Ripple Währung

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Ripple Währung

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It has stayed at the magic number for some days now. Come out, come out where ever you are. Just trying to fit some numbers to the ideas.

The question is how much does x have to rise by to maintain the total value of the assets constant in Euro terms.

Clearly, the ECB can tweak these values at the margin by selling dollars to buy gold or euros. One idea that interests me is 'dollar leasing'.

Just as central banks purportedly lease out gold while keeping it on their books as an asset, I wonder if they could not do the same with dollars - i.

This would be a covert way of getting rid of dollar holdings while maintaining appearances. Any comments? Gold, that is.

Your thoughts regarding the necessary increase in gold reserves for Euroland, given a decline in the Euro value of dollars in the reserves, are interesting.

Why not try the same calculations on ECB reserves? I have not heard that the Euroland Central Banks, as a whole, are commited to this policy.

Is the next ECB report out after the 2nd quarter, i. June 30? Otherwise, the percentage of reserves in gold, would diminsh relative to the Euro value of holdings of dollar denominated reserves.

However, there is, to my knowledge, no commitment to avoid a decrease in general reserves. This depends on whether the fall of the dollar is compensated or not, by a rise in the Euro price of gold.

I hope I am mistaken! I am not confident it will be. Everyone is happy! The ECB has more reserves - via cooking the books - and the Euroland CB's keep their gold reserves via the simple expedient of counting gold receivables the same as physical gold.

Don't put anything past them! We are talking about things which are kept secret, by desperate people in a desperate situation.

This is not conducive to realistic thinking and honest action. Perhaps all the above is not clear; probably not.

That's the way I see it. Bad news for the Euro! Guano from the GAB. Belgian said, "I need ONE good reason for "believing" in the dollar-reserve's survival However, even if my thoughts have one iota of convincing him to believe in the dollar-reserve, I would not hold him to his agreeing to sell his precious coins, EVER.

I still think he should keep them no matter what the economic issues are. Also, I don't pretend to have an in depth understanding of financial matters as do most of the posters on this site.

I don't post very often, mostly I try to learn and understand the issues being presented. So bear with me if my reply appears frivolous and elementary.

And do feel free to correct me in any of my misunderstandings of the issues. Point 1: There is no assurance that the euro will maintain it's gold backing.

Ultimately, it's the same "Confederation! And as the "Confederation" can giveth, so also the "Confederation" can taketh. Point 2: Gold is not, cannot, be denominated in pennies.

The US has a dollar, which is denominated in fractions. This allows people to buy a cent widget with a dollar and get 37 cents in change.

Gold does not have that ability. Gold cannot denominated in any amount, let alone a penny, and have that amount be maintained. Gold denominates itself according to economic conditions.

One could contemplate a gold and silver and copper currency system: let gold and silver find it's own trading value and have the copper fill in the "small stuff".

But I don't understand how gold alone could be used as a currency in minor everyday transactions. Again, I'm just a beginner, so do go easy if you decide to reply to my bold points.

It appears the GAB has the same concerns as I do. Maybe I'm getting it! There is a relatively small general reserve in the ECB, for the Euro.

This reserve is only a small fraction of the "liability side" of the Euro. A very small fraction! And even that is in doubt, according to my guano in the previous post.

The world's monetary mess stinks and it will likely kill our civilization. It's that bad! Get the physical gold and prepare for the worst.

Royal guano from the GAB. Could it be that having the US tactics compared to the 3rd Reich are a bit tougher to forgive, or is it just a desire to stay apart so te press doesn't even ask?

A third option, Germany is actually in a recessionary near-deflation, so perhaps GWB doesn't want to publicly expose himself to what they've got, like it was some communicable disease?

Yes, you've understood my argument exactly. As for your point about running the same calculation on the ECB reserves - one could certainly do it and I'll try and find the relevant figures.

What I'm trying to get at, however and we can only get a rough feel for the truth here is where the price of gold has to go to keep Europe's financial system happy in the face of a revaluing euro.

On this basis, I think that you have to look at the overall reserves of Euroland, since at the end of the day, this is what is backing the Euroeconomy.

A lot of people write about the Euro as if it is a new currency. I view it as an extension of an old currency, consisting of the DM, the Guilder which was pegged to the DM and the French Franc which, once it had adjusted its parities by the early s, settled into a reasonably tight peg to the DM.

While there was nothing on the scale of the Euro prior to its launch, I know lots of non-German, non-Swiss investors who were happy to hold their wealth in DM or ChFr for decades.

Looking at the ECB is like looking at the balance sheet of the parent company for a large industrial group.

To understand the whole, you have to look at the consolidated balance sheet, since depending on corporate strategy, the reserves may be at parent level or distributed throughout the subsidiaries.

It may be that these figures are misleading, but since many people have advanced the argument that POG is a macroeconomic adjustment variable, I'm just trying to get a feel for where POG has to go to compensate for slides in the dollar, and looking at European reserves gives you one answer, just as looking at other countries' reserves will give you others.

Randy often publishes these numbers although I have had a difficult time reconciling this figures. I think someone had thought about putting together a spreadsheet to monitor the Euro reserve and gold fractions thereof going back to the inception of the currency.

I have not seen this or similiar charts. Your post also interests me from the point of view of US reserves which I understand are principally gold.

Thanks for the note, have a golden day. She can be reached at marie usagold. And why? I was just wondering why?

