income and other markets. Other staff will change too, most interestingly the suggestion that Mohamed El-Erian – a known supporter of gold as an investment asset – may become vice-chairman. Jerome Powell will certainly be one to watch in the coming months. As we explained yesterday Janet Yellen is considered to have been successful in navigating the US economy. Powell is unlikely to rock the boat too much in the eyes of the FOMC but this does not necessarily mean great things for the global economy. You can read more about the likely new Fed Chair Jerome Powell and our thoughts on what he will (or won't) bring to the table. Not just the Fed feeding the gold price Of course, it is not all about the US central bank. Over the next 12 months, we may see a slowdown in the ECB’s extraordinary monetary policy action, while even the Bank of Japan may dial back its quantitative easing. Finally, China could continue its efforts to rebalance economic growth and possibly de-leverage some sectors of the economy. Not only are central banks ones to watch when it comes to monetary policy but also when it comes to their influence on banking rules. This was something we've covered a lot this year, with the ECB's proposal to end deposit protection as one of the most important stories of the year. It served as a timely reminder as to why keeping assets out of the banking system was more pertinent than ever. This week we've had a rally of central bank announcements. The FOMC increased rates by 0.25% whilst the Bank of England maintained at 0.5%. Both decisions were influenced by inflation rates. For the US, inflation remains 'stubbornly' low, whilst in the UK Mark Carney has been forced to explain the above target rate of 3.1%. With inflation still subdued around the world, we see monetary policy tightening as likely to be gentle, but there are risks, not least the Fed’s planned balance sheet reduction – the first time such an action has been attempted. Read more: Year-end Rate Hike Once Again Proves To Be Launchpad For Gold Price Gold to benefit from US dollar headwind Away from monetary policy, we view two other factors as potentially important for gold. First, the ongoing strength – or otherwise – of already expensive US equities. And second, the trajectory of the US dollar. We believe that the bull market in US equities has reduced gold’s appeal in 2017: an end to that trend could reignite demand for gold. The direction of the US dollar could also be important: if 2017 marks the end of a multi-year period of US dollar strength, gold could benefit from that tailwind, unlike the headwind that it has experienced since 2001. When it comes to the US dollar strength various charts should not be considered as the only way to read the market. We've paid a lot of attention this year towards the ongoing move away from US dollar hegemony. From Russia to China to Venezuela support for the currency is rapidly depreciating. Much of this is thanks to countries establishing trading mechanisms that embrace the borderless and sovereign-free currency of gold bullion. Read more: Own Gold Bullion To “Support National Security” – Russian Central Bank Positives in the Physical Market What physical market trends should investors pay attention to in 2018? Income growth is probably the most significant because, over the long run, it has been the most important driver of gold demand. And we believe the outlook here is encouraging. China, the world’s largest gold market, has avoided the hard landing that many were predicting 18 months ago and is expected to grow at a fair clip in 2018, with the consensus forecast at around 6.4%. The Indian economy is recovering from the shock demonetisation of 2016 and adjusting to the Goods and Service Tax rolled out in 2017. The slowdown in GDP growth last year is expected to moderate, as businesses and consumers adapt. Indeed, India is expected to be one of the fastest-growing countries in the world in 2018, expanding at an even faster rate than it did between 2012-2014. Stories of strong demand in India and China are usually expected at various times in the year. What no one in the mainstream was prepared for in 2017 was the decade-long evidence that Germans