Crypto News From Brazil and Portugal: Aug. 24-31 in Review

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A roundup of major news of the week from Brazil and Portugal

Source: coin telegraph

Silver specs sharply boost bullish bets for 2nd week

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Through Tuesday, August 27, 2019

Charts and commentary courtesy of CountingPips.com
Tables courtesy of GoldSeek

Note: Commitment of Traders reports are published Friday with data from the previous Tuesday.

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Gold speculators trimmed their bullish bets slightly this week

Gold Non-Commercial Speculator Positions:

Large precious metals speculators decreased their existing bullish net positions in the Gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 296,838 contracts in the data reported through Tuesday August 27th. This was a weekly decline of -3,155 net contracts from the previous week which had a total of 299,993 net contracts.

The week’s net position was the result of the gross bullish position (longs) advancing by 10,315 contracts (to a weekly total of 362,609 contracts) while the gross bearish position (shorts) increased by a larger amount of 13,470 contracts for the week (to a total of 65,771 contracts).

Gold positions edged very slightly lower for the second time in the past three weeks. Despite the pull back, speculator sentiment has been on fire for gold over the past few months as bullish bets have risen by a total of +210,150 contracts just since June 4th. The current bullish standing (+296,838 contracts) remains very close to the +300,000 net contract level which has not been reached since September 6th of 2016 (a span of 155 weeks).

Gold Commercial Positions:

he commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -333,806 contracts on the week. This was a weekly gain of 2,444 contracts from the total net of -336,250 contracts reported the previous week.

Gold Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1551.80 which was an increase of $36.10 from the previous close of $1515.70, according to unofficial market data.

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Silver speculators sharply boosted their bullish bets for 2nd week

Silver Non-Commercial Speculator Positions:

Large precious metals speculators once again raised their bullish net positions in the Silver futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 59,852 contracts in the data reported through Tuesday August 27th. This was a weekly gain of 13,138 net contracts from the previous week which had a total of 46,714 net contracts.

The week’s net position was the result of the gross bullish position (longs) growing by 7,501 contracts (to a weekly total of 103,488 contracts) while the gross bearish position (shorts) lowering by -5,637 contracts for the week (to a total of 43,636 contracts).

Silver speculator bets rose strongly for a second consecutive week after having fallen in the previous two weeks. Speculative positions have now gained in nine out of the past thirteen weeks as sentiment continues to remain strong. The silver net position has advanced from a total of -8,443 contracts on June 4th to a total of +59,852 contracts this week which is a gain of +68,295 contracts over the past thirteen weeks.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -81,681 contracts on the week. This was a weekly fall of -10,818 contracts from the total net of -70,863 contracts reported the previous week.

Silver Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1829.80 which was an uptick of $115.00 from the previous close of $1714.80, according to unofficial market data.

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US Dollar Index speculators nudged bullish bets up

US Dollar Index Speculator Positions

Large currency speculators lifted their bullish net positions in the US Dollar Index futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of US Dollar Index futures, traded by large speculators and hedge funds, totaled a net position of 29,897 contracts in the data reported through Tuesday August 27th. This was a weekly lift of 398 contracts from the previous week which had a total of 29,499 net contracts.

This week’s net position was the result of the gross bullish position (longs) declining by -961 contracts (to a weekly total of 48,102 contracts) compared to the gross bearish position (shorts) which saw a larger decline by -1,359 contracts on the week (to a total of 18,205 contracts).

US Dollar Index speculators inched up their bullish bets this week following two down weeks. Overall, dollar index speculative positions have risen for seven out of the past ten weeks and maintain their bullish standing right around the +30,000 net contract level.

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*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (https://ift.tt/1BFu6fQ).

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Source: USA gold

Can PACs Popularize Cryptocurrency Donations in US Politics?

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As BitPAC plans to launch an ICO in support of 2020 candidate, can PACs popularize cryptocurrency donations in the U.S. politics?

Source: coin telegraph

Silver continues to outpace gold and has much more left in the tank

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FX Street/Ross J. Burland/8-30-2019

“The first upside target [for silver] is the 23.6% retracement level at $22.15.”

