Economy

China to launch yuan gold fix by end of 2015

China gold shop yuan

China plans to launch a yuan-denominated gold fix by the end of 2015 via the Shanghai Gold Exchange (SGE), in a move aimed at giving the world’s biggest bullion producer and consumer more influence over pricing. The first public confirmation made by an exchange official comes after Reuters cited sources …

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Plans for cashless society is accelerating bank runs

Euro cash withdrawal money

From Filip Karinja, for Birch Gold Group Over the past few months, as governments and bankers lose grip on the failing monetary system that is surviving only on the back of record low interest rates and excessive money printing, the ‘war on cash’ has been escalating around the world. Why such disdain for cash? A society …

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Ron Paul: You can’t print money forever

Ron Paul stock market money

With the stock market nearing all-time highs and the Federal Reserve hinting that it would not raise interest rates, former US Congressman Ron Paul warned that the Fed’s policies have put the market on the verge of a massive collapse. “I look at the markets as being unstable, which means some days …

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Bank runs in Greece, bank holidays coming next

Greece bank run ATM queue

The writing has been on the wall for quite sometime. Deposit flight from Greece‘s ailing banking sector has been running north of €500 million per day this week as the threat of capital controls casts a pall over the Greek government’s efforts to reassure the public and head off a …

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China’s stock market is about to collapse

China stock market crash

It’s been an ugly week for Chinese equities, but today’s performance is a whole other level of ugly: Today marked the fourth largest decline of the Shanghai Composite in two decades. We’ve discussed the insane valuations on the Shanghai and Shenzen stock-exchange before. As our regular readers will know, today’s fireworks have been a long …

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RBS completes 600000 delayed payments after technical glitch

Royal Bank of Scotland RBS

The Royal Bank of Scotland (RBS) has repaid the 600,000 customers who suffered on Wednesday when payments into their accounts failed to show up, the banking group announced this morning. The bank blamed the glitch on a technical error, as a package of incoming payments was not processed correctly, leaving RBS and NatWest …

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US Treasury has ‘frozen’ debt for 90 days at $18,112,975,000,000

U.S. Treasury

The portion of the federal debt that is subject to a legal limit set by Congress closed Thursday, June 11, at $18,112,975,000,000, according to the latest Daily Treasury Statement. That, according to the Treasury’s statements, makes 90 straight days the debt subject to the limit has been frozen at $18,112,975,000,000. $18,112,975,000,000 is …

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Russia reduces US debt holdings by 40% over past year

USD US 100 dollar note

Russia held $66.5 billion in US treasury securities in April 2015, down from $116.4 billion in April the previous year. The amount of US government bonds held by Russia reduced by more than 40 percent in one year, according to figures released by the US Treasury on Monday. In April 2015, Russia held $66.5 billion in US government debt, down from …

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China’s petroyuan set to knockout the petrodollar

Yuan Petroyuan dollar USD

From Filip Karinja, for Birch Gold Group This week the petrodollar was struck with a mighty blow. Russia’s third largest oil producer, Gazprom, announced that it will settle all crude sales to China in yuan, and thus officially ditch the dollar. With relations between China and Russia growing stronger by the day, …

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Zimbabwe phases out local currency at 35 quadrillion to US$1

Zimbabwe starving billionaires

Zimbabwe has started retiring its almost worthless local currency in favor of the US dollar. Today, 35 quadrillion Zimbabwean dollars are equal to US $1, as a result of hyperinflation which hit the country in 2009. The demonetization process of the Zimbabwe dollar started on Monday and will run till …

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