The War On Cash Expands.
India, Venezuela, Europe, Pakistan, Australia among sovereign issuers that have pulled or considered pulling their currencies.
Bitcoin soars.
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Top News
A terrorist truck attack in Berlin was the main story of the week.
Top Economic News
India’s war on cash continues. Bitcoin soars.
Re-evaluating Bitcoin
Cons
Bitcoin has many of the flaws of digital fiat currency.
- no intrinsic value;
- not a digital representation of anything other than itself
- requires electricity;
- requires an Internet device;
- if there is a solar flare or internet goes down bitcoin becomes nearly worthless;
- potentially trackable, hackable;
- it’s in many government cross hairs;
- no issuer;
- since it requires no natural resources an infinite number of other crypto-currencies can based on it and created including those by government
Pros
Bitcoin judged vs. issued fiat digital currencies stands up well.
- No one person of government entity can unilaterally recall or change the terms of bitcoin (eg. Nixon/Modi);
- you don’t have to deposit Bitcoin in a bank or exchange them to give them value;
- no expiration date;
- no QE, policy changes, no government guarantees;
- can’t kick you off the system or seize your account (See the Dark Side of a Cashless Society)
- can’t limit how many Bitcoin you can have;
- there is limited number of Bitcoin;
- the laws can’t be broken as there is no issuer;
- nothing to take, seize or confiscate (like eGold or Gold Money);
- utility,transportable; get it when you need it – unless too late!
Bitcoin is a digital hedge against digital fiat currencies. The more we see egregious offenses by sovereign issuers against their own currencies, the better bitcoin looks.
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Gold and silver
Gold closed last week at $1134.60 an ounce and closed this week at $1133.50 (unchanged)
Silver closed last week at $16.07 an ounce and closed this week at $15.73 (-2.2%)
The gold and silver ratio ended the week at 72.06:1
Chart of the week
You Tube Notes to this report
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Here are the stories we wrote, followed or commented on.
December 19, 2016
First India limited the amount of cash you could exchange, now they have limited the amount of cash you can put in the bank.
December 20, 2016
U.S. Mint Sales Update
AMERICAN SILVER EAGLE SALES SLUMP 20% IN 2016
Compare American Silver Eagles for sale at:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
CENTRAL BANK OF RUSSIA ADDS ONE MILLION OUNCES GOLD TO RESERVES IN NOVEMBER
Pakistan War on Cash
Pakistan Senate proposes scrapping 5,000 rupee note
December 21, 2016
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December 21, 2016
Gold
AMERICAN GOLD EAGLE SALES RISE 30% IN 2016
You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
War on Cash
India Backs off on questioning depositors
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US Economic Data
Existing home sales 5.61MM, Exp. 5.5MM
December 22, 2016
Gold
Gold miners running out of gold?
India considering lowering import duty from 10% to 6%
De-Dollarization
Putin: Russia will join the euro one day
US Economic Data
Personal Spending 0.2%, Exp.0.3%
Personal Income 0.0%, Exp. 0.3%
Initial Claims 275K, Exp. 256K, Last 254K
Q3 GDP Final Estimate 3.5%, Exp. 3.3%, Last 3.2%
Compare American Silver Eagles for sale at:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
December 23, 2016
US Economic Data
New Home Sales 592K, Exp. 575K, up 5.2%, Exp. 2.1%
Canadian GDP -0.3%, Exp. 0.0%, Last +0.3%
December 24, 2016
2016 U.S. MINT GOLD SALES HIGHEST SINCE 2010
You can compare American Gold Buffalo coins for sale at these websites:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
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