In recent months, our newsdesk has been testing the use of artificial intelligence (AI) chatbots to forecast bitcoin prices by the end of 2024 at specific intervals throughout the year. This time, we’ve changed our approach by employing the same generative AI chatbots to project the year-end prices for an ounce of .999 fine gold […]
Bitcoin News
Silver Squeeze: Precious Metal Soars 11.8% in 5 Days, Reaching Its Highest Price Since 2013
This week, the price of one ounce of silver has seen a significant rise. Over the past five days, silver has increased by more than 11% against the U.S. dollar, surpassing gold’s 2.3% five-day gain. Silver reached per troy ounce for the first time since February 2013. Silver Hits per Ounce, Outperforms Gold […]
Bitcoin News
Peter Schiff: Gold, Silver ‘Ready to Explode Higher’ — Sees ‘Biggest Precious Metals Bull Market in History’
Gold advocate and economist Peter Schiff has predicted an explosive rise in gold and silver prices. While encouraging investors to “Take advantage of what could be the biggest precious metals bull market in history,” Schiff calls bitcoin “dead money,” expecting outflows from spot bitcoin exchange-traded funds (ETFs) to “soon put significant downward pressure on bitcoin.” […]
Bitcoin News
Precious Metals Shine: Gold Hits Record High, Silver Sees Substantial Gains
The price of gold continues to hit unprecedented highs, with one troy ounce of .999 fine gold now trading at ,298. Silver is also beginning to ride the wave of gold’s recent uptrend, with its value climbing 3.64% on Wednesday surpassing the per ounce mark. Gold’s Historic Ascent Continues While One Analyst Eyes Potential […]
Bitcoin News
Precious Metal Peaks — Gold Surpasses $2,140, Marking Historic Price High
As bitcoin climbed beyond its previous 2021 peak, the value of an ounce of pure gold similarly hit a lifetime high on March 5. The globally acknowledged safe haven asset soared to ,140 per ounce on Tuesday, marking a 4.97% increase against the U.S. dollar over the preceding week. Price of Gold Climbs to Unprecedented […]
Bitcoin News
Bank of China Completes First Precious Metal Digital Yuan Settlement
The Shanghai branch of the Bank of China has completed the first settlement of precious metals using the digital yuan. The transaction, finalized on December 19, allowed the Shanghai Gold Exchange to close a million precious metal trade after receiving the funds overseas, according to local media reports.
Bank of China Completes First Cross Borders Precious Gold Transaction With Digital Yuan
The Shanghai branch of the Bank of China announced that it has completed the first precious metal settlement using the digital yuan, the Chinese central bank digital currency (CBDC). The bank worked closely with the Shanghai Gold Exchange to transact the funds received overseas with the digital yuan. The transaction involved paying million in exchange for undisclosed precious metals.
According to local media, this would be the first time the Chinese digital yuan is used to complete a fine metal transaction. A spokesperson for the Shanghai branch of the Bank of China stressed the relevance of this trade to set up Shanghai as an international financial hub. He stated:
The account will contribute financial strength to support Shanghai’s in-depth implementation of the free trade pilot zone promotion strategy and promote the quality and upgrading of the international trade center.
This is the second milestone the Bank of China has reached using the digital yuan this month. On Dec. 14, the bank facilitated a transaction between its Shanghai and Hong Kong branches, facilitating a settlement between Baosteel Group, a steel and iron company, and Bao-trans Enterprises, a manufacturer of premium steel products. The .4 million imported iron ore payment marked the debut of the digital yuan in the commodities arena.
China is also making efforts to introduce international digital yuan retail payments, as it recently announced a partnership with the Monetary Authority of Singapur (MAS) to implement a pilot program that will allow tourists to use the digital yuan for tourism purposes in both countries.
What do you think about using the digital yuan in precious metals settlements? Tell us in the comments section below.
Amid Rising Bitcoin ETF Hopes, Critics Warn of Vulnerability and Echoes of Precious Metal Manipulation
In recent months, the buzz around a potential bitcoin exchange-traded fund (ETF) has surged, echoing in its climbing price. But the enthusiasm isn’t universal. Some fear a spot bitcoin ETF could make BTC vulnerable, much like the gold and silver markets. The approval might open doors to manipulative practices reminiscent of those alleged in precious metals.
With a Physically-Settled Bitcoin ETF on the Horizon, Skeptics Foresee Gold-Like Manipulation Risks
A tangible bitcoin ETF might seem like a boon for crypto growth and valuation. However, there are concerns it could mirror gold and silver ETFs, using fictional BTC supplies as leverage for futures. Rapid price hikes could be countered by releasing this made-up supply. Instead of acquiring real bitcoin, buying into a bitcoin ETF wouldn’t diminish the actual supply. Operators of the ETF might leverage positions far exceeding their verifiable assets, swaying prices.