had been boosting their personal gold reserves. Solid income growth in the world’s largest gold markets would undoubtedly be viewed as good news. But other countries are making progress too. Germany’s economy is expected to maintain its momentum and unemployment is anticipated to continue falling, providing support for the world’s third-largest bar and coin market. Across the Atlantic, the US jewellery market, the third-largest in the world, could benefit from continuing economic growth and high consumer confidence. Read more: Geopolitical Risk Highest “In Four Decades” – Gold Demand in Germany and Globally to Remain Robust Structural changes in the gold market are also worth noting. These may not have a direct impact on the gold market in 2018, but they can herald significant changes in the years to come. Potential changes to the VAT rate currently applied to gold bars in Russia is a case in point. A punitive 18% has stifled market growth, so a reduction could open up an exciting new market. Elsewhere, banks and mints are continuing to develop Shari’ah-compliant gold products, and we may see this part of the market gain traction. And in India, the move to develop a spot exchange could result in greater transparency, boosting India’s gold trade. Read more about Shari’ah-compliant gold products here. News and Commentary Gold steady amid subdued dollar, poised for weekly gain (Reuters.com) Dollar Eyes Weekly Drop on Tax; Asia Stocks Fall (Bloomberg.com) U.S. regulators ditch net neutrality rules as legal battles loom (Reuters.com) If the bitcoin boom goes bust, the stock market could see collateral damage, analyst Bob Doll says (CNBC.com) Gold will continue its climb in 2018, World Gold Council predicts (MarketWatch.com) ref: finviz World's Biggest Pension Fund Says AI Will Replace Asset Managers (Bloomberg.com) New York Fed Inflation Gauge And Gold Price (Gold-Eagle.com) Central Banks Want the World to Carry On While They Quietly Tighten (Bloomberg.com) Crypto Vs. Gold: Gold Has Value Unto Itself (SeekingAlpha.com) What the World's Central Banks Are Saying About Bitcoin (Bloomberg.com) Gold Prices (LBMA AM) 15 Dec: USD 1,257.25, GBP 937.41 & EUR 1,065.52 per ounce14 Dec: USD 1,255.60, GBP 935.67 & EUR 1,062.49 per ounce13 Dec: USD 1,241.60, GBP 929.96 & EUR 1,056.97 per ounce12 Dec: USD 1,243.40, GBP 933.92 & EUR 1,056.27 per ounce11 Dec: USD 1,251.40, GBP 935.80 & EUR 1,061.19 per ounce08 Dec: USD 1,245.85, GBP 924.42 & EUR 1,061.09 per ounce07 Dec: USD 1,256.80, GBP 937.57 & EUR 1,066.77 per ounce Silver Prices (LBMA) 15 Dec: USD 15.99, GBP 11.93 & EUR 13.55 per ounce14 Dec: USD 16.01, GBP 11.92 & EUR 13.54 per ounce13 Dec: USD 15.71, GBP 11.76 & EUR 13.38 per ounce12 Dec: USD 15.78, GBP 11.82 & EUR 13.40 per ounce11 Dec: USD 15.84, GBP 11.84 & EUR 13.43 per ounce08 Dec: USD 15.83, GBP 11.76 & EUR 13.48 per ounce07 Dec: USD 15.91, GBP 11.94 & EUR 13.49 per ounce Recent Market Updates - Year-end Rate Hike Once Again Proves To Be Launchpad For Gold Price- UK Stagflation Risk As Inflation Hits 3.1% and House Prices Fall- Buy Gold, Silver Time After Speculators Reduce Longs and Banks Reduce Shorts- Bitcoin – Plan Your Exit Strategy Now – Maybe With Gold- Gold Demand Increases Along with Uncertainty Thanks to Trump, Brexit and North Korea- UK Pensions Risk – Time to Rebalance and Allocate to Cash and Gold- Bailins Coming In EU – 114 Italian Banks Have NP Loans Exceeding Tangible Assets- Silver’s Positive Fundamentals Due To Strong Demand In Key Growth Industries- An Interview with GoldCore Founder, Mark O’Byrne- Risk Of Online Accounts Seen As One of Largest Brokerages In World Halts Online Trading After “Glitch”- Low Cost Gold In The Age Of QE, AI, Trump and War- Own Gold Bullion To “Support National Security” – Russian Central Bank- Bitcoin $10,000 – Huge Volatility of Cryptocurrencies and Risky Fiat Making Gold Attractive Important Guides For your perusal, below are our most popular guides in 2017: Essential Guide To Storing Gold In Switzerland Essential Guide To Storing Gold In Singapore Essential Guide to Tax Free Gold Sovereigns (UK) Please share our research with family, friends and colleagues who you think would benefit from being informed by it.
