California’s financial services regulator is issuing a desist and refrain order to embattled crypto lender Celsius Network for violating state laws.
The Department of Financial Protection and Innovation of California (DFPI) is ordering Celsius and its CEO, Alexander Mashinsky, to stop selling and marketing securities in the Golden State over claims that the company violated the local Corporation Code.
“Under section 25532 of the Corporations Code, Celsius Network Inc., Celsius Network Limited, Celsius US Holding LLC, Celsius Network LLC, and any of their subsidiaries, and Alexander Mashinsky, are ordered to desist and refrain from the further offers and sale of securities in California, including but not limited to the Earn Rewards accounts, unless such sale has been qualified under Corporations Code section 25111, 25112, or 25113, or unless such security or transaction is exempted or not subject to qualification.”
The regulator alleges that the Earn Rewards accounts offered by Celsius are unauthorized securities. It also claims that the New Jersey-based corporation and its CEO, Alexander Mashinsky, made materially misleading statements on the risks of investing in these accounts.
A committee representing the unsecured creditors of Celsius is also investigating Mashinsky for alleged wrongdoing.
The desist and refrain order comes on the heels of Celsius filing for bankruptcy On July 13, 2022, the day after the company paused rewards and withdrawals for its users citing turmoil in the crypto market.
A spokesperson from blockchain-based payments company Ripple has hinted that the firm is looking at the feasibility of buying Celsius’s assets.
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This week’s guest is so bullish on silver that he’s even written a best-selling book ‘The Great Silver Bull’ where he takes an in-depth look at why silver will outperform gold once again and even go as high as $300 an ounce.
Author and investments editor Peter Krauth joins Dave Russell on GoldCore TV to discuss the silver price, silver’s future and how industrial demand will continue to grow, outstripping supply.
Silver’s a big theme for us at the moment, look out for our interview with the silver guru David Morgan, released just a few days ago!
If you enjoyed our chat with Peter Krauth then be sure to subscribe to GoldCore TV and watch our recently launched show The M3 Report. Featuring bonus material from guests such as Jim Rickards and Marc Faber, as well as commentary from our own team and chart analysis from Gareth Soloway. This show really is at the forefront of alternative market and economic commentary.
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A closely followed crypto analyst and trader is warning Bitcoin holders that BTC is about to flash a signal that could lead to the reversal of its recent uptrend.
Crypto strategist Kevin Svenson tells his 112,300 Twitter followers that he’s keeping a close watch on BTC’s relative strength indicator (RSI) on the one-day chart.
According to Svenson, the momentum-tracking metric is about to roll over, which could be a cue that Bitcoin’s bounce from its low of around $17,600 is coming to an end.
“ 50 level on daily RSI is a ‘must-hold’ level for the bulls. All other times that we broke below the RSI uptrend line resulted in a major breakdown. We are very close to this level… Watch the 50 level on the daily RSI very closely right now. That’s the pivot zone from bull to bear, bear to bull during trends. We have to hold it to remain bullish. Falling below it results in a flush down usually.“
Source: Kevin Svenson/Twitter
At time of writing, Bitcoin is changing hands for $23,308 while the daily RSI is hovering at 55.
The crypto analyst is also following the price action of Loopring (LRC), a protocol that uses zero-knowledge (ZK) proofs to ensure users’ privacy while transacting on public blockchains. According to Svenson, LRC can surge 2x from current prices due to its partnership with video game retailer GameStop.
“LRC can easily double in my opinion. GameStop NFT (non-fungible token) partnership is huge. Still undervalued. I’m long.”
In March, Loopring announced that it launched the beta version of GameStop’s NFT platform designed to provide fast, secure and cheap access to users.
At time of writing, LRC is trading at $0.48, up nearly 6% on the day.
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Anyone who pays attention to global gold demand knows that China has been at the forefront of gold imports and central bank purchases for many years. To own gold bullion is something that is not only important to the Chinese government but also to Chinese citizens who have sought to buy gold bars and coins as both a means of investment and also as a way of celebrating many occasions.
Sadly the expected increase in demand for gold from China is not because of a celebration, instead, it is due to the increasingly-heightened tensions between itself and the United States, both vying to be top dog in an increasingly polarized world.
