Search Results for: money

The ‘War on Cash’ has begun

War on cash

From Filip Karinja, for Birch Gold Group Forget the ‘war on terror’ or even the ‘war on drugs’. There is a new war in town: The ‘war on cash’. JP Morgan Chase recently informed some of its customers that cash can no longer be stored in their safety deposit boxes. In …

Read More »

The future of money?

With Christmas coming, sales of chocolate gold coins have no doubt soared as parents get ready to fill their little ones’ stockings with edible treasure. But wealthy individuals worried about what the New Year could bring are instead stocking up on gold chocolate bars. Swiss refinery Valcambi has been selling …

Read More »

Facebook friends could change your credit score

Facebook

Choose your Facebook friends wisely; they could help you get approved or rejected for a loan. A handful of tech startups are using social data to determine the risk of lending to people who have a difficult time accessing credit. Traditional lenders rely heavily on credit scores like FICO, which …

Read More »

Now the Swiss want their gold back…all 1040 tons of it!!

Swiss gold

With last week’s announcement by the Bundesbank of the repatriation of 674 tons of German gold from Paris and NY over the next 7 years, we predicted that an avalanche of gold repatriation requests would soon be made to the BOE and the NYFed. It appears that Switzerland may be next …

Read More »

Silver: once and future money

Silver bar money 9999

Before the Renaissance, world money existed as precious metal coins or bullion. Caesars and kings hoarded gold and silver, dispensed it to their troops, fought over it, and stole it from each other. Land has been another form of wealth since antiquity. Still, land is not money because, unlike gold …

Read More »

Aristotle and the definition of money

Aristotle

There are countless tips on how to make money. This article is not about that. Rather, we examine the definition of money, what makes good money, and how some bad monies stay bad while others have become acceptable through new ideas and technology. In the end we will talk about …

Read More »

They’re coming for your money

Pockets empty

Nearly all of us grew up thinking that we registered ourselves to prove that we were safe and responsible. We advertised our services as “registered” or “licensed,” and we never thought about it beyond that point. After all, that was the way things were done, and we knew that it …

Read More »

The smart money is dumping stocks

Stock market money

We are getting clear signals from the “smart money” that something bad is looming on the horizon. The most obvious signal comes from the ultra-wealthy (those worth $20 million or more) who are rapidly moving out of paper assets and into real assets. For this reason, I want to draw …

Read More »

Bank run fears in Bulgaria

Dozens of depositors have withdrawn savings from Bulgaria’s third biggest bank despite assurances from the government and the European Union that their money was safe after a similar run shut down another major lender last week. Bulgarian authorities have arrested four people suspected of trying to destabilise the banking system in a concerted …

Read More »

Russia buys 900,000 ounces of gold worth $1.17 billion in April

Swiss gold

The Russian central bank has again increased its gold reserves by another 900,000 ounces worth $1.17 billion in April. Russia’s gold reserves rose to 34.4 million troy ounces in April, from 33.5 million troy ounces in March, the Russian central bank announced on its website yesterday. The value of its …

Read More »

Chinese rush: 10,000 people waiting in line to buy gold

China gold rush

Sometimes one must see to believe, in this case believe just how massive the raw demand for the shiny, barbarous relic is in China during times of relative monetary stability (in this case the Dragon Boat Festival). Now assume runaway inflation as we saw in 2011 China, which may be …

Read More »

Iran sentences 4 bankers to death in the nation’s biggest fraud case

Hang The Bankers

Iran’s judiciary system recently worked through the biggest banking fraud case in the nation’s history. According to The New York Times, the outcome of the case was made official on Monday. Results were dramatic to say the least. Judiciary spokesman Gholam-Hossein Mohseni-Ejei told reporters that four people had been officially sentenced …

Read More »

Currency wars: Venezuela devalues its currency by 46%

Venezuela Bolivar

While the rest of the developed world is scrambling here and there, politely prodding its central bankers to destroy their relative currencies, all the while naming said devaluation assorted names, “quantitative easing” being the most popular, here comes Venezuela and shows the banana republics of the developed world what lobbing …

Read More »

HSBC is broke; restricts large cash withdrawals

HSBC sign

Following research last week suggesting that HSBC has a major capital shortfall, the fact that several farmer’s co-ops were unable to pay back depositors in China, and, of course, the liquidity crisis in China itself, news from the BBC that HSBC is imposing restrictions on large cash withdrawals raising a …

Read More »

IMF wants you to pay 71% income tax

IMF

The IMF just dropped another bombshell. After it recently suggested a “one-off capital levy” – a one-time tax on private wealth as an exceptional measure to restore debt sustainability across insolvent countries – it has now called for “revenue-maximizing top income tax rates”. The IMF’s team of monkeys has been …

Read More »

$5 million worth of bitcoin vanish in China

China bitcoin

A Chinese bitcoin trading platform suddenly shut down and up to $5 million worth of bitcoin disappeared with it, a reminder of the great risk associated with the digital currency. Users were unable to log into the Chinese bitcoin platform Global Bond Limited (GBL) on October 26, and as much …

Read More »

Police raid major Italian football clubs in money laundering probe

Serie A

Italian police have seized documents from Italian and foreign clubs, including 18 in the top league, as part of an investigation into tax evasion and money laundering involving player transfers, Reuters reports. Apart from the Series A  teams, 11 B league teams and 12 from the lower divisions are being …

Read More »

US seizes top Bitcoin exchange as crackdown begins

Bitcoin

The US Department of Homeland Security seized a payment processing account Tuesday belonging to Mt. Gox, the largest international Bitcoin trader, claiming the monetary exchange service falsified financial documents. The American government has previously made it clear that officials are watching Bitcoin, a decentralized economic currency that international regulators have …

Read More »