Goldman: U.S.-Iran Standoff Is A Long-Term Threat To Oil Supply

While the Kurdistan-Iraq standoff is a risk to shorter-term oil production, the increased tensions between neighboring Iran and the U.S. are a longer-term and bigger threat to global oil supplies, according to Goldman Sachs. On Friday, U.S. President Donald Trump said he was officially withdrawing his certification of Iranian compliance with the nuclear deal, in what is being billed as part of a tougher strategy on Iran. President Trump passed the nuclear deal back to Congress to review and amend the law. “That is why I am directing my administration…

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Major Energy Importer Bets $10 Billion On Natural Gas

Much of the attention in energy markets has been focused on OPEC and oil prices lately. But news this week suggests that a different energy commodity is quietly becoming the hottest story going worldwide. That’s natural gas. With the world’s top importing nation — Japan — saying this week it’s about to embark on a major spending spree in the sector. Japanese press reported over the weekend that government agencies are about to launch a major funding program for international natgas projects — specifically…

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Where Trump is failing to fix the economy with monetary policy

(Elite E Services) 10/17/2017 — Dover, DE — It’s no secret that the US economy has diverged into a massive 2 world system where there is also a massive gap in between; the employed and the wealthy have increasingly good lives while the poor and unemployed have a deteriorating quality of life.  As we have explained in Splitting Pennies, it is monetary policy that ‘Trumps’ all else.  Using The Gini Coefficient we can visualize what this means:

In economics, the Gini coefficient (sometimes expressed as a Gini ratio or a normalized Gini index) (/d?ini/ jee-nee) is a measure of statistical dispersion intended to represent the income or wealth distribution of a nation’s residents, and is the most commonly used measure of inequality. It was developed by the Italian statistician and sociologist Corrado Gini and published in his 1912 paper Variability and Mutability (ItalianVariabilità e mutabilità).

Taking a look at basic 2013 data (it’s worse since then) we get a picture of reality vs. what is said in the media.  Using Russia as a good example to stay with the Trump theme, USA (41) has roughly the same Gini as Russia (40.9):

forex

Remember that Russia is the unfair system that is a top-down Byzantine oligarchy, right?  Then why Russia and USA share almost identical Gini, being surpassed only by the Banana Republics in South America?

Everyone in finance knows there are several things that Trump can do to fix the economic problems of USA in about 5 minutes:

  • Surprise increase interest rates to 5% or 10%
  • Import tariffs on Chinese crap
  • Unwind USA’s Petro Dollar system (drink it!)
  • Repeal the Dodd-Frank Consumer Rip-Off Fraud Act that has caused billions to flow out of USA.  Make America the world’s banker once again.  (This is our industry – FX – we know that this alone would create thousands and thousands of jobs and be a huge boost for the economy – billions would flow into USA and we’d again be the world’s banker.  But this same approach likely applies to many industries.  Dodd-Frank regulations killed FX and have cost millions of jobs.)  We’ve outlined this in previous articles.

It’s not really practical to bring factories back to USA, however we have robot technology and the financial sector is a great example of how we can create high skilled high paid white collar jobs.  But Trump seems to be more obsessed with form not essence (and his form is not good).

Oh – you’re thinking that a President can’t do that, right?  President is a figurehead, only Congress can pass laws.  That’s true.  But Nixon did it.  Somehow, Nixon was able to accomplish all these things in 1 day and created the floating FX market as it exists today.  It was not Nixon’s only genius move, there were many.  Was Nixon’s real genius just listening to his advisors like Henry?  Either way, in practice, it fixed the problem – only to be unwound by future administrations.  Was it a temporary fix?  Of course – but that’s what we need.  We need to unwind QE which is practically impossible, so jacking up rates is a first good start.  Wall St. and the stock market will suffer.  But they’ve had a long bull run.

Winter is coming – it’s bear time.

For a primer on how the global money markets shape reality, checkout Splitting Pennies or for a Bitcoin Twist, Splitting Pennies 2.0 – Splitting Bits.