USAGOLD note:  Some interesting technical analysis on silver centered around the Gold to Silver ratio.

Chart courtesy of TradingView.com

Source: USA gold

Continental Unveils Demo Earning App for Blockchain-Based Car Platform

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Automotive supplier Continental pilots “Earn As You Ride” app that lets drivers monetize their parking data

Source: coin telegraph

Societe Generale predicts ECB will launch open-ended QE next month

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Bloomberg/Piotr Skolimowski/8-28-2019

“The European Central Bank will launch an ‘open-ended’ quantitative easing program of asset purchases next month as part of a broader package designed to lift the euro-area’s flagging economy and stimulate inflation, according to a prediction by Societe Generale.”

USAGOLD note:  The shape of things to come in a confederation of nation states already experiencing strong citizen gold demand.  Fascinating video from Wikimedia Commons on printing euros for those with some time on their hands. . . .

Source: USA gold

1.4 Million Brazilian Point-of-Sale Devices to Support Crypto Payments

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The largest credit card processing company in Brazil unveils support for crypto payment

Source: coin telegraph

The case for $20 silver

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Casey Research/Chris Reilly/Interview of EB Tucker/8-28-2019

“I think people need to be very careful right now of their thinking with gold. A lot of people have been involved in gold before and are burned out… and they don’t believe that this move in gold is real. And what they’re going to do is sell at the first sign of life. And then, the price will keep running higher, and they’ll wait to get back in. And they’ll end up kicking themselves and buying in later at much higher prices.”

USAGOLD note:  EB Tucker goes on to make the case for $20 silver at the link above.

 

Source: USA gold

Samsung Galaxy S10 Now Supports Stablecoins: TrueUSD, Maker, USD Coin

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South Korean tech giant Samsung expands its Galaxy S10 with three stablecoins such as TrueUSD, Maker and USD Coin

Source: coin telegraph

Silver scramble erupts on gold gains as investors play catch-up

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Bloomberg/Justina Vasquez/8-28-2019

“Investors holding ‘poor man’s gold’ are suddenly a lot richer, and silver’s rally may still have room to run.”

USAGOLD note:  We spend much time on gold and precious little on silver.  That is because of the dearth of news and opinion on the sometimes forgotten member of our dynamic duo. This article fills the void – at least for today . . .

Source: USA gold

Billionaire Alan Howard Eyes $1 Billion Crypto Fund Management Venture

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The asset manager owned by U.K. billionaire Alan Howard plans to launch a new product to help institutional investors navigate the crypto hedge fund space

Source: coin telegraph

Amberdata Discovers ‘RPC Call’ Bug in Parity Ethereum Client

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A new code release of the Parity ethereum client was released on Thursday to patch a security vulnerability found by blockchain startup Amberdata.
Source: coin desk

Japanification: investors fear malaise is spreading globally

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Financial Times/Robin Wigglesworth/8-26-2019

“Fears over recession are once again stalking markets, but many investors and analysts are more worried about a deeper, more structural shift: that the world economy is succumbing to a phenomenon dubbed ‘Japanification.’”

USAGOLD note:  We hear the question raised repeatedly these days: Is the United States, indeed the world, going the way of Japan? Robin Wigglesworth explores the possibilities and dangers of “Japanification” in this article. . . .

Source: USA gold

Hedera Hashgraph Blockchain to Launch, Release Coins Starting Sept. 16

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Hedera Hashgraph is adding the first American financial services provider, FIS Global, to its governing council just weeks before a planned mainnet launch.
Source: coin desk

9 reasons why gold is a good investment in 2019

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Yahoo/John Csiszar/8-27-2019

“Meanwhile, gold prices have been humming along, having an excellent 2019 year-to-date. But will the good times keep rolling for the shiny metal? Here’s a look at reasons gold might make a good investment for the rest of 2019, along with information about what drives the price of gold and the various ways you can buy it.”

USAGOLD note:  Some quick pointers on the why and how of gold diversification . . .