On October 16, 2023, Josef Tětek, a BTC analyst at Trezor, remarked that an “ETF is fiatization of bitcoin.” Tětek opines that long-term, an ETF might not benefit BTC. He asserted, “[A] bitcoin ETF is one of the worst things that can happen to bitcoin adoption. It is an attack on self-custody, substituting actual usage (whether as a MoE or SoV) for dumb price speculation.”
Tětek elaborated further:
ETFs are much worse than exchanges, as we can at least incite bank runs on exchanges and test their solvency – and if they prove to be running a paper bitcoin ponzi scheme, they collapse before they grow too large (FTX, Blockfi, etc.).
The first gold exchange-traded product (ETP) debuted in 1961 as a closed-end fund. By 1983, it opened its doors to a wider investor base. In 1986, after two decades on the Toronto Stock Exchange, it found its place on the U.S. Stock Exchange. March 2003 saw the listing of the first physical gold ETF, “Gold Bullion Securities.” Since these introductions, many have pointed fingers at ETFs and financial powerhouses for allegedly rigging precious metal prices.
This suspicion extends to a bitcoin ETF, where an ETF’s 100,000 BTC might be overshadowed by unchecked paper. Such an ETF could conveniently leverage fictitious supplies, assisting corporations in hedging vast derivatives bets. When prices balloon suddenly, this illusory supply might be released to curb the surge. Gold has allegedly been a victim of such practices. For example, two ex-JPMorgan metals traders faced fraud convictions last year for a gold market ploy, along with other precious metals.
In 2020, JPMorgan settled U.S. allegations of precious metals futures price manipulation from 2008-2016. Silver is also believed to suffer similar manipulation. Large financial entities are often accused of using short positions to suppress silver prices. Such underhanded tactics against gold and silver have been highlighted in various research papers and exposés. There’s a growing apprehension that the decentralized crypto world might face the same fate.
“A spot bitcoin ETF will be bad because it will allow Blackrock to purchase and control bitcoin, bought with other people’s dollars,” explained an individual on the social media platform X. “They will get a seat at the table, they didn’t earn. I don’t think you realize how bad this will be for plebs. We don’t want Mr. Fink at our table.”
While bitcoin ETFs may democratize access, naysayers believe they mask leverage and speculative practices from oversight bodies and investors. As with precious metals ETFs, price discovery might be twisted. “Best State attack on bitcoin ever – An ETF,” explained another bitcoin enthusiast on social media this week. “The funniest part is that bitcoiners are desperate for an ETF.” Another X user echoed the sentiment, foreseeing a gloomy future for the decentralized crypto.
“The approval of the spot ETF will be good for short-term traders as price will skyrocket,” the person posted. “But it will be bad for all the small retail bitcoin investors, as we won‘t see the actual price level again. As soon as the big boys step in, bitcoin becomes political.” Yet, not all concur with this thesis. Another user on X argued that painting an ETF as a villain is ludicrous, believing that the indomitable decentralized nature of bitcoin will always prevail.
“Bitcoin ETF bad [for] bitcoin,” the person said in jest. “People who say this think bitcoin is like gold. They do not understand that you cannot control bitcoin in the long run. Let Wall Street create all the ETFs they want. They will never be able to control bitcoin.”
What do you think about the critics of a spot bitcoin ETF? Do you think they have valid fears? Share your thoughts and opinions about this subject in the comments section below.
Aurus: The Future of Precious Metals and Blockchain – Exclusive Hypergrowth Benefits
Aurus brings precious metals to crypto, enabling users to easily buy, trade, spend and earn gold, silver & platinum via blockchain technology. Join the community hypergrowth and benefit today.
Imagine a world where gold can be exchanged as effortlessly as sending a tweet, and silver can be used for everyday purchases, such as paying for groceries. Aurus emerges as a revolutionary solution striving to make this vision a reality, unlocking the true potential of precious metals using blockchain technology. Step into a world where the age-old allure of precious metals meets the cutting-edge technology of blockchain.
Unlocking the True Potential of Precious Metals
Founded in 2019, Aurus is taking the lead in revolutionizing the precious metals market through the power of tokenization. With a firm commitment to efficiency and inclusivity, Aurus is on a mission to democratize access to these valuable assets. Now, Aurus is taking its vision to new heights with a Hypergrowth Funding Raise, an initiative that will propel the company into its next phase of groundbreaking innovation and global expansion while offering exclusive benefits and opportunities to earn gold, silver, and platinum.