В экономике Турции сложилась поразительная ситуация. С одной стороны, она показывает двузначные темпы роста, не в последнюю очередь благодаря восстановлению торговли с Россией и возвращению российских туристов. Но ряд других важных показателей говорит о том, что Турция не вышла из кризиса, а, напротив, погружается в него. Что происходит на самом деле и чем вызван такой парадокс? В третьем квартале экономика Турции показала рост на 11,1%. Это значительно превышает среднемировые темпы (по летней оценке МВФ, в 2017 году глобальная экономика вырастет на 3,5%) и отдает стране по этому показателю первое место в G20. Правда, рост турецкой экономики носит восстановительный характер, учитывая ту глубину спада, в котором она оказалась в 2014–2015 годах. За эти два года ВВП сократился почти на 15%, но уже по итогам прошлого года произошел отскок – экономика прибавила 2,9%, что даже выше, чем прогнозировали аналитики. В начале 2017-го рост ускорился, по итогам первого квартала составил 5%, а среднегодовое прибавление ВВП, по оценке экономистов Bloomberg, выйдет на показатель в 8,5%. Основными источниками роста стали экспорт, стимулированный значительным ослаблением лиры (он прибавил на 17,2%), и внутреннее потребление, доля которого в национальной экономике оценивается в две трети (11,7%). В нынешнем году добавился еще один важный фактор – возвращение российских туристов, которые обеспечили серьезную валютную инъекцию. Как заявил президент страны Реджеп Тайип Эрдоган, выступая в Анкаре, доходы от туристов из России в 2017 году достигли 4,5 млрд долларов. Исходя из текущей статистики, согласно которой российский турпоток приближается к 5 млн человек, в среднем каждый гражданин РФ оставил в Турции по 1 тыс. долларов. При этом Анкара рассчитывает, что в 2018-м будет еще на 15–20% туристов больше. Однако вся эта впечатляющая динамика вызывает массу вопросов, если взглянуть на другие ключевые показатели. По итогам ноября в Турции был зафиксирован максимальный с марта 2003 года уровень инфляции – почти 13% в годовом выражении. Месяцем ранее она составляла 11,9%, что тоже значительно выше прогноза в 9,8%, который турецкий ЦБ давал на этот год. Его же ожидания по инфляции в 7% по итогам 2018-го на этом фоне вообще выглядят нереалистичными. Основными факторами разгона инфляции стали рост цен на нефть (Турция в высокой степени зависит от импорта энергоносителей, горючее в стране очень дорогое) и очередная девальвация лиры. Предыдущее резкое падение национальной валюты произошло в середине прошлого года – вскоре после неудавшейся попытки государственного переворота. За несколько месяцев курс упал с 3 до 3,5 лиры за доллар, в начале этого года финансовым властям удалось несколько стабилизировать ситуацию, но в сентябре лира опять стала валиться одновременно с ростом цен на нефть. Сейчас за доллар дают 3,9 лиры, что обновило исторический минимум, если считать с деноминации 2005 года. Такое поведение национальной валюты обычно способствует росту турпотока. Незадолго до падения рубля в конце 2014 года за одну лиру в стамбульских обменниках просили примерно 20 рублей, теперь же курс составляет около 16 рублей, будто бы сам рубль все это время никуда не падал, а, наоборот, рос. Но гражданам страны падающая лира не предвещает ничего хорошего – теперь они ежедневно ощущают на себе, что представляет собой в реальности экономический термин «инфляционно-девальвационная спираль». Дорожают даже те товары местного производства, которые в Турции всегда были в избытке: например, эксперты банка Goldman Sachs отмечают скачок цен на овощи почти на 13%. Есть и первые неоспоримые признаки стремления турок переложиться в более ликвидные активы, чем лира. В ноябре Всемирный совет по золоту отметил значительный рост турецких вложений в золотые слитки – 47 метрических тонн за текущий год против 14,8 тонны годом ранее. «Обычно в экономике, где происходит активный рост, национальная валюта не падает, потому что рост экономики вызывает повышение занятости, потребления и устойчивого, реально обеспеченного спроса. В Турции этих признаков не наблюдается. Страна находится в состоянии не бурного экономического развития, а очень сложного переходного периода, – заявил газете ВЗГЛЯД руководитель Центра экономических исследований Института глобализации и социальных движений Василий Колташов. – Концентрация власти в руках Эрдогана вызвала мощнейшие протесты в городах Турции, но не дала решений для экономики, которые удовлетворили бы общество. Остаются большие проблемы с занятостью, люди по-прежнему ощущают падение своих доходов и не понимают, когда начнется их рост. Поэтому турецкая экономика все равно остается в кризисе. Некоторая активизация все же имеет место, но не носит переломного характера, как пытаются показать власти». Колташов признает, что благодаря