Source: USA gold

Coinbase Study Says 56% of Top 50 Universities Have Crypto Classes

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Compared to last year, twice as many university students, or 18 percent, partook in a crypto or blockchain class.
Source: coin desk

U.S. yield inversion deepens, stokes recession fears

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Reuters/Richard Leong/8-27-2019

“The U.S. yield curve inversion deepened on Tuesday to levels not seen since 2007, rekindling fears of a looming recession that spurred a sell-off on Wall Street and stoked even more safe-haven demand for government bonds.”

USAGOLD note:  Doesn’t seem like this is going to go away anytime soon. . . . .Looks ominous.

Source: USA gold

They Biked, Ran and Swam Over 200 Miles Across Europe – All for Bitcoin

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A group of bitcoin enthusiasts just ran, biked and swam across Europe, all to promote the cryptocurrency they believe is leaving a powerful, positive mark on the world. The first “Satoshi Freeathlon” officially finished this weekend, in which a group of seven bitcoin enthusiasts flexing their athletic abilities by journeying from Switzerland’s “Crypto Valley” in […]
Source: coin desk

Pound falls on report queen could be asked to suspend parliament

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Bloomberg/Charlotte Ryan and Anooja Debnath/8-28-2019

“Sterling was the worst performer among major currencies while U.K. government bonds rallied as the market reacted to the threat of a no-deal Brexit increasing.”

USAGOLD note: One would think that the plunging pound would serve as further inducement for gold ownership among British investors.

Gold – British Pound (Year to Date)
Chart courtesy of TradingView.com ••• [Click to enlarge]

Source: USA gold

Libra Association’s Crypto Members Remain Unfazed by Regulatory Backlash

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Despite government scrutiny, crypto firms in the Libra Association say they’re committed to the project.
Source: coin desk

Pet rock indeed: Bank of America says buy gold as central banks lose control

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ZeroHedge/Tyler Durden/8-26-2019

“What a difference a few years makes. Back in the summer of 2015, a WSJ op-ed writer,  who somehow was unaware of the past 6,000 years of human history, infamously and embarrassingly said ‘Let’s Be Honest About Gold: It’s a Pet Rock.’ Fast forward to today, when with every central bank once again rushing to debase its currency in what increasingly appears to be the final race to the debasement bottom, when even BOE head Mark Carney recommends that it is time to retire the dollar as the world’s reserve currency, pet rock gold has emerged as the second best performing asset of the year… and at the rate it is going – 4th in 2017, 3rd in 2018, 2nd in 2019 – gold will be the standout asset class of 2020.”

USAGOLD note:  Quite an impressive piece of analysis for the long-term future from Bank of America with comments laid-in from Tyler Durden at ZeroHedge – and with no small amount of staying power. Perfect choice or pet rock? We will let the reader decide. . .

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Image courtesy of Visual Capitalist

Source: USA gold

Facebook’s Calibra Is Building a Compliance Team, Searching for Sanctions Lead

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The Calibra wallet team is looking for more compliance professionals
Source: coin desk

World’s top wealth manager urges clients to sell stocks

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Financial Times/Richard Henderson/8-26-2019

“UBS Wealth Management, which oversees $2.5tn for rich clients, has trimmed its core equity recommendation to an ‘underweight’ position for the first time since the height of the eurozone crisis in 2012, on worries that the ongoing trade war and slowing global growth increase the risk of owning stocks.”

USAGOLD note:  Over the weekend, we had central bank leadership telling the world that there was not much it could do to counter the ill effects of the trade war.  We even had one prominent central banker – Mark Carney, the head of the Bank of England – surprise the financial world by suggesting that perhaps it was time to look for alternatives to the dollar as the world’s reserve currency. UBS’ sell recommendation looks to be a reaction to the negative sentiment global leaders projected at the Jackson Hole and Biarritz meetings this past weekend.

Source: USA gold

Judge Recommends Ruling in Favor of Kleiman in Craig Wright Case

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A magistrate judge has recommended that Craig Wright turn over 50% of his bitcoin and intellectual property from before 2014 to Ira Kleiman.
Source: coin desk

Wells Fargo tries to diss gold, but fails

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Dollar Collapse/John Rubino/8-23-2019

“The goal of Wells Fargo’s statement was clearly to steer clients back into investment vehicles that generate fees and away from precious metals which generally don’t. But the impact on most clients will probably be the opposite, because most clients currently own exactly zero gold. So in reading the above they’re likely to gloss over the cautionary statements and fixate on the stuff Wells Fargo was forced to acknowledge….”

