Supreme Court Rules Hate Speech Can Not be Banned by Patent Office.
Are we moving to a Trustless Society- Where Code is Law?
Italian Banks in Trouble.
Florida Man to be fined $120 million for Robocalls.
India Legalizes Bitcoin.
U.S. Mint sales remain dismal, Cryptocurrency trading volumes remain robust.
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Top stories:
Supreme court ruling on offensive speech is a 1st amendment victory. Trump spy saga continues with Comey visit to NY Times and leak that Obama knew of Russian interference but did nothing other than to personally tell Vladimir Putin to “knock it off”.
SCOTUS Unanimous decision – On private speech registered as trademarks
MATAL v. TAM
Tam had his application for his band name, “the slants” denied by the patent office on the grounds that it was disparaging. Tam argued, NWA trademark was approved (that trademark was not deemed “disparaging!) and that the slants did not disparage andy particular person.
Justice Department argued that the use of “a disparaging term as a trademark … would convey to the public that the United States regards racial slurs as appropriate.”
SCOTUS held:
“Speech may not be banned on the ground that it expresses ideas that offend.”
“The Federal Government does not dream up these marks, and it does not edit marks submitted for registration.” “If the federal registration of a trademark makes the mark government speech, the Federal Government is babbling prodigiously and incoherently.”
EX If trademarks represent government speech, what does the Government have in mind when it advises Americans to “make.believe” (Sony), “Think different” (Apple), “Just do it” (Nike), or “Have it your way” (Burger King)
Registration of a mark is not government of approval of that mark.
If the government patent office denies the content of a patent application it would be the government denying the free speech protections of its citizens as guaranteed by the First Amendment.
Therefore the court held that the “disparagement clause (of the Latham Act) violated the Free Speech Clause of the First Amendment. ”
Economy
Two Italian banks require bailouts. Economic data remains tepid.
Charts of the Week
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Gold and silver.
Gold closed last week at $1253.40 an ounce and closed this week at $1256.60 +.03%
Silver closed last week at $16.68 an ounce and closed this week at 16.68 unchanged
The gold and silver ratio ended the week at
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Tweets of the Week
Chinese/Korean Buying of cryptocurrencies has NOTHING to do w/ lack of confidence in the dollar, no more than buying of Pets. com stock did
— Smaulgld (@Smaulgld) June 18, 2017
Unexpectedly RISE
Reuters headlines during Trump era:US existing home sales UNEXPECTEDLY RISE https://t.co/yldEkAr5rP vs UNEXPECTEDLY FALL during Obama era
— Smaulgld (@Smaulgld) June 21, 2017
Here are the stories we wrote, followed or commented on.
June 19, 2017
From Smaulgld.com
GOLD’S REMARKABLE STORE OF VALUE SHOWN IN CHARTS
Fed Chatter
Fed Dudley Tight U.S. labor market should push inflation higher
Fed’s Evans: “I want to assure you that if we know things are going wrong we will act”
Patent Law Unconstitutional
SCOTUS Unanimous:
“Speech may not be banned on the ground that it expresses ideas that offend.”
FED’S DUDLEY: HALTING TIGHTENING CYCLE NOW WOULD IMPERIL ECONOMY
U.S. Mint Sales Update
U.S. Mint reported selling 200,000 American Silver Eagles and 1,000 American Gold Eagles today.
MTD American Silver Eagles sold 634,000 & American Gold Eagles sold 2,000
YTD American Silver Eagles sold 11,881,500/American Gold Eagles sold 139,000
The U.S. Mint reported selling 500 American Gold Buffalo coins.
MTD 1,000 sold
YTD 65,000 sold
The U.S. Mint sold 200 of the first America the Beautiful Coin of 2017 today – the Effigy Mounds National Monument coin. YTD Effigy Mounds ATB coins 28,700. The US Mint sold 0 Frederick Douglas National Historical Site ATB coins and 0 of the Ozark National Scenic Riverways.
