Tag Archives: gold

Gold guru Peter Schiff says Goldmoney deal will draw millions to BitGold

Posted By Jonathan Chevreau | July 11, 2016

Author and US-based gold guru Peter Schiff is teaming up with a Canadian gold fin-tech company — Goldmoney Inc. — in a deal both parties expect will accelerate the firm’s growth into “millions” of users seeking a “real-money” alternative to the “fiat” currencies of the world’s central banks.

Initial details were revealed on Friday, when Toronto-based Goldmoney Inc. (trading as XAU on the TSX), announced its plan to acquire Schiff Gold Inc. (SGI) and form a marketing and service agreement with Schiff (pictured left).

The Hub last looked at Goldmoney and its Bitgold in this post in March: BitGold: a cure for savers frustrated with low or negative interest rates? The link also contains my blog on this for the Financial Post.

And we looked at a couple of recent books on the soaring gold price in a Hub post in June. You can find the review, which includes Schiff’s The Real Crash, in this Hub review titled The New Case for Gold. The link also contains my blog on this for Motley Fool Canada.

The Goldmoney release describes Schiff Gold Inc. (“SGI”) as a “private, US-based dealer in precious metals” that was launched in 2010 under the name Euro Pacific Precious Metals. It in turn was described as “one of the largest and fastest growing retail gold dealers” that services a large client base with buy and sell orders for precious metals, storage and vaulting arrangements and gold & silver IRA arrangement services.”

Schiff is the “LeBron James of the gold market”

Brexit shocks the world as UK votes to leave EU, pound & stocks plunge, gold soars

Posted By Jonathan Chevreau | June 24, 2016

North American investors woke Friday morning to the shocking news that Brexit is a reality: the United Kingdom has voted to leave the European Union.

Stocks around the world are plunging while the price of gold is soaring.

As I write this just before 5 am, European stocks were down 8%, while gold was soaring almost 15%: the most in 42 years for British buyers.

One British friend, a banker, told me on Facebook that “it’s a very sad day for our country and Europe as a whole.”

Investors caught flatfooted

Were investors caught flatfooted?

“Absolutely,” she told me.

So what now? With 52% voting to leave and 48% to stay, the BBC says the report was decisive.

Here is the Economist’s report around 5 am: in an unprecedented move, the British weekly newspaper delayed publication of the print edition in order to get the historic vote in. They called it a “seismic shock.” It said this:

As soon as the results started to come in, the pound started to plunge. From around $1.50 before the polls closed, the pound dropped to $1.45, then $1.40, and then to $1.34, its lowest level since 1985. It was the worst day for sterling since the currency floated in the early 1970s. The shock was also reflected in equity markets, both within and outside Britain. The Nikkei 225 average in Tokyo has dropped 8%.

Pound suffers biggest hit since 1985

The New Case for Gold

Posted By Jonathan Chevreau | June 20, 2016

My latest blog for Motley Fool Canada was posted today: click on The New Case for Gold.

That headline also happens to be the title of a new book by global currency guru James Rickards. You can find the book here.

What does Rickards mean by the NEW case for gold? When I say gold here, by extension I mean silver and other precious metals, preferably in bullion or coin format, not “paper” or electronic substitutes.

Rickards does go beyond the familiar arguments of gold as a combined inflation/deflation hedge, and does so in a 21^st century context. He breaks new ground by referring to gold’s role in cyberfinancial warfare, its importance in economic sanctions in nations like Iran, and gold’s future as a competitor to the world money system known as SDRs: the Special Drawing Rights issued by the International Monetary Fund.

G-Day approaching

HIs main thesis is that G-Day is rapidly approaching: an ominous day when all the investors with mere paper or electronic claims on bullion actually attempt to procure the actual physical underlying metal. Like a run on the bank, the claims would far exceed the actual amount of the available metal. If and when that occurs, he believes the price of the metal would soar to over US$10,000 per ounce, in which case even a 10% insurance position would nicely cover losses in other asset classes should such a global monetary collapse actually occur.

The Real Crash

The Motley Fool blog also looks at another “bear” book that is similarly bullish on gold: the updated 2016 edition of Peter Schiff’s The Real Crash: How to Save Yourself and Your Country. Continue Reading…

BitGold: a cure for savers frustrated with low or negative interest rates?

Posted By Jonathan Chevreau | March 8, 2016

gold-cubes — The ultimate store of value? (BitGold.com)

Here’s my latest Financial Post blog, which looks at a relatively new service called BitGold (not to be confused with BitCoin): A New Gold Standard: BitGold offers a fresh way to buy and sell the yellow metal.

It notes that while it’s been a tough time to be a saver the last decade, the new phenomenon of negative interest rates combined with the resurgence of the price of gold so far in 2016 is causing savers to look again to gold as a savings vehicle capable of preserving purchasing power.

As the blog says, BitGold customers’ are credited with real physical gold, which is stored at any of seven Brinks locations in major global financial centers. Customers can also choose to take physical delivery. Through this gold-based global network, you can purchase or sell gold at a 1% transaction cost in each direction. Early customers are mining companies that let employees be paid wholly or in part in BitGold, or permit shareholders to receive dividends in BitGold. Continue Reading…

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