Apply them. I can't imagine what you can have noticed. It's not as though I had taken a sovereign out of my pocket and was studying it.

When you first lowered the papers to your lap, you gazed at the photograph on the wall which you took when you lived in Australia in your youth.

You were thinking either of photography or of something from your days in 'Oz', as I think they call it. Oz is quite a different story.

The next subject of your gaze was the teapot. What, I asked myself, does a teapot have in common with the wet collodion process?

The answer is obvious: silver. Was the teapot just a tangent into precious metals in general? I watched carefully, and observed you feeling with your tongue at that large gold filling you have recently had in a tooth.

And then you shook your head in just the same way as you did when you lamented the cost of that filling. Ergo, the price of gold. H G Wells says that they came back to him in his Time Machine from years in the future.

They come from something called the "Inter Net" and relate to a contest in which people attempt to predict the future price of gold. Wells is not at all clear.

I suspect Wells's fertile imagination rather than a real example of time travel. But the problem is interesting enough. From the very nature of the question, I presume that the gold standard has not lasted until this year Which seems strange to me.

The gold standard seems to be spreading all over the World. Even India, that bastion of silver coinage, adopted a gold standard two years ago.

The United States is the only great power still using both silver and gold standards. And unless Mr. William Jennings Bryan has his way, they too will adopt a gold standard soon.

But a major war could blow that asunder. At least, it could if John Keynes is right. Who is John Keynes? A quite astonishingly precocious schoolboy.

I'll just light a pipe before I read. Wells tells me that in this future time, people are not allowed to smoke in public.

You'll be telling me that they have banned cocaine next. At last, he put his pipe down, and looked at me.

There would seem to be two major factors that will affect the price of gold that summer. One is War and the other is Politics.

Supply is stable and well-known, so that won't have an impact in such a short time. And the Economies of the great powers appear to be in a mess, so the gold price is rising steadily as that mess becomes more and more apparent.

But War and Politics could change everything in a period of three months. Take the United States for instance, since so many of the letters come from people living there.

The War Between the States -- or whatever we are now supposed to call it -- was disastrous for the economy, particularly of the Confederacy.

But the perennial squabbles in the Balkans have done wonders for the sale of Mr. Winchester's rifles. The real disaster of the War Between the States was the death of so many brave young men.

Yes, indeed, the human cost is the greatest cost. But we cannot ignore the economic results. Particularly when there are people who exploit them.

A country whose industries are undamaged -- and particularly a country like the United States, which is geared to responding to needs in the marketplace -- will benefit from that.

And I'm not thinking of war profiteering. Quite ordinary industries, making weighing scales, or gas mantles, or telegraph machines, will receive a boost to their sales -- a boost which will trickle down to the rest of the economy.

Elected politicians, such as the President of the United States, and our own Prime Minister, want their voters to feel that the economy is doing well.

Partly of course, they want the economy to be doing well in actual fact -- that's why they went into politics -- but little more than a twelvemonth before a US presidential election, there will be a focus on the perception as well.

Which again will ease the pressure on the gold price. If you must have a single number, then let it be 80 pounds. What rate should I use for the conversion?

A pound is pence; four shillings and sixpence ha'penny is So eighty pounds is divided by That's a rather bearish view.

Maybe I am giving more credence to market manipulation than to market forces. But my experience of crime leads me that way.

Some of the greatest criminals in London, far worse than the late Professor Moriarty, are those who not only exploit war but even foster war so that they can exploit it.

And these criminals are all too often welcomed into our highest society because of their wealth. But we mustn't get dragged into depression by Wells's little game.

Why should a contest in the early 21st century use money from the late 19th century? Have they no reliable money of their own?

That is the question? Technical Approach From a simple technical standpoint, one can apply at least two approaches: 1. Extrapolate the primary up-trend in POG that has endured for the last two years.

How much faith can one put in this result? Let's look first at the "scree slope" of the USDX. Isn't a scree slope the gradient of the accumulated loose rocks at the base of an eroding mesa?

Pretty complex, heh? Sure, but a well-defined and enduring slope results nonetheless! The principal "emergent property" from piling up rocks and sand.

So it is with the US dollar. They are impossible to measure or predict individually, but a stunning property emerges - a characteristic down-trend in the USDX, that persists for as long as the basic ingredients stay the same.

I am assuming that the basic ingredients stay the same until September 1. I am reassured because major "scree slopes" in the USDX over the past 30 years have persisted for several years and this one has only been going for a year-and-a-half and looks like being a beauty!

How about the up-trend in the POG? Pretty much the same deal. Unless there is a major seismic shift between now and September we can expect the trend to continue.

But you never know and it is impossible to predict. But let's have a go anyway. What does one regard as "fundamental" in pricing gold?

I think not. The decline in the dollar is probably pretty well locked in. It might be moderated a little by the EU and other countries lowering interest rates before September, but that is likely to be offset by another cut in US rates.

Hence the slide is on for quite a while. The US rate cut will probably be 50 basis points and that will encourage another round of house refinancings and ensure that the big bond bull is kept alive for at least the next three months.

Some money may even flow back into shares, but the historical sequence of equity market corrections augurs strongly for a major sell-off before September.

Also, while a rate cut will encourage US nationals to stay in the housing and bond markets, it will have the opposite effect on international traders who are already seeing their profits from bonds turn strongly negative from low interest rates and foreign exchange losses.

Their interest in the housing sector may remain, but they would be concerned about its teetering top-heaviness and liquidity concerns should it fail.

