Police in the Iranian capital of Tehran closed the city’s open currency market and arrested up to 100 people at the weekend, including Gold Coin dealers according to local reports.
GLBSE is a stock exchange for shares of companies denominated in Bitcoins. Late last week, without warring, the exchange was closed. “Nefario”, the owner of the website, shut it down with no explanation given.
I make no apology for returning to the subject of China, its role in the Shanghai Cooperation Organisation, and gold. Gold is now a strategic metal for present and future SCO governments, which between them have over 40% of the world’s population; and now that the price of gold is re-establishing its rising trend, understanding its future role as a replacement for the US dollar is increasingly urgent, because gold is wealth and this wealth is being transferred from west to east.
Singapore scraps it’s 7% tax on gold and silver in an effort to turn the city into a precious-metals trading hub to rival London and Zurich. “There has been a dramatic increase in customers wanting to move out of paper, that is over-the-counter gold, and into physical,” said Cedric Chanu, director, Asia precious-metals trading at Deutsche Bank. “We’re seeing customers wanting to move their gold from Europe into Singapore.”
Bitcoin is not about making rapid global transactions with little or no fee. Bitcoin is about preventing monetary tyranny. That is its raison d’être.
Text messages from LIBOR banksters, hyperinflation in Iran, introducing The Bitcoin Foundation, CFTC’s position limits rule thrown out, Bill Gate’s thoughts on digital currency and more.
Eric Sprott & David Baker of Sprott Global recently published an article titled “Do Western Central Banks Have Any Gold Left???” In the article they take a look at the supply and demand of gold and reach the conclusion that central banks are likely “leasing their gold reserves to ‘bullion bank’ intermediaries who were then turning around and selling their gold to China, … The central banks’ gold is likely gone, and the bullion banks that sold it have no realistic chance of getting it back.”
The piece is not long and well worth reading in its entirety, but below are the highlights.