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Gold, Silver, and Currencies

Young Research & Publishing has been providing research and insights on precious metals and currency markets to institutional investors, corporate financial officers, business owners, and individual investors for over four decades. Richard C. Young started Young Research & Publishing in the 70s to publish the authoritative Young's World Money Forecast, a 50-page monthly investment report on the precious metals and currency markets. Today, our research on gold, silver, and currencies is geared toward investors in or nearing retirement who are looking to preserve and protect wealth. 

Big Banks Adopting Blockchain for Short-Term Trading

May 23, 2022 By Jeremy Jones, CFA

Big banks BNP Paribas and JPMorgan are using digital tokens in their short-term trading operations. Eva Szalay reports for the Financial Times: JPMorgan’s blockchain allow banks to lend out US government bonds for a few hours as collateral, without the bonds leaving their balance sheets. Post-crisis regulatory requirements demand that banks hold large amounts of liquid assets — which can be bought and sold easily even during times of market stress — such as Treasuries as a safety buffer. By tokenising these assets banks can temporarily turn them into collateral for a few hours, but without … [Read more...]

CRYPTO: Has the Fire Gone Out?

May 13, 2022 By E.J. Smith

In The Wall Street Journal, Peter Santilli and Corrie Driebusch write that "Last year cryptocurrencies were on fire and appeared to gain more legitimacy after years of being considered a fringe, speculative product." In the last six months, crypto has lost $1 trillion in market value. It's fair to ask, has the fire gone out? Santilli and Driebusch write: In November, bitcoin and ethereum, two of the most popular cryptocurrencies, reached all-time highs. Bitcoin’s value at 5 p.m. on Nov. 9 was $67,802.30; ethereum was worth $4,800. They are now down 58% and 60%, respectively, from those … [Read more...]

STABLECOIN DEATH SPIRAL? TerraUSD Becomes Terra0.5USD Overnight

May 11, 2022 By E.J. Smith

A selloff is currently hitting cryptocurrencies, and one, in particular, is beginning to look like an emperor with no clothes. TerraUSD, a so-called "stablecoin," because of its purported peg to the dollar at 1 to 1, has lost around half its value overnight. The loss was so great, according to industry analysts, that it could even enter what's known as a "death spiral." According to The Wall Street Journal, TerraUSD uses " financial engineering to maintain its link to the dollar." Does that sound very "stable," to you? Caitlin Ostroff and Elaine Yu explain the breakdown, writing: The … [Read more...]

What’s Pushing Down the Yen?

May 5, 2022 By Jeremy Jones, CFA

In the Financial Times, Zach Pandl examines recent yen depreciation, writing: The yen has been the worst performing major currency this year, sliding around 12 per cent against the dollar and underperforming even the Turkish lira and Argentine peso. Relative to a basket of trading partner currencies and adjusted for inflation, the yen has fallen to levels last seen in the early years of the Reagan administration, before the 1985 Plaza Accord. But this state of enyasu (weak yen) will probably be shortlived. The yen is an undervalued haven asset at a time of rising recession risks around … [Read more...]

The Dangers of a Federal Reserve Digital Currency

April 22, 2022 By E.J. Smith

At the Cato Institute, Norbert Michel explains how central bank digital currencies (CBDCs) are about control. He writes about the dangers of such a creation: As a starting point, I want to distinguish between a wholesale CBDC and retail CBDC. With a wholesale CBDC, banks can electronically transact with each other using a liability of the central bank. Because that is essentially what banks do now, transact and settle (electronically) using reserve accounts held at the Fed, there aren’t very many new and interesting wholesale CBDC policy issues. (Basically, the Fed has had a wholesale CBDC … [Read more...]

FRAGMENTATION: World Currency Order Precarious After Biden’s Russia Sanctions

March 31, 2022 By Jeremy Jones, CFA

The implementation of crippling sanctions on Russia's central bank may encourage other countries to diversify away from the dollar, lest they fall victim to the same pressure tactics in the future. Gita Gopinath, the IMF's first deputy managing director, suggests there could be "fragmentation," of the world currency market. Johnathan Wheatley and Colby Smith report for the Financial Times: Gita Gopinath, the IMF’s first deputy managing director, said the sweeping measures imposed by western countries following Russia’s invasion, including restrictions on its central bank, could encourage the … [Read more...]

Bank of Japan’s Unlimited Bond Buying Sends Yen Tumbling

March 28, 2022 By Jeremy Jones, CFA

When a central bank offers to buy an unlimited number of its government's bonds, is it any surprise when its currency falls hard on the news? The value of the yen has dropped sharply on the news that the Bank of Japan will buy an unlimited number of 10-year Japanese government bonds to support the country's economic stimulus. The Financial Times reports: The yen dropped to a seven-year low on Monday as the Bank of Japan bucked the global trend for tighter monetary policy, stoking speculation that the central bank could intervene to prop up the currency for the first time since 1998. The … [Read more...]

As Turks Flee Lira, Erdogan Opens War Against Cryptocurrencies

January 24, 2022 By Jeremy Jones, CFA

For policymakers using currency debasement as a "solution" to their problems, there could be nothing worse than cryptocurrency. Its status as a "hard" currency alternative to fiat money makes cryptocurrency a friend to people living in hyper-inflationary environments. The anonymity of many cryptos also makes them desirable for people in oppressed nations. That combo is hitting Turkey like a double-whammy. Laura Pitel and Eva Szalay report on Turks flocking to cryptocurrency in the Financial Times, writing: Despite having a masters degree and a stable job, a middle-class lifestyle has felt … [Read more...]

DIGITAL DANGERS: Does America Need a Digital Dollar?

October 7, 2021 By Jeremy Jones, CFA

In what seems like a relentless drive toward self-actualization, discussion of the digitalization of the dollar has been winding its way through economic and financial news and analysis. But does America need a digital dollar? And are there dangers in such a creation? Alexander William Salter, an associate professor of economics in the Rawls College of Business at Texas Tech University and a senior fellow with the Sound Money Project, discusses some of the dangers of digitizing the world's reserve currency in The Wall Street Journal, writing: The Federal Reserve plans to consider the idea of … [Read more...]

ACHTUNG! Highest German Inflation of Euro-Era

September 30, 2021 By Jeremy Jones, CFA

Germany's inflation has climbed to a 29-year high of 4.1%. That's higher than at any point during Germany's participation in the euro currency bloc. This is perhaps most startling because of Germans' traditional aversion to inflation, which is understandable after having undergone one of history's worst hyper-inflations. Martin Anrold reports in The Financial Times: German inflation hit 4.1 per cent in September, its highest level for 29 years, prompting some economists to question whether central bankers are right to assume the surge in prices is only temporary and will disappear next … [Read more...]

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