Total YTD ATB coin sales 28,900 Effigy Mounds National Monument coin, 20,000 Frederick Douglas National Historical Site and 20,000 Ozark National Scenic Riverways ATB coins. Total 68,900
June 20, 2017
From Smaulgld.com
IS THE BITCOIN LITECOIN RATIO TOO HIGH?
Relative rarity is rarely a adequate basis for proper valuation
US Economic Data
US current account deficit widens to 2.5% of GDP
Silver
The Silver Way: How Mexican Silver Coins Paved a 16th-Century Sea Route to China
Fed Chatter
Fed’s Evans: nervous about inflation weakness
Fed’s Eric Rosengren: Low interest rates pose financial stability risks
Bank of England
Bank of England’s Carney says now not the time to raise rates
Bank of Hungary
HUNGARIAN CENTRAL BANK LEAVES BENCHMARK RATE UNCHANGED AT 0.90%
U.S. Mint Sales Update
U.S. Mint reported selling 72,000 American Silver Eagles and 1,000 American Gold Eagles today.
MTD American Silver Eagles sold 706,000 & American Gold Eagles sold 3,000
YTD American Silver Eagles sold 11,953,500/American Gold Eagles sold 140,000
The U.S. Mint reported selling 0 American Gold Buffalo coins.
MTD 1,000 sold
YTD 65,000 sold
The U.S. Mint sold 6,100 of the first America the Beautiful Coin of 2017 today – the Effigy Mounds National Monument coin. YTD Effigy Mounds ATB coins 28,700. The US Mint sold 0 Frederick Douglas National Historical Site ATB coins and 0 of the Ozark National Scenic Riverways.
Total YTD ATB coin sales 35,000 Effigy Mounds National Monument coins, 20,000 Frederick Douglas National Historical Site and 20,000 Ozark National Scenic Riverways ATB coins. Total 68,900
June 21, 2017
From Smaulgld.com
HOW CENTRAL BANKS INTEND TO FIGHT CRYPTOCURRENCIES
ECB to develop real time money transfer service
CENTRAL BANK OF RUSSIA GOLD RESERVES SURGE AGAIN IN MAY
1,700-Year Old Roman Villa With Magnificent Mosaics And Astounding Treasures Discovered In Libya
De-Dollarization
China to launch 2nd phase of cross-border interbank payment system for RMB
China aims to boost services share in GDP to 60 percent by 2025
Gold
Shanghai Gold Exchange to offer yuan-back futures contract in Budapest
US Economic Data
Existing Home Sales 5.62MM, Exp. 5.55MM
Median existing home price $252,800, up 5.8% Y/Y and highest ever
June 22, 2017
From Smaulgld.com
Gold
Ancient tomb of gold worker found along Nile river
Frank Giustra – Gold is not manipulated it is managed
US Economic Data
Initial Claims 241K, Exp. 240K
Kansas City Fed mfg index +11, Last -1
China not facing same pressure as Fed to shrink balance sheet: PBOC adviser
Fed Chatter
BULLARD: PROJECTED RATE PATH IS ‘UNNECESSARILY AGGRESSIVE’
Litecoin
MIT will unveil litecoin orientated project August 1
June 23, 2017
From Smaulgld.com
Official digital currency of China not yet to be issued
Florida Man to be fined $1.25 per robocall… all 96 million of them
Greater than the Deutsche Bank gold ($60 million) and silver($38 million) manipulation settlements!
Gold
India’s gold fetish: $ 300 billion worth of gold consumed in last 10 years!
Swiss gold exports jump 39% to 170 mt in May on Indian demand, a five-month high
Fed Chatter
Hold off on further rate hikes until inflation moves: Fed’s Bullard
China becomes first country in world to test national cryptocurrency
Italy’s Banks in trouble
Italy to pay up to 17 bln euros to save two troubled banks: govt
June 24, 2017
From the Smaulgld Subscribers Sound Off Interview Series
Central Banks ands Etheruem are Confidence Games
Are we moving to a Trustless Society- Where Code is Law?
Robots may replace low level workers but CODE may replace upper level management.
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You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:
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BGASC.com
Golden Eagle Coins
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