USAGOLD note:  Rubino goes on to list those acknowledgements . . .”If you own no gold,” he concludes, “and your bank says you should own some, that amounts to a buy recommendation. Which is what Wells Fargo — and every other major bank — wishes it could avoid but increasingly can’t.” For those who would like to own gold and/or silver and store it securely, we offer an individualized, allocated storage program that costs less to maintain in most cases than an ETF. You also can take delivery of your metal at any time with a phone call. To learn more, we invite you to contact us.  If you would like to take the traditional route and receive delivery, we can help with that too.

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Source: USA gold

Binance Launches Crypto Lending With Up to 15% Annual Interest

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Crypto exchange Binance is now offering users up to 15% in annualized interest for lending their crypto assets such as BNB and USDT.
Source: coin desk

Mark Carney calls for global monetary system to replace the dollar

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Financial Times/Chris Giles/8-23-2019

“Mark Carney, the Bank of England governor, has said that the world’s reliance on the US dollar ‘won’t hold’ and needs to be replaced by a new international monetary and financial system based on many more global currencies.”

USAGOLD note:  The real story is not the global currency of the future – whatever form it might take – but the escalating move to dethrone the dollar as the world’s reserve currency. In the end, dedollarization carries potentially bullish implications for gold in dollar terms. It comes as a surprise that someone the stature of Bank of England’s Mark Carney would promote moving beyond the dollar as the world’s reserve currency.

Source: USA gold

Investors to hunker down as trade war enters ‘bewildering’ phase

Burning Man & Crypto: Common Grounds

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Burning Man, the mecca of tech industry parties, offers lessons for the cryptocurrency movement.
Source: coin desk

COT– Gold speculators raise bullish bets to highest since 2016

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–– Now posted ––
Commitment of Traders reports for Tuesday, August 20, 2019
GOLD • SILVER • US DOLLAR INDEX

Commentary by Zac Storella, CountingPips

[LINK]

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Source: USA gold

In Berlin, A ‘DAO Renaissance’ Begins

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New tools and the rise of DeFi have made decentralized autonomous organizations, or DAOs, newly attractive to ethereum’s top developers.
Source: coin desk

Crypto Funds Are Outperforming – You Shouldn’t Be Surprised

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Josh Gnaizda of Crypto Fund Research looks into possible reasons behind the relative performance of crypto funds vs bitcoin since Q1 2017.
Source: coin desk

The global economy may be facing its ‘Minsky moment’ of excessive debt — and that is great for gold prices

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MarketWatch/Mark DeCambre/8-22-2019

“For Trey Reik, senior portfolio manager at Sprott Asset Management USA, current economic conditions bear the hallmarks of a so-called Minsky moment, in which over-leveraged investors are compelled to sell their investments, catalyzing a major market downturn — an ideal environment for gold. . .[He] makes the case that the Federal Reserve’s recent interest-rate reduction in July and expectations that it will continue to cut rates, are a tacit acknowledgment that the central bank must keep interest rates low or risk a debt meltdown.”

USAGOLD note:  Reik believes that interest rates must continue to decline “to keep the ever-burgeoning debt pyramid from toppling.”

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“[Exter’s Inverted] Pyramid stands upon its apex of gold, which has no counter-party risk nor credit risk and is very liquid.  As you work higher into the pyramid, the assets get progressively less creditworthy and less liquid. . .[In a financial crisis] this bloated structure pancakes back down upon itself in a flight to safety.  The riskier, upper parts of the inverted pyramid become less liquid (harder to sell), and – if they can be sold at all – change hands at markedly lower prices as the once continuous flow of credit that had levitated those prices dries up.” – Lewis Johnson, Capital Wealth Advisor’s Lewis Johnson

In short, what Lewis Johnson outlines is the bottom-line rationale for diversifying one’s portfolio with gold. For a more detailed analysis of Exter’s Inverted Pyramid, we invite you to visit the May 2019 edition of News & Views, our monthly newsletter.

Source: USA gold