The benefits of Tokenized Gold, Silver and Platinum
Although impractical in today’s digital economy, precious metals have provided stability to civilizations for thousands of years for their unmatched ability to preserve wealth. Through its innovative decentralized approach to tokenization, Aurus strives to bring precious metals to the modern era to democratize access and enhance the usability of the most reliable form of wealth.
Aurus Tokenized precious metals, tGOLD, tSILVER, and tPLATINUM are 1:1 backed and redeemable for 1 gram of physical LBMA-accredited gold, silver, and platinum respectively. Aurus offers a convenient and cost-effective alternative to traditional physical bullions and coins, with the additional benefits of instant settlements, 24/7 real-time trading, and reduced intermediaries.
Hypergrowth Phase: Join now for unique benefits
Today, the company stands as a pioneering force in the industry, boasting an impressive inventory of over million worth of metals, collaborations with 26 esteemed partners, and a growing user base of 30k mobile app downloads worldwide. Led by a team of precious metal and crypto industry veterans, Aurus embarks on its next stage to accelerate its expansion plans and solidify its position as an industry leader: hypergrowth.
The Aurus Hypergrowth offers investors exclusive benefits as part of the tiered community raise. Phase 1 participants receive a 30% bonus in tGOLD, tSILVER & tPLATINUM among other benefits. Additionally, Aurus will launch various major developments upon the closing of each phase including, DEX pool deployment, an Aurus Mastercard payment card, and MultiversX (layer-1) interoperability.
This strategic move poses an exciting opportunity for early adopters to contribute to Aurus’ growth objectives and vision while benefiting from passive rewards in precious metals. Participation in the Hypergrowth consists of a purchase in AurusX, the Aurus ecosystem token, which grants holders passive rewards in tGOLD, tSILVER and tPLATINUM.
Join the Aurus Hypergrowth for exclusive benefits
AurusX: Passive Rewards in Gold, Silver & Platinum
AurusX (AX) is the Aurus ecosystem token that earns its holders passive rewards in tGOLD, tSILVER, and tPLATINUM. Rewards are generated from token transactions, minting, and burning fees, which can be claimed by AurusX token holders. AurusX poses as a unique portfolio diversifier, providing passive rewards regardless of the direction of the market. As ecosystem activity grows, so do the rewards generated.
AurusX derives its value from the transactional volume of precious metals. Specifically, every time a tGOLD token is transferred or traded, a transaction fee of 0.18% is evenly distributed among the holders of AurusX. Users claim their rewards monthly on the Aurus mobile app. In the future, AurusX will also offer its holders the right of governance voting, enabling the Aurus community to create and vote on ecosystem proposals.
The ecosystem’s foundations are designed to align the interests of all its participants. In addition to AurusX holders, providers of precious metals to the Aurus ecosystem also receive a proportional share of the ecosystem rewards for their contribution. The fee distribution model works as follows:
AurusX plays a crucial role within the Aurus ecosystem, ensuring its scalability and self-sufficiency. It provides an opportunity for individuals to reap the benefits of Aurus’ growth and receive a share of the rewards, fostering organic motivation for ecosystem participants whilst promoting further decentralization of the system.
The Future Potential of Tokenized Precious Metals
It is clear that, from a macro perspective, the innovation of combining precious metals and blockchain technology unlocks a huge market of untapped potential. By making gold and silver easily accessible, instantly transferable, and convenient to use, tokenization massively reduces barriers to ownership, especially among the younger generation.
Aurus is on a mission to unleash the full potential of precious metals and enhance their use cases. Through collaboration with ingenious companies, new use cases will enter the sphere of payments, DeFi, gaming, and NFTs. Aurus’ revolutionary potential is undeniable since, in perspective, the traditional physical gold bar gathering dust can now be tokenized to become a versatile asset and productive yield-bearing digital asset in DeFi when used as DEX exchange liquidity.
Another massively exciting use case for tokenized precious metals is payments. Aurus is set to launch Aurus Vault Card V2 soon, which will allow users to spend gold, silver, and platinum via the Mastercard network as effortlessly as fiat currency. This implementation is especially interesting in today’s economic climate with the influx of inflation on the horizon.
Aurus’ ultimate ambition is to establish itself as a Decentralized Autonomous Organization (DAO), as outlined in the Aurus Roadmap, to become the most decentralized asset tokenization platform in the world. Other notable initiatives include:
- Gold-backed NFTs: NFT minting platform. Users can mint and burn their own NFTs backed by tGOLD & tSILVER.