But wait! We haven't mentioned other "fundamentals", like supply and demand. Take supply first, and that is relatively easy I think.

New mine production will go on much the same and there probably will not be any dramatic change in the current trends by miners to reduce forward sales and close out some of their hedged positions.

The Washington Agreement is still in effect. Activity outside that accord will probably continue to see net acquisition, rather than net disbursement of gold reserves.

No surprises there. The US position on gold is as unclear as ever, but the bias will continue to be away from leasing and more towards covering exposed positions.

Recycling of scrap will probably go on as normal. Well, that is where the uncertainty lies.

Few would deny that gold as an investment and preserve of wealth has received increasing publicity in the last twelve months.

Accessibility to gold investments of one form or another is increasing. Gold is probably entering portfolios with renewed confidence and the talk amongst "people in the know" is of a sustained, long-term bull market in gold.

Bull markets being what they are, one would expect some "irrational exuberance" along the way, but how much of this will occur before 1 September?

Also, "fear" has not set in yet in the equity markets and the "Greenspan put" will probably stave off that phenomenon for a while yet.

Demand will continue to ramp up in China. In India, although the wedding season will be ending by September, many dealers may be wary of a runaway in the price of gold before next year.

I therefore suspect that seasonal demand may not slacken as much as normal. What about "demand shocks"? China revaluing or floating its currency?

Terrorist attack in the US? Maybe, but God forbid. Major bank failures in Japan? What else? Major US bullion bank caught short?

Not much talk of that lately, but the risk is probably still there. Perhaps they were. War with Iran?

Very real possibility if Mr. Bush and his colleagues cannot get the economy moving in time.

Yes, some premium might appear in the gold price from that contingency before September, but probably not much. Where does that leave us on the fundamentals?

Better than Fed-speak, but still not very clear. The dollar also rises to its highest level in four months against the Yen.

The Dow Jones sheds points on the troubling news to ; Kudlow and Cramer claim the market will surge back once the true nature of the "bluster" is understood.

The last two weeks of June saw a choppy but steady rise in the gold price as the dollar continued its swoon against foreign currencies.

The USDI fell to Rumors of problems developing in the financial markets with currency and interest rate spreads moving to adverse extremes against several large unnamed financial institutions, but rumored to be located in New York, Germany, and Japan.

By July 4th, several congressional, as well as United Nations' meetings had taken place to discuss the Korean situation. All agreed on one thing--Now was the time for talk.

President Bush also chose this historic occasion to talk by television to the American people. Telling us all again, how we have always stood in times of trouble to defend freedom, whenever it was threatened.

Well, that was clear enough. He continued, "We must first sit down with the North Koreans, in an attempt to voice our concern. Therefore, the United States will open dialog with representatives of the North Korean government as soon a possible [something we had previously said we would not do unilaterally] to bring lasting Peace and Stability to the region.

Later in the week the first estimate of second quarter growth was released showing a GDP up-tick of 2. At about this time, no one knows for sure but the decision maker Alan Greenspan, stepping out of character, decided to make a guest appearance on "Larry King Live".

Don't ask me why, only he knows that answer. Although publicly supported for re-appointment by the President, some said it was the first stop on Al's "farewell tour".

Anyway, the guest appearance was on Thursday, July 24th. A record audience tuned in to see "The Maestro" and fellow market crooner, Louis Rukyser exchange notes with "Mr.

The audience that night saw their beloved Chairman, Mr. Greenspan, "live" as never before; he was witty; he was even comically engaging, exchanging clips with "Rukey", and acting almost giddy at the economies recently reported performance.

At a point near the show's end. King looked perplexed, pondering the comments meaning, as if thinking and wishing to say: "Hey Bozo, who do you think gave you the invite here, anyway?

Here are those three, yucking it up, like a bunch of drunken frat brothers at a fifty-year reunion. They should have shown a little more concern for the poor folks that lost all their money in the Markets.

The following day. The following day, the markets gave their assessment of "The Maestro's" performance--Two thumbs down! Shedding nearly all of the post 4th of July rally and ending at on the Dow.

News of a new record trade deficit, and a record slump in auto sales helped to push down the Chairman's scores. Outside of the USA Gold Forum's vigilant membership, few were aware that the Comptroller of the Currency, in a highly unusual move, had swooped in to examine both of New York's largest banks simultaneously.

Obviously though, some gold traders had also taken note. At the end of the day, Greenspan said that he used a poor choice of words, when referring to "prosperity," but had felt a little light-headed at the time.

Both Rookies and King said they couldn't explain it either, but both said they had felt almost "high" during the television broadcast.

After reviewing tape of the show, all three, it was noticed, were drinking much more liberally than would normally be expected, from their French bottled waters.

The bottles were located and sure enough, tested positive for a mild hallucinogenic drug. Tom Ridge declared it, "An act of financial terrorism.

On August 4th, The one-month anniversary of the President's "Let's sit down with the North Koreans speech," They abruptly said all talks were off They did not trust the United States They were armed and well prepared for war They as a sovereign nation would decide their future They welcomed support in the name of freedom from any country willing to stand against the United States.

The following day Iran and Syria both issued support for North Korea and admitted having nuclear weaponry--nothing more than that.

Within a day, Israel sealed its borders and declared that any provocation was a act of war. Russia's Vladimir Putin spoke in Paris.