девальвации лиры Турция получила в сфере туризма значительное преимущество перед своим главным соседом-конкурентом – Грецией, которая находится в еврозоне. Но в действительности страна лишь начинает возвращение в нишу дешевого туризма, где она находилась в 1980–1990-е годы, пока отдых там не начал существенно дорожать. «К тому же уменьшение издержек происходит за счет снижения цены местной рабочей силы, – подчеркивает экономист. – Все это, конечно, повышает конкурентоспособность экономики и дает некий эффект, но рождает депрессию в обществе: Турция не движется вперед, а пытается удержаться на плаву». Примечательную позицию в этой ситуации занял турецкий ЦБ, который сохранял редкостную выдержку, удерживая учетную ставку на уровне 12,25% на протяжении нескольких последних месяцев. Классическим монетаристским рецептом при ускорении инфляции и падении курса национальной валюты является повышение ставки. Например, по этому непопулярному пути в конце 2014 года пошел Банк России. Сейчас к подобным мерам прибегает и Нацбанк Украины, чтобы справиться с очередным всплеском инфляции и новым циклом девальвации гривны. Но турецкому ЦБ в его политике управления ставками приходится оглядываться на президента Эрдогана, который является принципиальным сторонником насыщения экономики сравнительно недорогими кредитами. «Главной и прямой причиной инфляции является изменение процентных ставок. Мы потребовали снизить процентные ставки, и, как результат, инфляция опустилась до однозначных значений. Как только проценты начали расти, инфляция вновь стала двузначной. Говорят, что Центробанк является независимой структурой и туда нельзя вмешиваться. Так вот – невмешательство и привело к такому развитию событий», – заявил он в середине ноября, вновь потребовав от ЦБ снизить ставки. Западные эксперты, напротив, рекомендуют турецкому ЦБ сыграть на повышение вопреки «неортодоксальной» позиции Эрдогана. Вскоре после попытки переворота под угрозой обвала ставка уже повышалась с 10 до 12,25%, что на время сдержало девальвацию. Но одновременно правительство приняло решение расширить государственные гарантии для бизнеса, и в экономику поступило порядка 50 млрд лир новых кредитов. В то же время у турецких компаний накопился немалый объем валютных займов, оцениваемый в 300 млрд долларов, так что очередной виток девальвации создал новую серию проблем не только для населения, но и для бизнеса. В конечном итоге Банк Турции на заседании в четверг принял решение повысить учетную ставку на символические полпроцента, сославшись на повышение уровня инфляции. Однако позиция турецких властей по накачке экономики кредитами от этого, конечно, никуда не денется. «Деньги должны быть дешевыми, они должны быть в избытке и легкодоступными», – заявил в интервью Bloomberg министр экономики страны Нихат Зейбекчи. Параллельно Эрдоган, несмотря на новый этап падения лиры, продолжает продвигать свою давнюю идею – переход на торговлю в национальных валютах с главными союзниками Турции. В конце прошлого года он обратился с таким предложением к руководству России, а в нынешнем октябре – к девятому саммиту организации «Исламская восьмерка» (помимо Турции в нее входят Бангладеш, Египет, Индонезия, Иран, Малайзия, Нигерия и Пакистан). «Нашей целью должно стать увеличение уровня торгового оборота со 100 млрд до 500 млрд долларов. Для этого мы должны перейти на расчеты в национальных валютах. Нет никакой необходимости подвергать наши экономики давлению со стороны доллара и евро», – заявил тогда он. «Торговать в национальных валютах сейчас не очень рационально: их все равно придется сбрасывать и уходить в резервные валюты, чтобы фиксировать прибыль и чтобы ее не съела инфляция, – возражает Эрдогану Василий Колташов. – Турецкая лира нуждается в международной поддержке, чтобы кто-то продавал доллары, закупал турецкие товары за лиры и даже держал какую-то часть средств в лирах. В этом президенту Турции видится средство стабилизации национальной валюты, поскольку он понимает, что внутренние ресурсы стабилизации исчерпаны. Но это лишь желания – реальность совершенно иная, поэтому лира будет, видимо, падать и дальше, что может привести к обострению социальной напряженности». Вторая волна глобального кризиса 2014–2016 годов показала, что Турция – это маленькая и поэтому неустойчивая экономика, которой нужно искать внешнюю опору. «Именно поэтому Эрдоган был вынужден помириться с Россией и активно искать теплых отношений с Китаем, несмотря на весь свой паноттоманский пафос», – резюмировал эксперт. Теги: туризм, Турция, Тайип Эрдоган, Россия и Турция, экономика Турции
По мнению Всемирного совета по золоту, восходящий тренд на рынке золота в следующем 2018 г. продолжится. Можно сказать, что аналитики WGC настроены оптимистично по развитию ситуации на мировом рынке золота в 2018 году...
