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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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    Arizona Sonoran Copper Company finalizes offering

    ByVictoria
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    Arizona Sonoran Copper Company has successfully closed a public offering, raising C$51.75m ($37.6m) through the issuance of 25,875,000 common shares.

    This includes 3.3 million shares from the full exercise of the over-allotment option by underwriters. Priced at C$2 per share, the offering is a strategic move to secure financial stability for the company’s upcoming projects.

    Source – Mining Technology

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    Gold, Silver, and Platinum down

    ByVictoria
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    Gold prices eased on Thursday, pressured by a firmer U.S. dollar, as investor worries eased temporarily after President Donald Trump said he did not plan to oust Federal Reserve Chair Jerome Powell.

    Spot gold was down 0.6% at $3,335.77 per ounce, as of 0958 GMT. U.S. gold futures fell 0.8% to $3,331.30.

    “Yesterday, gold prices rose on the back of these rumours, which were unfounded. Since the rumours were quelled, prices have been falling,” said Nitesh Shah, commodities strategist at WisdomTree.

    “I think if we come out of (the tariff deadline of) August 1 with much better trade deals, then that could be gold price-negative,” Shah said.

    Spot silver fell 0.4% to $37.77 per ounce. Platinum lost 0.3% to $1,412.78 and palladium eased 0.6% to $1,223.03.

    Source – Reuters

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    100K-150K metric tons of copper to arrive in the US

    ByVictoria
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    The U.S. will soon be flooded with massive amounts of copper shipments in a global rush to front-run President Trump’s probable tariffs, with 100K-150K metric tons of refined copper expected to arrive in U.S. ports in the coming weeks, which potentially would surpass the all-time record of 136,951 tons set in January 2022, Bloomberg reported Wednesday.

    Goldman Sachs analysts said they expect all forms of copper shipped to the U.S. to be hit with tariffs by year-end, keeping Comex prices at a hefty premium over other benchmarks, and noted that tariffs could cause China to refine 10K-20K tons/month less copper within the first three months – in a global market that Goldman already expected to face a 180K-ton deficit this year.

    Source – Seeking Alpha

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    Gold prices rise higher, tariff concerns

    ByVictoria
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    Gold prices ticked higher on Tuesday as focus turned to U.S. jobs and inflation data, that could influence the Federal Reserve’s policy decision in the face of rising economic growth concerns. 

    Spot gold (XAUUSD:CUR) +0.93% to $2,911.21 an ounce after hitting its lowest since March 3 in the previous session.

    Meanwhile, worries over Trump’s tariff policies have also pushed safe-haven gold to a record high of $2,956.15 on February 24, as the metal is seen as a hedge against political risks and inflation.

    Source – Seeking Alpha

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    Florida Senator Proposes Bill To Recognize Gold, Silver, And Digital Currency As Legal Tender

    ByVictoria
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    Follow up to Gold and Silver may be adopted as legal tender in Florida

    Sponsored by Senator Rodriguez, Senate Bill 132 aims to redefine financial transactions, taxation, and payment of debts using these alternative forms of currency.

    The legislation would also exempt transactions involving gold, silver, and related currencies from taxation. The move reflects a growing interest in alternative monetary systems as a hedge against economic uncertainties.

    The proposed bill includes several significant measures:

    ・Definition of Legal Tender:

    ・Tax Exemptions:

    ・Government Acceptance:

    ・Prohibition on Compulsion:

    ・Regulatory Framework:

    If passed, SB 132 would make Florida one of the few states to officially recognize gold, silver, and digital currencies as legal tender.

    Source – Tampa Free Press