Only the United States can prevent it. Gold futures lock-limited up three consecutive days. A spokes man said, "because of computer tampering and the necessity to protect traders from the unscrupulousness of speculators.

I wasn't watching them that much, but they crashed to about 6, on the Dow within days, and kept heading South. The news of financial insolvencies and the inability of market makers and banks to meet obligations now were causing the public to "run" from the markets and banks.

The FDIC had joined in the New York bank investigations and stated that a congressional "pay out" might be needed to meet legal mandates in certain situations.

Rumsfeld must have seen his face reflected in the new foreign enemies and blinked. He demanded, "The United Nations must act! This from the new town Marshall, who only months before had been looking for new gunslingers to blast?

The world froze for two weeks. The USDI plummeted to Then at 8 A. The device, believed to be aboard one of the many luxury yachts in the area, leveled the beachfront Hotel Strip and immediately killed and estimated , people.

The following day, Monday, none of the markets opened-nor did they open for the remainder of the month. I visited the local trader in my small town.

He figured physical gold at somewhere around a thousand dollars and ounce, but he didn't know for sure--didn't seem to care.

Nothing seemed to matter now. I don't even know if you'd get your money. And even if you did, you might not want it after a while.

Because gold's probably just going to keep going up But this is not a time for celebration with the markets in disarray.

The Administration and all of Washington is in full panic deployment. No one could have predicted the financial devastation and fallout that began when the former head of security at the Fort Knox Gold Repository revealed that "large quantities of gold bars" had been shipped out of the facility over the past several years to unknown destinations.

This former employee who was under oath to maintain secrecy about all aspects of the depository had become intrigued with several of the internet gold sites where the buzz in recent years has been about the alleged manipulation and suppression of the price of gold to create the illusion of a "strong dollar".

It was June 16th when Robert Smith, a year government employee of several different agencies wrote to his Congressman, Ron Paul of Texas, and revealed the ongoing reduction of the gold in our largest National Gold Repository.

Miller suggested that it was part of the effort to subdue gold and brace the dollar. Interviewed on several financial news outlets, Miller made a convincing case for the allegations and got the attention of investors around the world.

Congressman Paul, himself a gold advocate, demanded an audit by Treasury that would be overseen by a congressional delegation.

At first the Administration dug in their heels, denied the charges and refused the audit. But like Watergate, the denials only brought more criticism and pressure to reveal the truth.

The media, at first not much interested in the story, became fully involved as the financial markets began to react violently to the allegations.

The Administration, seeing the futility of further denials, finally confirmed on July 25th that shipments of gold from Fort Knox had occurred as part of a long-term program to reduce the US gold reserve.

The financial community was caught off guard by this sudden revelation and there was instant chaos in the gold markets that quickly spread to currencies, commodities, stocks, derivatives and even interest rates.

As we celebrate Labor Day the financial landscape is littered with the confetti of worthless paper and firms that had so recently been given great value.

Now the term "precious metal" has been given a renewed meaning to a humbled nation. Gold has suddenly become the standard by which other assets are valued.

With the closing of the COMEX and other official gold exchanges there is no market that establishes an official price.

The value of physical gold can be measured only by comparison with what people are willing to offer for it from day to day. The government is in a frantic effort to reconfigure the dollar and is threatening to make gold illegal as they did in This has only served to strengthen gold and make the Euro the currency of choice with US producers and consumers.

The most recent rumor is that the US is negotiating to become a member of the Euro system because OPEC will no longer accept the dollar.

This Labor Day is the painful turning point for Americans used to the special status of the dollar.

It is labor that toils to mine, extract, refine, and ship gold. It is labor that builds wealth and fortunes. It is then bankers that cheat laborers out of their wealth by all the tried and true sleight of hand methods.

By issuing worthless fiat that can never be a store of value but rather a depreciating asset. By confiscating gold 70 years ago and using it as a weapon against laborers.

By publicly deriding gold as a "barbarous relic" while secretly knowing it is their only salvation. By devising paper instruments to manipulate and control the POG.

There are many other schemes to mention that would be too lengthy for a simple essay, suffice it to say all schemes eventually fail. Hedonic deflators, quality improvements and superior technology are trumpeted as deflation adjustments but nowhere does cheapened product, smaller portions, and inferior service get any consideration.

Whether it is a home, car, or pair of jeans products are cheaper and poorer service is the norm. This is another hidden wealth destroyer.

The old axiom about an ounce of gold being able to buy a fine men's tailored suit is still true.

It still isn't as fine tailored as suits were years ago. The service while good by today's standard is still inferior to back then.

To me that represents the true value of gold. Our Gross Public Debt should have increased by a similar amount.

Frightening possibilities for all holders of paper wealth. The battered U. According to a Canadian official, Bush also said the value of the dollar was not up to him.

It is Federal Reserve chief Mr. Alan Greenspan," the Canadian official told reporters in Evian. The Federal Reserve determines interest rates, while the Treasury typically comments on the dollar.

Black Blade: Agreed, the president's moronic comments at the G8 conference were not exactly surprising but defied the reality of the situation.

The direction of the dollar is out of his hands. Treasury Secretary John Snow jumped in with "me too" comments this afternoon.

Perhaps he got a nasty phone call from France, who knows. But neither of them have any real control over Fed Chairman Alan Greenspan or the market.

If Mr. Bush wants the dollar to be "strong" then he had better reverse the soaring budget, trade, and current account deficits as well as pay off the soaring national debt.