By the SRSrocco Report, There is a Disinformation War taking place in the silver market as certain industry analysis is confusing individuals by purposely disregarding the tremendous impact of rising investment demand. Not only do I find this troubling, but I am also quite surprised how much the silver industry pays attention to this faulty analysis. So, it's time once again to set the record straight. Setting the record straight has now become a new mission for me at the SRSrocco Report because the amount of disinformation and faulty analysis being published in the mainstream and alternative media is quite disturbing. I decided it was time to say enough was enough, so I started by destroying the myth about the 1 million tons of gold hidden in the Grand Canyon in my recent article, THE BLIND CONSPIRACY: The Gold Market Is Heading Towards A Big Fundamental Change. If you haven't read that article and are still confused on whether or not there are billions of ounces of gold hidden in the Grand Canyon, I highly recommend that you do. Now, if you read the article and still believe the U.S. Government decided to make the Grand Canyon a national park to protect all that gold, then you have my sympathies. However, the reason certain individuals in the U.S. Government decided to make the Grand Canyon a national park because it was probably a GOOD IDEA to keep a beautiful part of the country off-limits from those who had no problem with destroying the banks of the Colorado by trying to extract gold at a pathetically low uneconomical yield. If you have seen some of the episodes of the Discovery Channel's Gold Rush show, the result of gold dredging operations isn't pretty. Here is a picture of the beautiful landscape outside of Dawson City in the Yukon that shows the effects of placer mining and gold dredging. Now, how many families in the U.S. and abroad would have taken their kids on vacation to the Grand Canyon if it looked like this? I am quite amazed at the lack of dignity and respect by individuals who only seek at the almighty Dollar. (aerial photo of Dawson City, Yukon - picture courtesy of Peter Mather) To tell you the truth, I am glad that Teddy Roosevelt had the foresight to dedicate the Grand Canyon as a national monument back in 1908. At least some politicians had the wisdom to keep OFF LIMITS parts of the country, so we weren't able to destroy it by mining it for ultra low-grade gold or bulldoze it, pour concrete and build another million suburban homes. Okay, let's get back to subject at hand... Silver Market Disinformation. Precious Metals Analyst Totally Omits Silver Investment Demand From Market Fundamentals The motivation to write this article came from several of my readers who sent me an interview by CPM Group's Jeff Christian, at the San Franciso Gold and Silver Summit. In the video, Jeff claims that there has been a silver market surplus for ten years and those industry analysts, who have reported deficits, "Are simply wrong." Jeff goes onto to say, "they have been wrong the entire time they have been on the silver market." Jeff continues by explaining that to analyze the silver market correctly, you must look at surplus and deficits based on total supply versus total fabrication demand. Furthermore, he criticizes industry analysts who may be promoting metal by throwing in investment demand to arrive at a deficit. He says this is not the proper way to do "commodities research analysis." Jeff concludes by making the point, "that if you keep silver investment demand as an "off-budget item," then the price matches your supply-demand analysis almost perfectly." Does it? Oh... really? If we look at the CPM Group's Supply & Demand Balance chart, I wonder how Jeff is calculating his silver price analysis: This graph is a few years old, but it still provides us with enough information to show that the silver price has nearly quadrupled during the period it experienced supposed surpluses. According to the CPM Group's methodology of analyzing total fabrication demand versus supply, how on earth did the silver price rise from an average of $5.05 during the deficit period to an average of $19.52 during the surplus period? I arrived at the silver prices by averaging the total for each time-period. Again, Jeff states during the interview that their supply-demand analysis, minus investment demand, provides an almost perfect price analysis. According to the CPM Group's 2016 Silver Yearbook, the total surplus for the period 2008-2016 was approximately 900 million oz. With the market enjoying a near one billion oz surplus, why would that be bullish for a $20 silver price?? It isn't... and I will explain why. As I have mentioned in many articles and interviews, the price of silver has been based upon the price of oil which impacts its cost of production. If we look at the following chart, we can plainly see how the price of silver has corresponded with the oil price going back until 1900: You will notice the huge price spike in the 1970's after Nixon dropped the Gold-Dollar peg causing inflation to run amuck in the United States. Now, the oil price didn't impact just silver; it also influenced the value of gold: As with the oil-silver trend lines, the gold and oil price lines remained flat until the U.S. went to a 100% Fiat Currency system in 1971. So, if we decided to throw out all gold and silver supply-demand forces, we can see that these precious metals