After the Chinese government took a hard stand against cryptocurrency use in that country, the Biden administration is also clamping down on the use of cryptocurrencies as a tax evasion tool. The Financial Times reports: The US Treasury said cryptocurrency posed a “significant detection problem by facilitating illegal activity broadly including tax evasion”, echoing comments from the European Central Bank this week, which said that cryptocurrencies’ “potential use for illicit purposes” were a cause for concern. The US proposal is part of a Treasury report showing how Joe Biden’s White … [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.
Volatile Plunge Reveals Weaknesses in Crypto Speculation
Cryptocurrencies took a nasty plunge yesterday after Chinese authorities cracked down on their use. That institutional response, shortly after Elon Musk revealed that Tesla would no longer be using bitcoin in transactions, was a double whammy that took the wind out of cryptocurrencies across the board. Since the drop, crypto prices have recovered some of what they lost, but nowhere near all. The Wall Street Journal reports: The recent price fall has accelerated after three Chinese entities published a statement that financial institutions shouldn’t accept virtual currencies for payment or … [Read more...]
Your Survival Guy: Cryptos, Stocks, Bonds & YOU
Other than what someone's willing to pay you, where does a cryptocurrency's value come from? Because when it comes to sources of value, with dividends from stocks and interest from bonds, you know where you stand. With cryptos, you hope someone doesn’t jump the line. When a company pays you a dividend (or a bond pays you interest), it worries about meeting its obligations to you. It sees you, unlike the anonymity of cryptos, banging your tin cup on the boardroom table saying: “Show me the money.” When a company issues stock, it’s giving up ownership, and with a bond, it’s taking on debt. … [Read more...]
Is the Government Missing, or Ignoring Inflation?
If prices rise, but the government doesn't measure it, does inflation exist? There are major holes in the government's measurement of inflation. Lisa Beilfuss explains in Barron's here: There are economic models, and there is real life. Over the past week alone, the price of corn rose 8% to the highest level since 2013, while soybeans and wheat prices hit their highest points since 2014. The CRB foodstuff index, which includes hogs, butter, and sugar, in addition to grains and other agricultural commodities, is up 15% this year and trading at the highest level since summer 2012. Grocery … [Read more...]
TIPS Not the Best Inflation Hedge Today
By Noska Photo @ Shutterstock.com There are better places for investors looking to avoid inflation pressures in their portfolios than TIPS. Alexandra Scaggs reports in Barron's: Investors in search of ways to protect their income against inflation may need to look further than they think: The market created for that purpose may not be a great choice, for either income or returns.Treasury inflation-protected securities, or TIPS, have attracted investor cash this year as investors bet that a mix of economic reopening and U.S. government stimulus will drive prices higher in the U.S. Funds … [Read more...]
Turkey Bans Bitcoin
The WSJ reports that Turkey has moved to ban Bitcoin payments as Turks lose confidence in the lira. This is a preview of what Bitcoin enthusiasts are likely to face over coming years. Countries with the least stable currencies will move first to ban Bitcoin, but developed countries are also likely to act. The bottom line on Bitcoin is that it is a threat to fiat currencies and therefore central banks and ultimately fiscal authorities running massive deficits. Turkey will ban the use of cryptocurrencies as a form of payment following months of economic turbulence that spurred locals to swap … [Read more...]
Is Inflation Imminent? Prepare Now
At FT, Pascal Blanque, explains that inflation is imminent and that investors must prepare themselves for what's to come. He writes: A change in market regime often occurs with a change in the mandate of central banks. The central focus on inflation targeting that started with the arrival of Paul Volcker at the helm of the Fed in 1979 is fading. This much is clear from the new priorities recently adopted by two central banks: achieving full and inclusive employment by the Fed and reducing global warming by the Bank of England. For investors, this means the rise in bond yields might not be … [Read more...]
Could Bitcoin Be Outlawed?
Could bitcoin be outlawed? That's what Ray Dalio of Bridgewater Associates believes could happen. Mark DeCambre reports at MarketWatch: Bitcoin is enjoying its moment in the sun now, but the world’s No. 1 digital asset could face major resistance by government’s looking to rein in the decentralized crypto, according to Bridgewater Associates Ray Dalio. “Every country treasures its monopoly on controlling the supply and demand. They don’t want other moneys to be operating or competing, because things can get out of control. So I think that it would be very likely that you will have it under … [Read more...]
This Is When Things Get Interesting in Currency and Bond Markets
Today, the Australian Central Bank doubled the size of its daily bond purchases to hold down the rise in long-term Australian interest rates. The market says Australian rates are too low and need to rise. The central bank disagrees, but if the market ends up having the correct view of the exchange rate, look for the Australian dollar to start depreciating. The FT has more on Australia’s decision: Australia’s central bank doubled the size of its regular bond purchases on Monday in a move that analysts say will have broad implications as policymakers consider their response to a global jump in … [Read more...]
Massive Cryptocurrency Hedge Fund Fraud
Joel Rosenblatt and Chris Dolmetsch report for Bloomberg on the case of Stefan He Qin, a cryptocurrency hedge fund founder who has admitted to $100 million in fraud. They write: The 24-year-old founder of Virgil Capital, which ran two cryptocurrency hedge funds, admitted to duping investors out of almost $100 million and using the money to support a lavish lifestyle. Stefan He Qin pleaded guilty Thursday in federal court in New York and faces as much as 20 years in prison at his sentencing in May. Prosecutors said the Australian national stole investor money from Virgil Sigma Fund LP, a … [Read more...]
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