The fourth tranche of the International Monetary Fund credit of $1 billion to Ukraine has entered the reserve of the National Bank of Ukraine, Ukrainian Finance Minister Oleksandr Danyliuk said Wednesday. The IMF approved a four-year program of financial aid to Ukraine in March 2015. Kiev has already received three tranches of aid totalling …
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Japan legalizes cryptocurrency as form of payment
New legislation authorizing digital currency as a legal payment method has come into force in Japan. The text of the law was released by Japan’s Financial Services Agency on March, 24. Earlier this week, the Accounting Standards Board of Japan said that it would begin work on the creation of a …
Read More »Gold coin worth $4.5 million and weighing 100kg stolen from German museum
Perhaps even more brazen than the infamous theft of a bucket full of gold worth $1.6 million from an armoured truck in broad daylight in Midtown Manhattan last September 29, moments ago local German press has reported that thieves broke into Berlin’s Bode Museum and made off with a massive …
Read More »Audit the Fed bill passed by House panel
A House panel on Tuesday approved legislation that would let a government watchdog audit the Federal Reserve’s monetary policy decisions, a move bitterly opposed by the central bank. The House Committee on oversight and government reform passed the measure by voice vote after roughly 30 minutes of debate. The bill …
Read More »El Salvador becomes 1st country to ban gold and metal mining, in order to protect the environment
The smallest country in Central America – El Salvador – has approved a law prohibiting all metal mining in an attempt to protect the environment and natural resources. It is the first country in the world to do so. The new law, supported by 70 lawmakers, bans all exploration, extraction, …
Read More »China discovers gold deposit with mine life of 40 years, worth $22 billion
The biggest ever gold deposit of an estimated 380 tons has been discovered in China, announced Shandong Gold Group during a news conference in Beijing on Tuesday. According to local media reports, the Xiling gold seam in eastern China is more than 2,000 meters long and 67 meters wide. At …
Read More »Goldman Sachs buys $5.7 billion in toxic mortgages
Most banks hear “delinquent loans” and run, but Goldman Sachs is not most banks. The massive investment bank is greedily betting that it can squeeze value out of delinquent mortgages with a multi-billion dollar purchase of auctioned loans that have unpaid loan balances of $5.7 billion. The Wall Street Journal reports that the investment bank …
Read More »Paper silver contracts are being dumped on the market
Recently I spoke with author and economic analyst John Sneisen about the astonishing breaking story that half of the daily global silver production was dumped in a matter of minutes. A massive sell-off of paper contracts! The culprits appear to be unknown but it has resulted in a 4% fall …
Read More »Bitcoin crashes below $1000 after SEC rejects ETF
After much anticipation (and a spike to record highs earlier today), The SEC has decided to reject the Winklevoss application for a Bitcoin ETF. The SEC premise appears to be the unregulated natuire of the underlying: Based on the record before it, the Commission believes that the significant markets for bitcoin …
Read More »Bitcoin is now officially more valuable than gold
The price of bitcoin rallied to all-time highs on Friday, climbing above the price of one ounce of gold for the first time. The cryptocurrency was trading at $1,294, while a troy ounce of gold stood at $1,234. Bitcoin’s rally was attributed to high demand in China despite the country’s central …
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