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Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk

Iraq’s government forces completed on Tuesday an operation to seize control of all oil fields that Iraqi state-held North Oil Company operates in the oil-rich Kirkuk region from Kurdish forces, a senior military official told Reuters. The Iraqi forces took control of the Baba Gurgur, Jambur and Khabbaz fields on Monday, and proceeded with the operation taking control of the Bai Hassan and Avana oil fields on Tuesday, according to the military officer. The Kurdish forces, the Peshmerga, had previously held the oil fields around Kirkuk, but…

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If Trump kills NAFTA, farmers, bars and factories lose jobs

The fate of the North America Free Trade Agreement is highly uncertain. Here’s who gets hurt if President Trump blows up the deal.The post If Trump kills NAFTA, farmers, bars and factories lose jobs appeared first on NASDAQ.
The post If Trump kills NAF…

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GoldMint and the Future of the Gold Trade

GoldMint Header

As a
precious metal, gold is often associated with wealth, prestige and power. And
as a commodity it has long been considered a prized asset for scores of
investors throughout the world.

Beginning
with bitcoin in 2009, cryptocurrencies have also seen their prominence rise due
to some of the qualities that they share with gold, the most prominent of which
is their scarcity.

One
of the big issues that has continued to hamper gold as a physical asset is that
it can often be difficult to transfer from one place to another. Moreover, the
managing and handling of gold can be quite logistically challenging and
laborious.

With
the emergence of today’s digital age, a startup called
GoldMint is seeking to alter this trend with a new means of
exchange for physical gold, with transactions occurring over a blockchain-based
platform.

This
gold-based venture aims to assist
investors and traders in managing volatility risks and gaining competitive
commissions on commodities sold via GoldMint to financial institutions, pawn
shops, and other business and individual stakeholders.

GoldMint’s
platform will leverage the private and individual gold trading market,
including potentially the management of larger physical stocks such as those in
central banks. It will also deliver an electronic payment solution tethered to
physical gold, as well as a gold-backed peer-to-peer lending system.

The
GoldMint ecosystem is fueled by two types of tokens,
GOLD and MNT.

The GOLD cryptoasset is an investment
tool that is 100 percent backed by physical gold and/or an exchange-traded fund
(ETF). One GOLD token represents one ounce of gold on the London Bullion Market
Association (LBMA).

MNT  is GoldMint’s native cryptocurrency,
which is used to confirm GOLD cryptoasset transactions. For GoldMint miners,
the amount of MNTs reflects how many assignments, or transaction blocks, they
can accept.

Fostering
Digital Gold Trading

There are two options for trading GOLD for fiat or cryptocurrencies. First,
there is a method for seeking a GoldMint-guaranteed buyback. And second, a loan
can be requested. For either option, the process is as follows:

      Through the use of a special app which is
not yet available, GOLD can be transferred as collateral to a designated
GoldMint account.

     
GoldMint utilizes
the current price of gold, as set by the
LBMA,
to fix the rate of a loan.

     
GoldMint requires
the customer to undergo its know-your-customer (KYC)
process as well as consent to GoldMint’s loan terms to receive the loan.
Various repayment options for the loan amount and the means of repaying it are
then offered.

     
If a customer
defaults on repayment, their GOLD cryptoassets are transferred to GoldMint.

GoldMint also has a process for
converting gold into GOLD tokens and reconverting these tokens into gold for
cross-border passages. This is designed to alleviate the hassles associated
with carrying gold from one country to another, often resulting in untold
expense and aggravation. By converting gold into GOLD, this hassle can not only
be avoided, but a person can retrieve 100 percent of the value of their
gold at the end of their travels.

“Custody Bot” is GoldMint’s decentralized
storage unit, which computationally identifies and stores gold jewelry, small
ingots (up to 100 grams) and coins. In this case, it functions as a
DApp, a decentralized application that runs
rapidly and efficiently without the need for a third-party intermediary to
control it. Through the use of cutting-edge technology, Custody Bot inspects
and assesses the value of incoming gold to ensure its purity and quality.

GoldMint ICO Accelerates Ahead

On
September 20,
GoldMint launched its initial coin offering (ICO), allowing users to send
bitcoin or ether and receive MNTP (MNT pre-launch) tokens, issued on the
Ethereum blockchain at a price of $7 per token.

The
value of these tokens is expected to grow, because MNT is limited in its supply
and is used in the Proof-of-Stake (PoS) consensus algorithm. Participation in
the GoldMint crowdsale involves more than the purchase of cryptocurrencies. It
involves a stake in the consensus algorithm that will be utilized by the
GoldMint blockchain post-launch.

Owning
MNT allows users to achieve 75 percent from commissions earned when
transactions are validated through the GoldMint blockchain. The number of MNT
tokens owned determines the number of transactions that can be validated.

 

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