- Gold in Gaming (P2E): tGOLD and tSILVER as in-game currencies; gaming publisher partnership
- Auto-Accumulation: A Precious Metals auto-invest scheme powered by OnRamper.
- Aurus Vault Card V2: Metal Mastercard payment card linked to Uniswap DEX Pools
Additionally, as Aurus continues to forge ahead, global expansion remains a key focus. With specific attention on Latin America, the UK, Cambodia, Azerbaijan, Turkey, and other regions, Aurus aims to establish itself as a transformative force, offering individuals and businesses the opportunity to participate in the digital precious metals market and benefit from its inherent value.
Aurus’ Unique Strength: Decentralized Robust Infrastructure
Aurus’ transparency and its fully decentralized system set the company apart from any competition. Unlike centralized gold-backed tokens, Aurus’ decentralization eliminates the risk of single points of failure, ensuring a transparent and dependable platform.
The company has developed a robust infrastructure that guarantees the integrity of its tokenized metals. The precious metal reserves supporting tGOLD, tSILVER, and tPLATINUM are securely stored in globally distributed vaults operated by reputable entities like Brinks, Loomis, and Malca-Amit. These vaults undergo regular third-party audits to verify their holdings, and tri-party agreements between the precious metals provider, vault, and Aurus ensure a 1:1 backing for the tokens.
Aurus is also collaborating with Chainlink Oracle to implement Proof-of-Reserves (PoR), a real-time auditing system that verifies asset reserves and token supply consistency. The Chainlink Proof of Reserve seal is one of the most recognized certifications a stablecoin can acquire, serving as an additional layer of transparency.
Global Sustainability & Positive Impact
Aurus also addresses environmental challenges while striving to provide a secure environment for your precious metal investments. That is because the company actively reduces CO2 emissions by minimizing the need for the transportation of physical gold. Additionally, Aurus only partners with LBMA-accredited companies that ensure that gold is mined and processed in adherence to stringent environmental and social standards. By supporting LBMA bullion standards, Aurus stands for sustainability, transparency, and fair labor practices in the gold industry.
Joining Aurus’ community extends beyond personal benefits, as users have the opportunity to create a positive impact on Web 3.0 and the world. Involvement in this ecosystem promotes responsible and ethical practices, contributes to democratizing access to real-world assets, and empowers individuals to take control of their finances and achieve financial sovereignty.
Join The Future of Precious Metals
Be part of the revolution that’s reshaping the world of digital precious metals into a realm that’s fair, accessible, and sustainable. Aurus is not just sculpting the future – it’s goldsmithing it, hand in hand with a community. Join now to benefit from the future success of Aurus and start earning passive rewards in gold, silver & platinum.
Join the Aurus Hypergrowth for exclusive benefits
Learn more at Aurus.io
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US Inflation Hits Two-Year Low, Boosting Stocks and Precious Metals
On Wednesday, July 12, 2023, the U.S. Bureau of Labor Statistics released the Consumer Price Index report for June, showing a 3% increase in inflation, the lowest level since March 2021. The U.S. inflation rate has fallen for 12 consecutive months, with the index rising 0.2% on a monthly basis.
Labor Department’s CPI Data Shows 3% Inflation Rate for June
Inflation in the United States continues to cool, according to the latest Consumer Price Index report from the U.S. Bureau of Labor Statistics released Wednesday. Inflation has fallen consecutively each month since June 2022. The inflation rate in June 2022 was 9.1%, but the latest CPI statistics show it has dropped to 3%.
“The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June on a seasonally adjusted basis, after increasing 0.1 percent in May,” the CPI report details. “Over the last 12 months, the all items index increased 3.0 percent before seasonal adjustment.”
Stocks performed well after the news Wednesday, with the S&P 500, Dow Jones Industrial Average, Nasdaq Composite, and Russell 2000 all closing in positive territory. The S&P 500 rose 0.74%, the Russell 2000 jumped 1.05%, the Nasdaq increased by 1.15%, and the Dow, while the lowest, still gained 0.25%. The CPI report is credited with boosting Wall Street’s sentiment.
Gold and silver also saw gains on July 12, with gold rising 1.3% and silver increasing 4.13%. The global cryptocurrency market capitalization fell 0.77% over the last day, dropping to .18 trillion. Bitcoin lost 0.61% in the past 24 hours, and Ethereum shed 0.25% against the U.S. dollar. Both leading crypto assets remained rangebound and had shown lackluster performance on Wednesday.
