After the success of services such as M-Pesa, Kenya’s mobile-phone based money transfer service, it is clear that there is a large under banked population in the non-western world. A population that is quick to adopt low cost mobile based solutions.
A new mobile payment system, Dinero MPS, aims to offer a wide variety of mobile payment services starting with the unserved markets in Africa, South America and Asia. Founded by financial cryptographer Ian Grigg and entrepreneur Ken Griffith, Dinero’s Ricardian-Contract based system is set to launch later this year with the release of an Android phone app.
Dinero’s co-founder Ken Griffith shared with DGC insight on the businesses’ plans and motivations.
On Thursday CBC, Canada’s national public television channel, broadcast a new documentary, the Secret World of Gold.
The program explored the “the power and politics of gold” and covered a wide variety of gold’s shady history from Nazi gold to The Odyssey Marine, the paper gold market, gold leasing, Fort Knox and gold manipulation. In a surprising move for main stream media, the documentary includes interviews with Andrew Maguire, Erik Sprott and John Embry that discuss the amount of gold held by western central banks and gold market manipulation.
While some don’t believe that the documentary went far enough, it ends with this very relevant question, “in the 21st Century gold still manages to keep its secrets. Perhaps the biggest one of all, where is the gold and who owns it?”
“Gold sales from Perth Mint, which refines nearly all of the nation’s bullion, have surged after prices plunged, adding to signs that the metal’s slump to a two-year low is spurring increased demand.”
“’The volume of business that we’re putting through is way in excess of double what we did last week,’ Treasurer Nigel Moffatt said, without giving precise figures. ‘There’s been people running through the gate.’”
“World Gold Council, which has been tracking the global gold market pattern, has found that there is a shortage for bars and coins in Dubai which is creating a supply shortage.”
“Aram Shishmanian, CEO, World Gold Council: ‘We are already seeing shortages for bars and coins in Dubai, while premiums in Mumbai are at $26/oz and $6 in Shanghai, indicating that buyers are willing to pay more than current spot prices for the metal …Our view is that demand is strong while supply remains constrained, and that this dynamic ultimately drives the long-term price of the metal,’”
But you can’t buy your groceries with silver coins just yet, the bill, SB 1439, still requires the governor’s signature.
The legislation was inspired by Utah’s legal tender law passed in 2011. Arizona’s version would allow Arizona residents to use gold and silver with the same recognition as Federal Reserve notes starting in 2014… assuming of course that your local grocery store is willing to accept your silver coins; the bill does not require anyone to accept gold or silver in payment.
In a recent interview with USAWatchdog.com the always exuberant Jim Willie gives some very interesting predictions.
Jim sees the BRIIICS (that includes Iran and Indonesia) moving away from the US Dollar, the Yen and the Euro and adopting a USD alternative for trade. He believes the East will sell off its US bonds, continue to purchase gold (driving it up to $7,500) and perhaps adopt “gold trade notes”. As he sees it the consequences of this will not be inflation, but a “large widespread cut-off of supply chains” in the states as foreigners will not be willing to accept US Dollars.
The 28min interview is full of colorful commentary and interesting thoughts including the possibility of “bail-in’s” in the states.
I very much sympathize with the old school goldbug scepticism about Bitcoin. It’s very reassuring to feel the weight of your money in your hand, and I don’t believe that Bitcoin meets with Mises regression theorem. But even if you don’t see Bitcoin as a sound form of money, you have got to admit that it’s damned useful! Bitcoin is perhaps the best alternative available at the moment for those suffering under the fiat banking system. As such it’s great to see an increasing number of traditional goldbug institutions, such as GoldMoney, embrace Bitcoin.
In a new podcast GoldMoney’s Andy Duncan discusses Bitcoin with the Bitcoin Foundation’s Jon Matonis. They discuss Bitcoin’s volatility, it’s dependence on the internet, 1 yr and 10 yr predictions for the currency and the ongoing Bitcoin vs Gold debate.