Nancy Pelosi’s visit this week has the world trying to work out if Taiwan is the next crisis we’ll be contending with. Here’s what we think this means for gold.
Nancy Pelosi’s visit to Taiwan increases tensions between China and the US will push China to further its quest to ‘de-dollarize’. Also, push for alternative payment methods besides the US dollar. And it is no coincidence that the gold price has risen US$100 over the last 10 days as tensions leading up to Ms. Pelosi’s visit have increased.
Ms. Pelosi is an accomplished career politician who currently serves America as its Speaker of the House of Representatives (head of one of the three branches of the US government). She has held that role since January 2019 (and previously between 2007-2011). Ms. Pelosi’s role as Speaker of the House puts Ms. Pelosi second in line to inherit the US Presidency behind Vice President Kamala Harris.
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She is the senior-most official to visit Taiwan in more than a quarter century. The last was Newt Gingrich (then-Speaker) in 1997. Senior US officials have not visited Taiwan since China joined the World Trade Organization in an effort to build a stable US-China relationship. The problem is that for reasons of history, China believes that it owns Taiwan. It should be in control of Taiwan and wants America to leave Taiwan alone so that China is unfettered.
Suffice it to say that although Nancy does not actually speak for the country on matters of policy her actions matter because of the important office she holds. Tuesday this week she decided to visit Taiwan in person.
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The presence of Pelosi in Taiwan means that America cares about Taiwan. Also, by Pelosi meeting with the leaders, she validates and recognizes those Taiwan leaders as authority, and this infuriates China.
China constantly threatens Taiwan with reunification by force. And to flex this force China ran military exercises aimed at Taiwan as Ms. Pelosi landed in Taiwan. Chinese officials have threatened countermeasures and sanctions if Ms. Pelosi included Taiwan in her Asia tour, which also includes Singapore, Japan, and South Korea.
Taiwan is just one of many friction points in the complicated relationship between the U.S. and China. See our January 5 postFour Geopolitical Issues that could Drive the Gold and Silver Prices Higher in 2022
For the last five decades, the United States of America has been acknowledged as the leader in both military size and economic size.
Less heralded but maybe as important is that since 1945 the U.S. has by far held the most physical gold out of any government in the world. The U.S. holds 8,133 tonnes in official reserves, the next largest is Germany with 3,355 tonnes.
Why China is Increasing its Gold Reserves?
Gold matters to nations, the same as individuals, because it has zero counterparty risk. China believes that its future is to eclipse America in economic size.
Although they are cagey about releasing details China has been increasing its official gold holdings. China has increased its ‘official’ gold reserves to 63 million ounces (1948 tonnes), now the sixth largest behind the US, Germany, Italy, France, and Russia.
However, reporting of official reserves has been very intermittent since China joined the Word Trade Organization in December 2001.
With the next increase not reported for eight years until 2009, and then later leading up to the Renminbi inclusion within IMF’s Special Drawing Rights (SDR) basket of currencies. (The SDR is a made-up currency used to supplement assets at the IMF.) There is little doubt from most gold market observers that China’s unofficial reserves are much higher than reported.
China Official Gold Reserves Chart
Nonetheless, China has a long way to go to increase its gold reserves to the size of the US reserves. China can only catch America by mining its own gold, and/or buying gold elsewhere and moving it to Chinese vaults. There is an old adage that whoever owns the gold makes the rules. Ever since this is largely true China wants to own more gold.
The government of China is not the only Chinese entity wishing to own physical gold. Millions of Chinese families, like millions of Indian families, use gold as their savings accounts because of limited access to and non-trust of bank accounts.
The chart below shows China alone accounts for about 20% of global consumer demand. This is likely to increase after the recent problems investors have faced withdrawing money from Chinese banks!
Gold Consumer Demand Chart
China is the largest producer of gold. The production in 2021 is estimated at 332 tonnes, and Russia is the second largest at 330.9 tonnes of production in 2021 (data from the World Gold Council).
There is reason to believe that, like official holdings, China reports this estimate much lower than actual production. The Chinese government has reasons to under report results to gain an edge over the Western countries, especially the U.S.
China’s official import data shows a sharp increase in gold imports in June 2022. We will not be surprised to see this number climb further in the coming months.
