Search Results for: currency

Peak gold, amid rising demand and a declining dollar

Cash is trash

From Filip Karinja, for Birch Gold Group Conventional wisdom suggests a strong dollar is bad for the price of gold. So given the dollar’s current relative strength against other currencies, we should expect the price of gold to fall, right? Not so fast, says a new report from the World Gold Council (WGC). …

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China to allow direct conversion between Yuan and Swiss Franc

Chinese clerk with yuan notes

China took another step to boost the yuan’s global usage, saying it will start direct trading with the Swiss franc, as the nation pushes its case for reserve-currency status at the International Monetary Fund. The link will start on Tuesday, the China Foreign Exchange Trade System said in a statement, making …

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IMF approves Chinese yuan to rival US dollar on the global stage

International Chinese yuan IMF SDR

From Filip Karinja, for Birch Gold Group As we predicted it would happen, the International Monetary Fund (IMF) made a historic decision this week in international finance by adding the Chinese yuan into its basket of currencies that make up the global exchange unit known as the SDR. Created back in 1969, the SDR (Special …

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Central banking elite met today behind closed doors

Bank gate

From Filip Karinja, for Birch Gold Group Today the financial heavyweights in the world of finance met behind closed doors to discuss the future of the global economic system. Held in Washington, the meeting was titled, ‘Gold, renminbi and the multicurrency reserve system’. Co-hosted by the World Gold Council, the purpose of the …

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Will Bond Indexing Topple Foreign Exchange Market Transactions

Investors frequently include foreign or international bonds in their portfolios for two important reasons; to benefit from the higher interest rates and to diversify their assets. Bond index finds present the simplest and most efficient way to invest in foreign bonds. Also known as bond indexing, the technique is cost-effective …

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Iran to dump US dollar in oil trade, settle in euro instead

US dollar dumped oil trade

Iran wants post-sanctions’ oil contracts denominated in dollars and have buyers pay in euros, Reuters reported. Tehran is also keen to receive money owed to it since the pre-sanctions days in the European currency. The country’s crude deliveries are to be restored soon, with companies such as the French giant …

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Will the Bitcoin Halving Inspire Another Boom?

With the next Bitcoin halving expected in May, speculation about the currency has been rife. The two times this has happened before resulted in a surge in the Bitcoin price. Could this year’s halving follow a similar pattern? Before you start to dream about all the flights that your newfound …

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US trade deficit with China hits record high

China imports

Americans bought record amounts of goods from China in September, pushing the trade gap between the world’s largest economies to a historic high, according to U.S. Commerce Department data published Tuesday. September imports from the Asian giant hit $44.9 billion, up nearly 13% on the month, as the U.S. economy gained steam. The import and …

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Here is What the Banks Don’t Want You to Know

Transfer money abroad

As far as we can remember, banks have been the go-to option for wiring money abroad or domestically. Unfortunately, this method of sending money back and forth is neither efficient nor cost-effective. For starters, bank wire transfers are expensive and time-consuming. Banks and financial institutions typically charge high fees for …

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China and Japan dump billions of dollars

Dollar being dumped Japan China

Over the past few years the dollar has staged an impressive comeback. Not because there’s anything fundamentally good about this currency’s future prospects, but because for the interim, most of the economies in world aren’t doing so hot. For a lot of investors, it is the lesser of many evils …

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Chinese yuan accepted as collateral at the LME

China yuan

From Filip Karinja, for Birch Gold Group The ongoing internationalization of the Chinese yuan got a major boost this week with the London Metal Exchange (LME) now accepting the currency as collateral against contracts. This follows regulatory approval from the Bank of England, which now allows the LME to accept five currencies as cash …

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Bitcoin is now officially more valuable than gold

Bitcoin 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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Bitcoin smashes $2,900 mark to hit record high

Bitcoin record high cryptocurrency

Bitcoin’s rocketing rise in value shows no sign of abating after breaking the $2,900 mark Tuesday. The digital payment reached a value of $2,967.48 at around 1.20pm UTC Tuesday, according to the Coindesk Bitcoin Price Index. The pricing is a record high for the cryptocurrency which has been hit with …

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BRICS bank to begin borrowing in yuan

BRICS summit Russia 2015

The BRICS New Development Bank (NDB) could start operations by borrowing in the Chinese currency, according to the bank’s Vice President Vladimir Kazbekov. He says the bank will focus on loans in the national currencies of the bank’s potential customers. “Considering the stability of the Chinese currency and the scale …

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Putin seeks to ditch US dollar from Russia’s domestic trade

Russian President Vladimir Putin

Russian President Vladimir Putin blasted the government for turning a blind eye on US dollar payments in the domestic oil trade. “I would like to mention one crucial issue in the development of the energy industry, and the economy as a whole. It is a question of finally stopping the …

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Will Brexit Really Impact on Thailand?

If you are willing to risk your state pension, you may be willing to relocate to Thailand in the post-Brexit climate. After all, a Thai official has recently offered British workers the chance to retire to the North of the country and invest in a £60,000, 20-year residency permit. While …

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Cryptocurrency exchanges shut down due to heavy trading on Bitcoin

Cryptocurrency exchanges shut down trading Bitcoin

The Bitcoin market hit record highs over the weekend before dropping further than it has in years. Several exchanges for the cryptocurrency suffered outages during the fluctuation, leaving customers unable to buy or sell for hours. Coinbase, one of the most popular ways to buy and sell popular cryptocurrencies such …

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Former Federal Reserve Chairman: global economy is headed for disaster

Federal Reserve Chairman Yellen Greenspan Bernanke Volcker

From Filip Karinja, for Birch Gold Group In a recent interview with Fox Business, Alan Greenspan pulled no punches on the state of the economy. The former Federal Reserve Chairman believes that the United States and Europe are set to face some serious economic problems, saying that we have “a global problem of a shortage …

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Former IMF head and bond king both recommend gold over stocks and bonds

Bill Gross Pimco bond king

From Filip Karinja, for Birch Gold Group Kenneth Rogoff, former chief economist for the International Monetary Fund (IMF), Kenneth Rogoff, recently penned a piece in which he recommended that emerging markets diversify their foreign exchange holdings away from the bonds of developed countries and into gold. One of Rogoff’s main reasons for the …

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