Somehow I don't see that ever happening. I know and do understand how enormously difficult it is to "understand" the new, coming Gold!

It also took me a lot of efforts to reach some level of understanding and Gold-insights. Yes, fellow goldmeisters, FOA is very VERY heavy stuff and written in a cryptic language.

And I remain surprised that there is nobody out there who even attempted to re-write this whole thing. Answering your questions would take quite some hours of concentration as to be complete.

Certainly because of my poor English. The euro wants to take Gold out of its "money" association! The purpose of Free Physical Gold is to become a tangible representative of all the wealth this globe is producing.

Free Gold is un-manipulated A wealth-reserve-asset that evolves with all the wealth of the world and not with one particular fiat that wishes to claim reserve status.

Gold is the only "REAL" reserve. Gold is NOT a derivative of dollar-fiat-paper. Those trillions of dollar-reserves are NOT representing the globe's wealth.

And it is the dollar-system that contains Gold from doing so representing wealth. Gold is ment for storing your surplusses and function as a transferable wealth tangible.

Fiat is not suitable for doing this because of its permanent depreciation. That's why Gold must be contained.

The euro project wants to promote Gold as a permanent appreciating wealth reserve. That's why the ECB has introduced the marking to market of its goldreserves in anticipation of Free Gold that evolves, valuewise, with the total, wealth that we are producing and wish to consolidate in something tangible for all seasons and times.

The dollar or any other currency can never, ever compete, permanently, with Free Gold! The present dollar-standard has evolved into a debtmeter!

The euro as an alternative fiat is will become as worthless as the dollar over time if the euro-system should copy the dollar-system with unfree, contained Gold!!!

But this will NOT be the case! The ECB has made its intentions, for Freeing Gold, very clear with openly exposing its goldreserves to the present dollar-paper-gold-market pricing.

Even one gram of Gold could theorethically revalue as to represent a bigger and bigger amount of wealth on the only condition that one has a free Physical goldmarket.

The dollar hates Gold, wich you all agree. The euro loves Gold OK guys, for the last time Euroland's financial media have never, ever bashed Gold in private possession!

On the contrary, all our banks do sell Gold, everywhere, anytime Any fiat-digit-system, for trade settlement, that tries to imitate some new form of gold-backing will always remain unworkable, managed, frauded, flawed!

Yes, we need enough political will to take that step to Free Gold! This political will will reach enough critical mass when the dollar-system calf is drowning Fixing a new reference-POG is non-sense.

It is another attempt to keep the dollar-system alive. Free-Gold that is everyones instrument to control all those who desire to control you!

That's why the dollar-system hates the euro-project, wich is perfectly understandable. Output from western Canada, a region that supplies 20 percent of U.

That could mean even higher prices next winter, forcing some industrial users to switch to other fuels or curtail production.

About three-quarters of the growth in U. Setbacks due to weather have been compounded by a shortage of crews, drillers said. Construction of the oil sands facility in Fort McMurray, Alberta, is drawing away skilled labor, as are projects in other countries.

Without enough skilled operators, drilling rigs can't be run safely, Precision's Swartout said. Black Blade: No surprise as I have hammered away at this before.

Worse yet is that drill rig activity is actually up in Canada over last year but no real production gains while storage lags at critical levels.

The US is not much better off either as drill rig counts are woefully low in the face of the crisis. Today oil and gas prices are ticking higher but no substantial increase in rig activity.

This will obviously hurt an already crippled US economy with higher energy costs. The widening gap would send the dollar into a tailspin and force the Federal Reserve to raise interest rates to keep capital coming into the U.

With U. Berkshire Hathaway Inc. But it's started to happen in the last year, and unless the underlying conditions change it's going to continue.

The U. Two-thirds of the increase in the current account gap last year stemmed from a rise in the U. At the same time, net investment income fell as receipts from abroad fell more rapidly than payments on foreign investments in the U.

Black Blade: Moronic government officials aside, the dollar must weaken as there is absolutely nothing there to support it.

Besides, to stimulate economic growth the Fed must provide massive liquidity and that translates into a weaker dollar and higher inflation.

Something that the Fed does not want to do but must do. They have no other choice as they are out of bullets and they are surrounded on all sides.

Unemployed workers, struggling for traction in a stagnant labor market, are slogging through some of the longest job searches in 20 years.

The time the average jobless worker remains unemployed stretched to nearly 20 weeks in April. That is up from about 12 weeks in early , and is the longest since late , according to the federal Bureau of Labor Statistics.

Many searches take even longer. Nearly 22 percent of unemployed workers, 2 million people, have been out of a job more than six months.

That is double the number of two years ago. About 13 percent have been out for a year or more. Black Blade: This Friday we get the unemployment data for May.

Oh yeah, the BLS is changing their statistical approach for unemployment yet again. This should be amusing if not totally bogus.

Funds were seen buying into the close of the session as skepticism crept into the market about the president's "strong dollar policy" comments and less that stellar data from the ISM manufacturing index and rising oil and natural gas prices.

Fed's Parry:Repeats,U. Coming in the week leading up to the start of the summer driving season, when U. Signs the Organization of the Petroleum Exporting Countries could be preparing to announce an output cut at a meeting next week have bolstered the price strength.

Venezuelan Oil Minister Rafael Ramirez said last week that the cartel might cut its ceiling by up to one million bpd at the June 11 meeting, but any decision hinges on the extent and speed of recovery of Iraq's battered oil industry.