China Gold Imports Chart
Complicated Relationship between The US and China
The relationship between China and the U.S. is indeed complicated as the U.S. consumer has relied on China for cheap goods for the last twenty years. While China relies on the U.S. as the main place to export its goods, which helps build its economy.
Indeed, China does still hold close to one trillion in US Treasury securities, which were purchased with the U.S. dollars that flowed into China as exports of China’s goods flowed to the U.S.
China’s Official Holdings of US Treasuries chart
This relationship has been severely strained for the last six years and Ms. Pelosi’s visit to Taiwan is a major crack that could expand, as it goes against the grain of the relationship.
China and Russia are ever more on high alert and the move to a de-dollarized world is becoming more imminent. Both countries realize that the country that controls the most gold has the advantage. These moves take time, but the process is in motion.
The rally in gold since July 21 could indeed be all levels of China’s participation in increasing gold holdings and this is only the beginning!
With central banks trying to work out what to do next in an era of ever-rising inflation, and geopolitical tensions on the rise the numbers are adding up to create the perfect environment for higher gold and silver prices.
To hear more about the move away from the US Dollar as the global reserve currency why not check out our new show The M3 Report? Jim Rickards, Marc Faber and David Morgan each spoke to us about the changing dynamics of the global currency system as both China and the US compete for control.
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From The Trading Desk
Market Update
Gold has continued to edge higher this week and in USD terms is up near 5% since its July lows.
Gold too has bounced back in Euro terms, from a July low of Euro 1,653 to Euro 1,744 yesterday and in GBP 1,411 to GBP 1,457 level.
The next level gold needs to cross is the 50-day moving average which comes in at the $1,790-$,1792 area.
A move above this would take us to the physiological $1,800 level.
The Bank of England meets today with another 50bp rate rise being priced in, to take rates to 1.75%.
Inflation in the UK continues to run hot with the National Institute of Economic and Social Research saying inflation will continue to ‘astronomical levels and may not peak until close to 15% early next year!
In the US, figures released on Tuesday showed US household debt surged 2% to a record high of $16.15 trillion, driven mostly by a $207 billion jump in mortgage balance but also credit and auto loans debt has increased too on the back of soaring inflation.
The risk here for central banks is of higher inflation becoming entrenched.
The central banks are going to need to tighten further and more aggressively to cool their economies which will cause unemployment to rise on the back of it.
There have been a lot of talks recently about a Fed/Central bank pivot but this won’t happen until there is a reason to do so.
The question is what will trigger it – will this be soaring unemployment figures? Problems within the financial markets (Repo markets or large falls in equity markets).
Autumn is usually a volatile month in financial markets, so I don’t think we have too long to wait to find out what may trigger it.
Stock Update
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The post Standby for Increased Gold Demand from China appeared first on GoldCore News.
The world’s largest cryptocurrency marketplace is sharing data about the money behind its own US dollar-pegged stablecoin.
In a new announcement, Binance says that it will regularly provide updates about the reserves behind the popular Binance USD (BUSD).
The move comes after several digital assets and their affiliated projects have collapsed this year while causing tens of billions of dollars in losses worldwide.
Binance says that, unlike other so-called stablecoins, BUSD is not only “100% backed by cash and cash equivalents” but also regulated and approved by the New York State Department of Financial Services (NYDFS).
BUSD was launched in 2019 by Binance and Paxos and is currently the 6th-largest crypto asset with a market cap exceeding $17.8 billion.
According to the announcement,
“If a stablecoin fails to maintain its value relative to the reference asset, the consequences might be devastating for users.
The primary risk of reserve-backed stablecoins is that some of them can be not fully backed by reserves.
This makes reserves transparency fundamental to determining how reliable a particular stablecoin is.”
Paxos provided the first detailed report documenting the breakdown of its BUSD reserves, with a market value of more than $17.6 billion at the end of Q2 2022.
Almost $10.6 billion is held in US treasury bills and nearly $6.3 billion is parked in US Treasury Reverse Repurchase Agreements, with the remaining $738 million allocated to various cash-related deposits.
All told, only 4.1% of BUSD is currently backed by cash.
Binance says Paxos will provide updated reserve totals on a monthly basis.
