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‘Bitcoin Fixes This’—Elon Musk Pitched Gold ‘Upgrade’

ByVictoria

Now, as Elon Musk brands the U.S. debt clock “terrifying,” bitcoin-backing U.S. senator Cynthia Lummis has pitched Musk a bitcoin “fix” to questions over the U.S. gold reserves.

“Bitcoin fixes this,” Lummis posted to X in response to Musk’s question about how often the U.S. gold in Fort Knox is reviewed. “A bitcoin reserve could be audited any time 24/7 with a basic computer. It’s time to upgrade our reserves.”

“The recent decrease in volatility, coupled with the rising price of gold, should highlight bitcoinʼs growing appeal as an alternative store of value,” analysts with the Bitfinex crypto exchange said in emailed comments. “We believe that while bitcoin may face some short-term pressures due to macroeconomic headwinds in the coming weeks, its long-term value proposition continues to strengthen.”

Source – Forbes

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    Gold and Silver fell 1%

    ByVictoria
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    Gold fell over 1% on Tuesday after hitting a near four-week high, pressured by a firmer dollar as investors grew cautious ahead of a potential call between U.S. President Donald Trump and Chinese leader Xi Jinping.

    Spot gold fell 1.1% to $3,340.79 an ounce as of 10:21 a.m. ET (1421 GMT), after hitting its highest since May 8, earlier in the session.

    “We are moving into this period that is well known to be the summer doldrums, so there’s an expectation that the gold market could fall into a bit of a lull or a sideways consolidation,” said David Meger, director of metals trading at High Ridge Futures.

    “I believe the Fed is ready to begin to cut rates again, but more than likely not until September…that is another factor likely to weigh on the dollar and support gold,” Meger added.

    Spot silver fell 1.2% to $34.37 an ounce

    Platinum lost 0.4% to $1,059.32, while palladium was up 1.4% at $1,003.10.

    Source – Reuters

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    3 Gold Stocks And 1 Silver Stock are hitting new highs

    ByVictoria
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    SPDR Gold Shares

    It’s been having a good run: from the early June 2024 low of $212 to the present $264 amounts to a 19.7% return from then to now.

    ASA Gold and Precious Metals

    The South African-founded miner is now domiciled in Bermuda and has a market cap of $477 million. The price-earnings ratio is 7.61 and the stock trades at 1.12 times its book value. ASA in November 2024 paid a .16% dividend.

    Franco Nevada

    Headquartered in Toronto, the company has a market cap of $27 billion. This year’s earnings are down by 13.15%. Franco Nevada has no debt, long-term or otherwise.

    Kinross Gold

    This Canadian miner has a market cap of $14.51 billion. Earnings this year are up by 71%. The price-earnings ratio is 19.74. The debt-to-equity ratio is .26. Kinross Gold pays a dividend of 1.02%.

    Discovery Silver

    This is an OTC stock (also trades on The Toronto Stock Exchange) with an average daily volume of 237,000 shares. Market cap is $433 million. According to the company website, Discovery has “high quality gold producing assets in Canada” and “the world’s largest undeveloped silver deposit in Mexico.”

    Source – Forbes

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    Peter Navarro Explains Implications Of Copper Dumping In US Markets

    ByVictoria
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    “Copper is like the second most important thing the Defense Department uses in order to make its weapons systems. And we’re in a situation now where worldwide there’s a glut of copper,” Navarro told Schmitt. “There’s a dumping of copper into our markets. And we’ve lost our ability to both smelt copper, which is taking the ore and getting the raw copper and refine it into the products we need. And it’s a serious thing.”

    Source – Independent Journal Review

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    Weak dollar, gold up nearly 1%

    ByVictoria
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    US Treasury Secretary Scott Bessent offered support for Jerome Powell amid regular attacks from President Donald Trump, saying he sees no reason for the Federal Reserve chair to step down. Trump has maintained his criticism of the Fed chief and stressed his belief that the central bank’s benchmark rate should be 3 percentage points lower.  

    Political interference and a potential attempt to oust of Powell before his term ends is throwing the Fed’s independence into question. That’s negative for the dollar, and is helping boost haven demand for gold. 

    “The USD is losing its store of value function” and bullion is exceptionally well-placed to benefit, TD Securities senior commodity strategist Dan Ghali said in a note.  

    Spot gold was up nearly 1% to $3,430.05 an ounce at 2:16 p.m. in New York. The Bloomberg Dollar Spot Index fell 0.4%. Silver and palladium advanced while platinum slipped.

    Source – Bloomberg