Here are the latest items and commentary on current economics news, market trends, stocks, investing opportunities, and the precious metals markets. We also cover hedges, derivatives, and obscura. And it bears mention that most of these items are from the “tangibles heavy” contrarian perspective of JWR. (SurvivalBlog’s Founder and Senior Editor.) Today’s focus is on Bitcoin Market Manipulation. (See the Cryptos section.)
Precious Metals:
First up, at Zero Hedge: Russia Buys 300,000 Ounces Of Gold In March – Nears 2,000 Tons In Reserves
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Silver Short Squeeze Unable to Ignite the Gold Sector…Yet
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Michael Ballanger: Whither Silver From Here?
Stocks and Bonds:
I warned readers that rising interest rates would cause some big market drops. Well, here they come: Dow drops over 500 points after 10-year Treasury yield touches 3%
Cryptos (Bitcoin Market Manipulation):
It is noteworthy that the U.S. Dollar trade value of Bitcoin (BTC) has been bouncing around $9,300 but then it regularly gets pushed back down below $8,850. This definitely smacks of automated sell orders that are in place. As I’ve mentioned before, only 50 individuals and entities hold more than half of all of the Bitcoin now in existence. One of those entities is the U.S. Government. It does so, because the Justice Department made a few high-profile seizures of Bitcoin. Most notorious was their “tackle in the public library” seizure of more than 144,000 BTC from Silk Road manager Ross Ulbricht (aka The Dread Pirate Roberts or DPR) in 2013. At the time, that chunk of BTC (then worth $130 per BTC) was valued at just $28.5 million. But at $9,000 USD each, that 144,000 BTC equates to nearly $1.3 Billion USD!
As long as an automated sell order remains in place, Bitcoin will have market ceilings. I suspect that $10,000 may be the currently-manipulated ceiling. Let’s face facts, folks: A lot of market manipulation power is now in the hands of just a few individuals and entities. And since the U.S. Treasury and the Federal Reserve banking cartel are deathly afraid of private cryptos gaining a foothold in global commerce, they have a strong motivation to keep a ceiling on Bitcoin. They probably also slam it down, with large Bitcoin sales, from time to time. I believe that the goal of the western Central Banks is to suppress private opaque cryptocurrencies until they have the opportunity to release their own transparent cryptos, and dominate the market. They dread private, anonymous cryptos. Instead, they want government-issued and fully tracked (and taxable) cryptos. Governments and their cohorts Bankers don’t want Justice. No, they want “Just Us” in control. Count on it.
Forex:
Iran Officially Switches From US Dollars to the Euro
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Is the “Petro-Yuan” a Credible Challenge to Dollar Supremacy?
Tangibles Investing:
At a recent Rock Island Auction, a cased Colt Walker revolver set a world record for the auction of a single firearm: $1.6 million! At the same auction, a Singer Manufacturing-produced Model 1911 .45 ACP pistol sold for $414,000. My old buddy Conor’s comment on this hammer price: “Not Shabby.”
Provisos:
SurvivalBlog and its Editors are not paid investment counselors or advisers. So please see our Provisos page for our detailed disclaimers.
News Tips:
Please send your economics and investing news tips to JWR. (Either via e-mail of via our Contact form.) These are often especially relevant, because they come from folks who particularly watch individual markets. And due to their diligence and focus, we benefit from fresh “on target” investing news. We often “get the scoop” on economic and investing news that is probably ignored (or reported late) by mainstream American news outlets. Thanks!
Why do you use the term, ‘anonymous cryptos’? They are not anonymous. Economic Policy Journal highlights numerous instances where this is Not the case.
Indeed. “Cryptocurrencies” are, in fact, not cryptologic at all. The scripters of CC are simply conflating a distributed ledger with genuine cryptologic security. If I weren’t an American I’d consider buying some, but inside these borders, the NSA/IRS/FBI cabal will eventually crush you.
Cryptos are a fools gold.
Government has been trying/succeeding the price manipulation from the git go.
Why anyone would believe them to be a safe haven is beyond me. The only real wealth is that which you can hold in your hand. Everything else will be controlled by the government.
There is also NO ANONYMITY. Anything done online is to be regarded as public information.
If you are trying to be wise with your money, and are a follower of a blog dealing with “survival”, then you should run as far away as you can from anyone suggesting Bitcoin as an investment or even a speculative gamble. MarketWatch referenced an article today by Bill Harris, former CEO of Intuit and founding CEO of PayPal and
Personal Capital, on his opinions on the crypto currencies and you can read it by goggle-
ing: “Bitcoin is the greatest scam in history”.
It’s short and easy to read and well worth the time. Read it and it will protect you from all the criminals out there that wish to separate you from your hard earned cash. Let the folks with excess money to throw away play with it. Its toxic and he explains how it’s the average small investor who will be burned in this new monetary scheme. Don’t fall for it.
If a sophisticated investor like Warren Buffet won’t touch, you don’t need to either. Be informed. Protect yourselves with good information and facts.