prices paralleled the oil price. Now, the reason the price of silver shut up to an average of $19.52 from 2006-2017 was due to its average cost of production. Today, the market price of silver is $16.42, and the average cost of primary silver production is between $15-$17 an ounce. According to my analysis of the top two gold mining companies, their cost of production is about $1,150. Hence, the 71-1 Gold-Silver price ratio. Did Jeff Christian include the cost of production in his analysis of the silver price? How many silver mining companies are producing silver for $5 an ounce and making an $11 profit? Or how many silver mining companies are producing silver at $35 and losing nearly $20 an ounce? I will tell you... ZERO. The only way an individual would believe that the primary silver mining companies are producing silver at $5 an ounce is if they believe in the investor presentations that report CASH COSTS. Anyone who continues to use CASH COST accounting needs to get their head examined. It is by far the most bogus metric in the industry that has caused more confusion for investors than anything else... well, if we don't include faulty analysis by certain individuals. I find it utterly amazing that the CPM Group entirely omits silver investment from their fundamental analysis. Here is a chart of their total world silver fabrication demand from their 2016 Silver Outlook Report: If you are a silver investor, your demand doesn't count. It doesn't matter if you purchased 100 of the half a billion oz of Silver Eagles sold by the U.S. Mint since 1986. How many Silver Eagles have been sold back, melted down and returned to the market to be used for industrial applications?? According to the 2017 World Silver Survey (GMFS), total Official Silver Coin sales were 965 million oz (Moz) since 2007. If we add Official Silver Coin sales for 2017, it will be well over one billion. I highly doubt any more than a fraction of that one billion oz of Offical Silver Coins were remelted and sold back into the market. Moreover, what term do we give to companies who produce Silver Eagles or private silver rounds?? Aren't companies fabricating silver bars and coins? While it is true that physical silver bar and coins can be sold back into the market, a lot of new demand is coming from fabricating new silver bullion products. CPM Group only values silver as a mere commodity for the sole purpose of supplying the market for industrial, jewelry, silverware, photography and photovoltaic uses. I gather 2,000+ years of silver as money no longer matters. Yes, I would imagine some precious metals investors are feeling a bit frustrated as they watch Bitcoin go vertical towards $12,000. But a word of caution to Bitcoin investors who are dreaming about sugar plums dancing in their heads and dollar signs in the eyes. Now, when you see an article titled, Signs Of A Market Top? This Pole Dancing Instructor Is Now A Bitcoin Guru; it might be prudent for you to recall a memorable part of the move in The Big Short: There is a wonderful scene where a pole dancer is explaining to a fund manager how she's buying five houses. A lowly paid pole dancer who survives on unpredictable tips should not be able to afford multiple houses, but this was the sub-prime USA where the ability to repay a loan was apparently not a prerequisite. What a coincidence... ah?? Pole dancers buying five homes and becoming a Bitcoin Guru. What's next? LOL. Regardless, the notion by CPM Group that investment demand shouldn't be included in supply and demand forecasts suggests that the gold market has experienced a total 418 million oz (Moz) surplus since 2006. Yes, that's correct. I calculated total global gold physical and ETF investment demand by using the World Gold Council figures: The reason for the drop-off in net gold investment in 2013-2015 was due to Gold ETF liquidations. For example, 915 metric tons (29 Moz) of Gold ETF inventories were supposedly liquidated into the market. Even though the gold market experienced a record 1,707 metric tons of physical bar and coin demand in 2013, the liquidation of 915 metric tons of Gold ETF's provided a net 792 metric tons of total gold investment. Please understand, I am just using these figures to prove a point. I really don't care if the Gold ETFs have all their gold. I look at Global Gold ETF demand (spikes) as an indicator for gauging the amount of fear in the market. The CPM Group does the same sort of supply and demand analysis for gold. They omit investment demand from the equation: (CPM Group Chart Courtesy of Kitco.com) Again, according to the CPM Group, gold bar and coins aren't fabricated. They must be produced by Gold Elves in some hidden valley in the Grand Canyon. No doubt, under the strict control by the NSA department of the U.S. Government. For anyone new to reading my work... I am being sarcastic. Moreover, the significant change in gold investment demand is a clear sign that investors are still quite concerned about the highly inflated bubble markets. If we go back to 2002, total gold investment was a paltry 352 metric tons compared to 358 metric tons of technology consumption and 2,662 metric tons of gold jewelry demand. However, in 2011, the gold market experienced a massive 1,734 metric tons of total gold investment versus 2,513 metric tons of jewelry and technology fabrication. What is significant about this trend change? In 2002, global gold investment