N , the world's largest gold producer, said Monday that almost half of its offer to pay 50 cents on the dollar for outstanding unprofitable gold sales contracts with its Australian mining subsidiary had been accepted by the hedge counterparties.

Black Blade: Looks like Newmont stuck it to the bankers. In the current economic environment the bankers and investment houses are taking a beating as companies are backing those who bankrolled operations into a corner.

This has been especially true of energy companies since the Enron fallout. I would not be surprised if other miners with mine specific hedges were to renegotiate some contracts down the road.

Just wait as the "weapons of financial mass destruction" aka derivatives blow up. Of course the only thing attracting the fish were "gold" colored Kastmasters.

Maybe a good sign. A little "golden" fried trout on a bed of "golden" safron rice with a "golden" ale for dinner tonight.

Off to the gym! However, the climb in home prices slowed to its weakest quarterly pace in five years, the Office of Federal Housing Enterprise Oversight said.

This could be an worrisome sign for the economy, which has relied on the housing sector for support while other areas, like manufacturing, have struggled.

I'm not sure if anyone is interested in downloading this type of information but thought maybe Belgian, Cobra, Randy, Michael or others might find some value here so I'll post them.

As usual, they are in PDF form. Commodity contracts3 83 75 78 85 Gold 21 20 28 28 Other 62 55 51 57 Forwards and swaps In a surprise move, France announced late on Monday that all eight leaders had agreed, in response to the dollar's recent sharp fall, that currency stability was a key condition for growth and they would monitor market movements closely.

It appeared to be the strongest signal on currencies issued in the name of the G8 since central banks intervened jointly in September to support a weak euro.

But officials said the position on currencies, designed to calm market volatility after a 12 percent fall in the dollar against the euro this year, would not be put in writing.

Participants quoted Bush as saying he did not want a weak dollar and would not use the currency as an economic weapon.

One can see great trouble ahead even without factoring in the Middle East turmoil, a burgeoning Euro-centric economic coalition, oil producer threats to re-price their crude in Euros or any of the other traditional economic indicators that we know to be badly deteriorating.

Previously effective RP utilization seems no longer effective. Intervention in otherwise free markets historically leads to scarcity and falling liquidity.

One need only look to the price control regime of Richard Nixon for examples of this type of government interventional failure. The penultimate failure in then Fed Chairman Arthur Burn?

Today the Fed seems rapidly headed towards a similar event. Considering the offer was for 50 Cents on the Dollar on Yandal's hedge position, doesn't it highlight the weak position these counterparties may find themselves entangled in?

As an aside, such things tend to happen, when the messianic message as Joe Gutnik claimed takes priority over common or business opr even ethical sense.

IMO, this tough take it or leave it stance of NEM might mark the beginning of the demise of gold hedging practises for both producers and bullion banks - while the de-hedging of producer forwards have been further accelerating in the first quarter.

Lastly the Dollar enjoyed only the briefest of all dead cat bounces - thanks to the briefest statements of GWB at the G8 Evian meetings The call to arms, eh?

GOLD becomes more distinct by the day - cb2. I wonder if anything can be read into that. Dollar carry trade?

From Why not call this a dollar-carry-trade? Because of the market stress a low overnight rate might cause, many economists on Wall Street think the Fed could turn to so-called unconventional policy tools once the rate reached 0.

Dallas Fed Research Director Harvey Rosenblum has said Fed policymakers would discuss "unconventional" tools at their next meeting on June The Fed currently conducts open market operations in short-term securities only.

They warn, however, that calibrating such operations could prove difficult. But the arrows that remain are less familiar and, perhaps, not quite as straight as the ones that have already been fired.

But they cautioned that a policy of foreign exchange intervention would, in effect, be conducting a monetary contraction in the economies of U.

My simple pragmatic, trader-type mind is not always fired up enough to fully comprehend all your words, although I often try.

A total economic understanding or as near as I can get to that, is much more difficult than trading. After reading your , I found myself thinking or postulating from your thoughts that..??..

Am I catching on here or am I way off as usual? Thanks Rich. Excerpted from "The Straits Times" The French leader was more reserved, avoiding any such direct personal praise for Mr Bush, but expressing total support for his efforts to bring peace to the Middle East.

Their minute meeting, which the White House billed as a 'courtesy call', was one of the most scrutinised encounters at this year's summit.

It followed on their brief exchanges on Sunday, characterised by a cool handshake, stock smiles for the press and a Bush gift of three books on Native American culture.

Despite the upbeat signs, many areas for disagreement remain - notably on trade, agriculture and managing the post-Cold War world.

Mr Chirac also champions a vision of 'a multipolar world', where US dominance is kept in check by Europe and emerging powers such as China and India.

Some observers believe that US-French ties may not recover fully until both leaders leave office. They were very close to divorce. The Republican-led government agency voted to allow the broadcast networks to own television stations that reach a combined 45 percent of the national audience, up from 35 percent.

That's a very strange way to talk about administering a public trust. Maybe two viewpoints in these troubled times is just one too many.

Hey, Rupert Murdoch did such a fine job disseminating war info and pretending to be an all-American, we should let him run the rest of the US media, as well.

By the way, be extra grateful for this fine forum and our Hosts, as political dissent may soon find its outlets more and more difficult to obtain.

You wrote Forbes offers a much less upbeat description of the meetings than BBC. I'm also glad that Cavan Man found an even more diverse opinion from "the Straits Times".