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A massive multiplayer online (MMO) strategy game that harnesses the power of blockchain technology is surging after top US crypto exchange Coinbase put it on the path to joining the marketplace.
The Coinbase listing roadmap consists of crypto projects that are currently being considered for inclusion among the exchange’s roster of supported assets.
In an announcement, Coinbase says it has updated the roadmap with the addition of Medieval-themed metaverse battle game League of Kingdoms (LOKA).
Its native token LOKA can be used for in-game purchases, minting or upgrading non-fungible token (NFT) assets, as well as staking to earn rewards.
League of Kingdoms goes beyond the traditional strategic fighting game format by employing blockchain features such as NFTs, which serve as digital plots of land players own and use to can earn dividends.
According to the project’s whitepaper,
“Not only gamers own these Lands, but also gather resources on the Lands and mint them into NFTs to trade.
All these tokenized assets are transparently and trustlessly transacted and traded across the blockchain, without intermediaries.”
Assets added to the roadmap today: League of Kingdoms Arena (LOKA) https://t.co/zu1IBdrD7X
— Coinbase Assets (@CoinbaseAssets) July 28, 2022
Recently added to the game were Dragos, dragon-like NFT creatures that seek out gems that in turn can be used to create the utility token Dragon Soul Token (DST).
League of Kingdoms rallied a massive 53.2% from $0.62 to $0.95 as news of the Coinbase announcement spread. The altcoin has since corrected with LOKA currently trading for $0.80.
Coinbase’s listing roadmap was originally created to increase transparency by “providing as much information symmetry as possible” and to communicate with the market before deciding to list an asset.
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No coin more perfectly represents the passage of time than the Fugio Cent. The coin, sometimes called the Franklin cent, is a work from Benjamin Franklin.
An inscription on the obverse reads “fugio” which is Latin for “I flee,” referring to the common adage that time flies. This is a fitting sentiment for a coin that was minted for only one year in 1787. The same side shows a bright sun with rays shining down on a sundial. Another inscription on the bottom reads “Mind your business” urging Americans to focus on their affairs in much the way Franklin did as a devoted entrepreneur.
The coin has the distinction of being the first circulation coin in the US. In 1787, the Congress of the Confederation of the United States authorized the creation of a copper penny that would eventually become the Fugio Cent. Franklin took inspiration from the 1776 Continental dollar that was minted in pattern pieces but never circulated.
The reverse has an image of linked rings meant to represent the unity of the original thirteen colonies with the motto ‘We are one” in the center.
The total quantity of Fugio Cents minted was relatively low at just 400,000. Ultimately, several thousand coins were stored in the basement of the Bank of New York in 1788. Almost 70 years later the same coins were packaged into cotton bags and stored for a second time. In 1926 the coins were rediscovered at which point they were distributed as souvenirs to customers and various officials. Several were sent to the American Numismatic Society. Today approximately 819 are in storage at the bank.
Research suggests that there are fifty-five varieties from twenty-four obverse dies and thirty-three reverse dies. The difference in these variations can be found in the style of sun rays on the obverse. Some versions have fine pointed rays while others have rays that are more club-shaped.
The historical significance of the Fugio Cent is more than its imagery or the fact that Franklin designed them. Consider that the copper used to mint the pieces was originally used in the bands used to hold together powder kegs provided by the French government to the United States during the American Revolution.
Today the coin remains a highly sought-after piece by collectors. In fact, some collectors seek out a rare variety called the “New Haven Restrike” which consists of both copper and silver. Some postulate that the Scovill Manufacturing Company struck these pieces in Waterbury, Connecticut. These versions are usually identified by the “G” in the word fugio. The original Fugio Cent uses a “C” with a straight line and a cross added to create the letter “G.” The New Haven Restrike, however, uses a cross stroke that only extends outward. Additionally, the linked rings are thinner on the New Haven Restrike.
The Fugio Cent is a must for anyone seeking a complete collection of coins that represent the formation of the US. The motto, creator, and even the source of the material all have origins in some of the most iconic aspects of our history.
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Source: Kevin Svenson/Twitter
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China Official Gold Reserves Chart
Gold Consumer Demand Chart
China’s Official Holdings of US Treasuries chart