was a mere 10% of total gold demand. However, by 2011, gold investment demand surged to 41% of the total, not including Central Bank demand. Even in 2016, global gold investment demand was still 40% of the total. As we can see, investors still represent 40% of the market, whereas they were only 10% in 2002. Precious metals investors need to understand there is a huge difference between Gold and Silver versus all other metals and commodities. The overwhelming majority of commodities are consumed while gold and to a lesser extent, silver, are saved. And, they are being purchased as investments and saved for an excellent reason. The world continues to add debt at unprecedented levels. In just the month of November, the U.S. Government added another $137 billion to its total debt. This doesn't include the $610 billion of additional debt added since the debt ceiling was lifted on September 8th. So, the American public is indebted by another $747 billion in less than three months. Getting back to silver, according to the GFMS team at Thomson Reuters, who provide the World Silver Survey for the Silver Institute, the market will experience a small annual silver surplus this year for the first time in several decades: The reason for the surplus has to do with a marketed decline of silver investment demand this year. With the election of President Trump to the Whitehouse and the "Pole Dancing Guru" Bitcoin market moving up towards $12,000, demand for the silver investment fell by 50% this year. However, I don't look at it as a negative. Oh no... it's an indicator that the market has gone completely insane. This reminds me once again of the movie, The Big Short. In the movie, the main actor bets big against the Mortgaged-Backed Securities. Unfortunately, just as the housing markets start to crash and the mortgage-back security market begins to get in trouble, the bets that the main actor in the movie made, began to go against him. That's correct. His short bets against the market should have started to gain in value, but the banks wanted to dump as much of that crap on other POOR UNWORTHY SLOB INVESTORS before they would let it rise. We are in the very same situation today. However, the entire market is being propped up, not just the housing market. It is impossible to forecast a more realistic gold and silver price when 99% of the market is invested in the wrong assets. So, for the CPM Group to value gold and silver based on their fabrication demand totally disregards 2,000+ years of their use as monetary metals. Thus, it comes down to an IDEOLOGY on why Gold and Silver should be valued differently than mere commodities, or even most STOCKS, BONDS, and REAL ESTATE. Valuing gold and silver can't be done with typical supply and demand fundaments. The only reason I analyze supply and demand fundamentals is to understand what is happening to the market over a period of time. For example, if we look at total global silver investment demand and price, there isn't a correlation: But, if we look at what happened to silver investment demand since the 2008 Housing and Banking collapse, we can spot a significant trend change: As we can see, world physical silver bar and coin demand nearly quadrupled after the 2008 Housing and Banking collapse. This is the indicator that is important to understand. While silver investment demand after 2008 has increased partly due to the higher price, the more important motivation by investors is likely a strategic hedge against the highly-leveraged fiat monetary system and stock market. Investors who follow the CPM Group's analysis on gold and silver based upon fabrication demand only, are being misinformed. Jeff Christian who runs the CPM Group has no idea about the Falling EROI - Energy Returned On Investment or does he understand the dire energy predicament we are facing. Thus, Mr. Christian and the CPM Group still look at the markets as if they will continue business as usual for the next 50 years. We are heading into a future that we are not prepared. The economy and markets will likely disintegrate much quicker than anything we have experienced before. I believe the Bitcoin-Cryptocurrency market is going to collapse shortly due to what I see as extreme leverage in the system with very little in the way of cash reserves. I hear stories that trading in and out of cryptos isn't a problem until you want to receive a substantial amount of funds in your bank. That is a huge RED FLAG. So, take this warning... as well as the knowledge that pole dancers are becoming Bitcoin gurus. If it's too good to be true, it's likely too good to be true. Lastly, I want to thank everyone who continues to support the SRSrocco Report site. Those who have become members of my site or Patreon might wonder why the membership count does not rise that much. This is because while I receive new members, some fall off each month for various reasons. However, I sincerely appreciate the support and believe the SRSrocco Report site is providing analysis, information, and data not found anywhere else on the internet. Lastly, if you want to pay more for precious metals, than I suggest you don't check out our PRECIOUS METALS INVESTING section or our new LOWEST COST PRECIOUS METALS STORAGE page. Check back for new articles and updates at the SRSrocco Report.
Россия продолжает наращивать свои вложения в золото. За октябрь она купила еще 22,3 тонны драгоценного металла.