I don't pretend to know how the leaders are actually reacting, but I was intrigued by the different media slants on opposing sides of The Pond.

I'm a firm believer in the adage that one can tell a politician is lying based on the movement of his lips. Mexico has approached investors about a sale of year bonds through Citigroup Inc.

Demand among some European investors for euro-denominated assets has risen amid the common currency's You're a good thinker and I am not, so let's see if we can pound this answer out, Ari-style!

Whaddaya think a foreign-held U. Treasury note represents? CBs hold a lotta them, yes? That's my contribution. I will purport to know nothing on this matter until you instruct me under your gentle whip.

In the meanwhile Get you some. Interestingly, today's Au rally preceded the SM selloff by about two hours. Any corelation? Possible Trader scenarios: 1 Gold is going up again, so I better get me some Gold and take some profits from the wall paper investments.

All of the above. Chickens will roost. Securities and Exchange Commission had begun a formal investigation of how the world's largest computer company accounted for some revenue in and IBM shares fell almost 3 percent on electronic trading network Instinet after the announcement, which raised the specter of the accounting scandals of Enron, WorldCom and others that have undermined investor confidence.

A plumber to comment on the electrical wiring? Thanks Cavan Man for the news Refco bought Lind-Waldock a few years ago much to my chagrin but both are commodities brokers, not stock brokers.

At the risk of offending Socrates with my premature comments, let me remind you of some standard banking ops.

Treasury notes, etc. Standard stuff. Look at March for an illustrative sketch on the way the world has worked for many years -- the continuation of which in good faith is on borrowed time.

Foreigner companies, with the CBs representing the ultimate decision makers, can choose to hold this excess in dollars or perhaps more logically their native currency.

Then, depending on its various motivations of price stability versus export advantage, a foreign central bank may choose to absorb these dollars into its pile of currency reserves asset side of ledger and newly emit a corresponding value of domestic national currency.

In this circumstance, it is a subsequential no-brainer to turn these sterile dollar assets into interest bearing assets by lending them back to the United States Government as a loan represented in the form of U.

Treasury notes. Of course, the international governments and CBs of the world may adopt a policy shift whereby "enough is enough! We've all gotta get this through our heads.

After all, what would be the point of that??? A lot of effort for no material improvement??? I don't think so! The direction is clear Catch the wave of the future.

You said, "all our banks do sell Gold everywhere, anytime.. All you can buy is certificates. Are you telling us that it just isn't so?

The article referenced by Misetich , "U. Debt in Asia Has Its Costs", began with an interesting quote from Keynes, "If you owe the bank pounds, you're the one with the problem.

But if you owe a million pounds, the bank's the one with the problem. The other leaders also prefer a strong dollar as unrealistic as it is , insofar as a strong dollar protects their precious export market.

Well, as the U. As it expands further into the stratosphere, the debt owed by the U. At the G8, it seems, a plan involving "mutual advantage" is being sought between the debtor U.

Discussion on Cryptowährung kaufen, aber wo? Originally Posted by Kumarci. Falls du nicht riesige Beträge investieren willst, würde ich dir MultiCurrency Wallets empfehlen, erspart dir einiges an Research und erleichtert die Handhabung enorm im Vergleich zu einer Full-Node Wallet.

Coinomi, Ethos, Freewallet,.. Gibt mehrere Möglichkeiten wie man an die Coins kommt, die benutzerfreudlichste Variante wird wohl über Coinbase sein und weiter über eine Exchange wie Binance.

Blackmoon posts first digest in 6 months. The time now is User Name: Password: Remember Me? Register for your free account!

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Accessibility to gold investments of one form or another is increasing. Gold is probably entering portfolios with renewed confidence and the talk amongst "people in the know" is of a sustained, long-term bull market in gold.

Bull markets being what they are, one would expect some "irrational exuberance" along the way, but how much of this will occur before 1 September?

Also, "fear" has not set in yet in the equity markets and the "Greenspan put" will probably stave off that phenomenon for a while yet.

Demand will continue to ramp up in China. In India, although the wedding season will be ending by September, many dealers may be wary of a runaway in the price of gold before next year.

I therefore suspect that seasonal demand may not slacken as much as normal. What about "demand shocks"? China revaluing or floating its currency?

Terrorist attack in the US? Maybe, but God forbid. Major bank failures in Japan? What else? Major US bullion bank caught short?

Not much talk of that lately, but the risk is probably still there. Perhaps they were. War with Iran? Very real possibility if Mr. Bush and his colleagues cannot get the economy moving in time.

Yes, some premium might appear in the gold price from that contingency before September, but probably not much.

Where does that leave us on the fundamentals? Better than Fed-speak, but still not very clear.

The dollar also rises to its highest level in four months against the Yen. The Dow Jones sheds points on the troubling news to ; Kudlow and Cramer claim the market will surge back once the true nature of the "bluster" is understood.

The last two weeks of June saw a choppy but steady rise in the gold price as the dollar continued its swoon against foreign currencies.

The USDI fell to Rumors of problems developing in the financial markets with currency and interest rate spreads moving to adverse extremes against several large unnamed financial institutions, but rumored to be located in New York, Germany, and Japan.

By July 4th, several congressional, as well as United Nations' meetings had taken place to discuss the Korean situation.

All agreed on one thing--Now was the time for talk. President Bush also chose this historic occasion to talk by television to the American people.

Telling us all again, how we have always stood in times of trouble to defend freedom, whenever it was threatened.