“There has been significant progress made on the inflation front, and today’s report confirmed that while most of the country is dealing with hotter temperatures outside, inflation is finally cooling,” George Mateyo, chief investment officer at Key Private Bank told CNBC on Wednesday.
Biden Celebrates Cooling Inflation, But Critics Question the Real Impact on Middle Class
Following the report, U.S. president Joe Biden and the White House were quick to take credit for the falling inflation figures. “Today, we learned annual inflation has fallen 12 straight months to 3% – the lowest in over two years,” Biden tweeted. “I ran for office to grow the economy from the middle out and bottom up, not the top down: that’s exactly what we’re doing. Bidenomics in action.”
Not everyone was impressed with Biden’s tweet on Wednesday. “Everyone spending 5 minutes in a grocery store knows this number is a lie and manipulated,” one user replied to Biden. “Inflation is way over 20%.” Another individual said: “Bidenomics in action is our families not being able to afford food, gas, or other necessities. Bidenomics has broken the back of the middle class.”
What has been your personal experience with inflation over the past year? Do you feel the official figures reflect your day-to-day reality? Share your thoughts and opinions about this subject in the comments section below.
EMCO Network Unleashes Blockchain’s Potential for Precious Metal Industry and Financial Inclusion
PRESS RELEASE. EMCO Network, a pioneering Defi project, is set to revolutionize the digital and financial landscapes by leveraging its unique blend of real-world experience in precious metals and artificial intelligence sectors.
Addressing the challenges faced by users from low socio-economic backgrounds, EMCO Network aims to provide a novel platform to tap into their digital identities, generating financial opportunities while fostering organic online interactions. The project’s robust and sustainable revenue model is built on its strong foothold in the precious metals industry.
EMCO Network’s blockchain strategy is designed to bring a new level of transparency, tracking, and authentication to the precious metals sector. This initiative aims to overcome the industry’s inability to share sensitive information on a public ledger due to risk factors such as cargo interception. By ensuring the safety and integrity of the load, EMCO Network will promote transparency and validation of goods, benefiting all parties involved.
The deployment of Blockchain Distributed Ledger Technology (BDLT) will give birth to ENERD, a Software as a Service (SaaS) rewards system, and a Defi platform. This initiative will provide financial inclusion and allow users to access the ENERD Dashboard/App and request a micro-task. The proprietary software solution, ENERD, issues unique micro-tasks to users determined by AI that analyzes data from connected platforms. These tasks, designed to promote organic engagement, will reward users with $EMCO tokens, which can be sold or staked in the Defi platform.
The Defi platform provides fixed APYs based on fixed periods and the unique opportunity to exchange tokens for RWA NFTs; the user can redeem a physical asset in the form of a coin, round, or bar, depending on the value; assets include Gold, Silver, Platinum, Copper and select Gemstones. Users can hold these for safekeeping or choose to redeem the investment, which is sent via secure courier. KYC for courier redemption is subject to the value denoted in the user’s local jurisdiction and the country’s custom declaration laws.
Relationships are being established at a local level across the globe that will allow users the ability to exchange their digital assets for physical assets at trusted and vetted bullion dealer partners. This will empower users the ability to convert easily into an asset class of physical value that they can use within local economies.
If a user decides instead to convert un-redeemed NFTs back into USDT or $EMCO, a secondary marketplace will be available through EMCO that will allow other users to place bids on these NFTs at discounted rates.
E.g; A buyer might put a bid of ,000 at a 3% discount to purchase. Their USDT is sent to the smart contract and held. When a seller/s agrees to the rate, the smart contract will complete the trade, sending the tokens and NFT/s to the appropriate parties. Both buyers and sellers can place offers onto the market at their desired price points ensuring a dynamic and inclusive ecosystem.
The project’s tokenomic structure and revenue model are built around trading precious metals on a B2B level. EMCO Network has direct contracts with precious metal mines, refineries, and government sector customers. The project will use 40% of the profits for a buyback of $EMCO tokens, creating a reflex loop for the longevity of the ENERD platform, with an additional 10% going to the treasury vault. This outside liquidity from the profits of the business ensures the growth of the token and its APY offerings are supported by realized gains as opposed to hypothetical market returns.
The EMCO Network team comprises seasoned professionals with an average of 20 years of experience in various fields, including precious metal sourcing, blockchain-related technologies, and business management. This multicultural, diverse team is dedicated to creating value for society and the community.
For more information, one can reach out to:
Twitter: https://twitter.com/EMCO_Network
Whitepaper: https://emco-network.gitbook.io/emco-network/
Telegram: https://t.me/EMCONetwork
Contact Details:
EMCO Network
Contact Email: contact@emco.network
Website: www.emco.network
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.