The End Is Near? Written by Craig Hemke, Sprott Money News & TF Metals Report For gold investors, the major thorn in our side continues to be the USDJPY so we need to discuss it again. Over the past weekend at TFMR, we had a discussion about how so many well-intentioned people could have been so wrong about "the metals" over the past five years. It included this sentence: "What we failed to predict was the successful, collective manipulation of nearly all "markets" by the CBs, their primary dealers and their willing/sycophant media through HFT." That one sentence could be the subject of a full post or podcast but, for now, let's just focus upon the market manipulation through HFT. As you know by now, the USDJPY is just about the single most important general input for HFT buy/sell decisions. Whether it's S&P futures, bond futures or Comex Gold, the direction of the USDJPY generally impacts all of these "markets" more than anything else. The chart below plots the inverse of USDJPY (JPYUSD) with gold futures. Note clear correlation that began in 2008. In observing the central bank market manipulation...when we see the same pattern again and again...and this pattern is followed by the desired equity or bond market reaction...then you know something is up. How many times have we captured screenshots of the BoJ, Fed, SNB or whomever buying the USDJPY in size at just the right moment to create and paint a double bottom on the chart? From there, how many times have we watched a near perfect and uninterrupted, 45-degree angle recovery ensue? Here are just a couple of egregious examples that I just chose at random from my desktop folder that holds about 40 charts. (I've only been keeping them since late summer.) Well, since we just used the term "egregious", let's apply it again to the charts below. Recall that things were sailing along surprisingly well last Monday. Over the previous week, the USDJPY had failed to hold support near 113 and again near 112 and it had fallen to near and just below the very-important 111 level. Then, as we chronicled that day, a sudden spike occurred on NO NEWS and not even any rumors. Just a spike from out of the blue that drove the pair immediately back above 111. And what followed over the next five days? Well, outside of the sudden plunge on the now disproven stories from Brian Ross at ABC News, the USDJPY has followed the same glide path all the way back to 113. Also, IT'S VERY IMPORTANT TO NOTE where USDJPY reopened Sunday afternoon...RIGHT ON the glidepath. Remove the reaction to Friday's unexpected headlines and it's a near-perfect, 45-degree angle for nearly FIVE FULL DAYS. (And in case you're wondering which tail wags which dog, note the turn in USDJPY last Monday clearly preceded the turn in the S&P.) How is this even possible? It's not...well, at least not in the traditional and "free market" sense...the pre-2008 and pre-2012 sense. All of these things used to move somewhat independently as human, carbon-based traders made rational investment decisions based upon a number of inputs. However, in 2017, where 90% of all trading is now done through HFT....well, the results are pretty clear. The Central Banks and their Primary Dealer trading desks manipulate the key inputs and HFT does the rest. This is why yours truly and so many other "experts and mavens" have been confounded for the past five years. It's not nefarious intent and it's not because gold bugs are cruel, heartless charlatans who are intent upon stealing as many dollars as possible from the easily-duped. Instead, it is a failure to anticipate the levels to which The Central Banks would successfully go to keep their system alive. Understanding this is why you consistently hear me cite the refrain of PHYSICAL DEMAND. It is only through a renewed crisis of confidence that this system can be broken...at least as it pertains to the precious metals. Physical demand will bust The Bullion Banks by breaking their just-in-time and unallocated delivery system. Physical demand will force price to be discovered through the exchange of physical metal, not the alchemized digital garbage that permeates the system today. We'll leave you today with stories from each end of The Bank monster. The first, and one that we've been following closely since last March, is the continued run-up to renewed war on The Korean Peninsula. WHILE NO ONE IN THEIR RIGHT MIND IS CHEERING THIS ON, it is important to be prepared for all of the unknown unknowns that would come with such a catastrophe, one of them being financial calamity that could again shatter confidence in the current system. http://theweek.com/articles/740264/why-north-korea... And the other story deals with gold alchemy and the continued shunting of physical demand into sham/scam paper investments. It seems the World Gold Council is hungry to increase their fees. They are apparently planning to offer a whole new "gold" ETF, perhaps designed to compete with the IAU. Ask yourself, from where will this fund get the 200-300 metric tonnes of gold needed to fund its "inventory"? Once again, The Banks will simply perform the alchemy of leveraging current unallocated stockpiles into more and more digital "gold". http://www.etf.com/sections/daily-etf-watch/new-ph... Again, true physical demand is the only antidote to the poison created by the Central Bankers and the Bullion Banks. Sadly, 2018 promises another surge in war, debt, negative interest rates and de-dollarization. Will these events finally prompt enough physical demand to break The Banks? Only time will tell. Questions or comments about this article? Leave your thoughts HERE. The End Is Near? Written by Craig Hemke, Sprott Money News & TF Metals Report Check out these other articles by our contributors: Craig Hemke - Another Tradable Low Coming John Rubino - Finally, An Honest Inflation Index – Guess What It Shows Jeff Thomas - Tilt! Game Over Ask The Expert: Jim Willie
Москва, 6 декабря - "Вести.Экономика". Менеджер фонда Old Mutual Gold & Silver Fund Нед Нейлор-Лейланд заявил, что биткоин прокладывает путь для глобального возвращения золота. "Брак" биткоина и золота был вполне логичным, учитывая характеристики и мандат обоих.
Менеджер фонда Old Mutual Gold & Silver Fund Нед Нейлор-Лейланд заявил, что биткоин прокладывает путь для глобального возвращения золота. "Брак" биткоина и золота был вполне логичным, учитывая характеристики и мандат обоих.
Менеджер фонда Old Mutual Gold & Silver Fund Нед Нейлор-Лейланд заявил, что биткоин прокладывает путь для глобального возвращения золота. "Брак" биткоина и золота был вполне логичным, учитывая характеристики и мандат обоих.