Although the stock market is basically flat YTD, there is rampant speculation bubbling under the surface. The bubble conditions in the stock market are evident in the flood of junk IPOs the investment banks are unloading on the public, the ridiculous valuations of the social networking stocks, the bidding wars for start-ups without a viable business plan, and the massive buildup in margin debt. The speculative conditions in the market are best captured by the ratio of the NASDAQ to the blue-chip Dow Jones Industrial Average. When NASDAQ stocks are beating the blue-chips by such a large … [Read more...]
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.
Bitcoin Tax Grab
The latest in the Bitcoin tax grab. Bloomberg's Richard Rubin and Carter Dougherty explain how the IRS has made it more difficult for Bitcoin users to make purchases by classifying the crypt0-currency as property for tax purposes. The U.S. government will treat Bitcoin as property for tax purposes, applying rules it uses to govern stocks and barter transactions, the Internal Revenue Service said in its first substantive ruling on the issue. Today’s IRS guidance will provide certainty for Bitcoin investors, along with income-tax liability that wasn’t specified before. Purchasing a $2 cup of … [Read more...]
India: Bringing Home the Gold
If you were watching the Sochi Olympics opening ceremony you saw a curious sight. The team from India was forced by the International Olympic Committee (IOC) to enter into the stadium without their flag. Instead they carried the Olympic flag and entered as “independent athletes.” The brouhaha started when the Indian Olympic Association’s (IOA) election process was allegedly manipulated by the government, putting an accused fraudster among the association’s leadership. With that, the IOC banned the Indian athletes from competing from India. Eventually the IOA held new elections and by the end … [Read more...]
Bitcoin: Understanding the Cryto-Currency
Find out what you need to know about Bitcoin right here. This primer will get you started on understanding the digital crypto-currency. Who: Bitcoin was started by a cryptographer/developer calling himself Satoshi Nakamoto. Satoshi never revealed much about himself, and after getting the project off the ground, left in 2010. Since then a large group of developers has taken on the task of building the currency's infrastructure. What: Bitcoin is a digital currency, protected by cryptographic tools used to prevent rapid money expansion and counterfeiting. Bitcoin isn’t the first … [Read more...]
Dislocation in Emerging Market Currencies
What has happened so far this month with the Turkish Lira is what currency dislocation looks like. The Fed’s taper chit-chat is like a butterfly flapping it’s wings in Argentina. In complex systems the butterfly effect matters. The Wall Street Journal's Peker, Candemir and Karakaya report here: ISTANBUL—Turkey's central bank resorted Thursday to direct currency sales for the first time in two years to prop up the lira, but the currency kept on spiraling to record lows amid a broad-based investor exodus from emerging markets. Policy makers in Ankara started selling dollars in the European … [Read more...]
Bitcoin Worth $524,000?
Bitcoin is a speculative corner of the market. To get a better understanding of it read this article by Brian Wesbury in the WSJ: Right now, total cash and deposits in the U.S. banking system (the M2 money supply), is roughly $11 trillion. Assuming 21 million Bitcoins are mined and they become an accepted currency, each one could be worth as much as $524,000. This is a massive potential appreciation from their current level. However, the list of companies that accept Bitcoin as payment for actual transactions make up what I estimate to be less than one-hundredth of a percent of all … [Read more...]
Gold Update: The Yellow Metal is on the Move Worldwide
China’s coming dominance of world gold markets is apparently, according to a report in Bloomberg, being fueled by “aunties.” Middle aged women who prefer to invest in something they can wear and transport, rather than property or stocks. This type of dual purpose investment in gold jewelry has been driving India’s world leadership of gold for years. But as we mentioned in August, China will soon overtake India as the world’s largest gold consumer. But part of the reason India has slowed its consumption is the result of draconian import rules the government has implemented to prop up the … [Read more...]
Approaching 100 Years of the Fed
December 23rd is the 100th Anniversary of the Federal Reserve. The chart below is a measurement of the value of a 1913 dollar today. As you can see the value has dropped some 95.7%. If the Fed’s dual mandate includes preserving the value of the dollar, it’s not performing its job. In contrast, according to Oxford Economics, the value of gold has remained remarkably steady over the centuries. “In the 1830s the price of gold in 2010 dollars was around US$450 per troy ounce, with the real terms price much the same in 2005, more than a century and a half later.” So while the value of the … [Read more...]
China Gold Rush Timeline: Infographic
Great infographic from the Real Asset Co. … [Read more...]
Record Gold Demand in China Drives Prices Higher
It turns out that among China’s 1.3 billion people, there are enough gold bugs to move the market. The newly affluent Chinese are driving a demand increase for the yellow metal. According to the South China Morning Post, China will overtake India this year as the world’s largest gold bullion consumer. The SCMP quotes Zhang Yongtao, vice-chairman of the China Gold Association, as saying, "We saw some frenzied buying following gold's rout in April and our preliminary estimate confirms that consumption reached about 137 tonnes, more than double a typical month. Chinese demand for gold will remain … [Read more...]
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