Well, that was clear enough. He continued, "We must first sit down with the North Koreans, in an attempt to voice our concern.

Therefore, the United States will open dialog with representatives of the North Korean government as soon a possible [something we had previously said we would not do unilaterally] to bring lasting Peace and Stability to the region.

Later in the week the first estimate of second quarter growth was released showing a GDP up-tick of 2. At about this time, no one knows for sure but the decision maker Alan Greenspan, stepping out of character, decided to make a guest appearance on "Larry King Live".

Don't ask me why, only he knows that answer. Although publicly supported for re-appointment by the President, some said it was the first stop on Al's "farewell tour".

Anyway, the guest appearance was on Thursday, July 24th. A record audience tuned in to see "The Maestro" and fellow market crooner, Louis Rukyser exchange notes with "Mr.

The audience that night saw their beloved Chairman, Mr. Greenspan, "live" as never before; he was witty; he was even comically engaging, exchanging clips with "Rukey", and acting almost giddy at the economies recently reported performance.

At a point near the show's end. King looked perplexed, pondering the comments meaning, as if thinking and wishing to say: "Hey Bozo, who do you think gave you the invite here, anyway?

Here are those three, yucking it up, like a bunch of drunken frat brothers at a fifty-year reunion.

They should have shown a little more concern for the poor folks that lost all their money in the Markets. The following day.

The following day, the markets gave their assessment of "The Maestro's" performance--Two thumbs down! Shedding nearly all of the post 4th of July rally and ending at on the Dow.

News of a new record trade deficit, and a record slump in auto sales helped to push down the Chairman's scores.

Outside of the USA Gold Forum's vigilant membership, few were aware that the Comptroller of the Currency, in a highly unusual move, had swooped in to examine both of New York's largest banks simultaneously.

Obviously though, some gold traders had also taken note. At the end of the day, Greenspan said that he used a poor choice of words, when referring to "prosperity," but had felt a little light-headed at the time.

Both Rookies and King said they couldn't explain it either, but both said they had felt almost "high" during the television broadcast.

After reviewing tape of the show, all three, it was noticed, were drinking much more liberally than would normally be expected, from their French bottled waters.

The bottles were located and sure enough, tested positive for a mild hallucinogenic drug. Tom Ridge declared it, "An act of financial terrorism.

On August 4th, The one-month anniversary of the President's "Let's sit down with the North Koreans speech," They abruptly said all talks were off They did not trust the United States They were armed and well prepared for war They as a sovereign nation would decide their future They welcomed support in the name of freedom from any country willing to stand against the United States.

The following day Iran and Syria both issued support for North Korea and admitted having nuclear weaponry--nothing more than that.

Within a day, Israel sealed its borders and declared that any provocation was a act of war. Russia's Vladimir Putin spoke in Paris.

Only the United States can prevent it. Gold futures lock-limited up three consecutive days. A spokes man said, "because of computer tampering and the necessity to protect traders from the unscrupulousness of speculators.

I wasn't watching them that much, but they crashed to about 6, on the Dow within days, and kept heading South. The news of financial insolvencies and the inability of market makers and banks to meet obligations now were causing the public to "run" from the markets and banks.

The FDIC had joined in the New York bank investigations and stated that a congressional "pay out" might be needed to meet legal mandates in certain situations.

Rumsfeld must have seen his face reflected in the new foreign enemies and blinked. He demanded, "The United Nations must act!

This from the new town Marshall, who only months before had been looking for new gunslingers to blast?

The world froze for two weeks. The USDI plummeted to Then at 8 A. The device, believed to be aboard one of the many luxury yachts in the area, leveled the beachfront Hotel Strip and immediately killed and estimated , people.

The following day, Monday, none of the markets opened-nor did they open for the remainder of the month.

I visited the local trader in my small town. He figured physical gold at somewhere around a thousand dollars and ounce, but he didn't know for sure--didn't seem to care.

Nothing seemed to matter now. I don't even know if you'd get your money. And even if you did, you might not want it after a while.

Because gold's probably just going to keep going up But this is not a time for celebration with the markets in disarray.

The Administration and all of Washington is in full panic deployment. No one could have predicted the financial devastation and fallout that began when the former head of security at the Fort Knox Gold Repository revealed that "large quantities of gold bars" had been shipped out of the facility over the past several years to unknown destinations.

This former employee who was under oath to maintain secrecy about all aspects of the depository had become intrigued with several of the internet gold sites where the buzz in recent years has been about the alleged manipulation and suppression of the price of gold to create the illusion of a "strong dollar".

It was June 16th when Robert Smith, a year government employee of several different agencies wrote to his Congressman, Ron Paul of Texas, and revealed the ongoing reduction of the gold in our largest National Gold Repository.

Miller suggested that it was part of the effort to subdue gold and brace the dollar. Interviewed on several financial news outlets, Miller made a convincing case for the allegations and got the attention of investors around the world.

Congressman Paul, himself a gold advocate, demanded an audit by Treasury that would be overseen by a congressional delegation. At first the Administration dug in their heels, denied the charges and refused the audit.

But like Watergate, the denials only brought more criticism and pressure to reveal the truth. The media, at first not much interested in the story, became fully involved as the financial markets began to react violently to the allegations.

The Administration, seeing the futility of further denials, finally confirmed on July 25th that shipments of gold from Fort Knox had occurred as part of a long-term program to reduce the US gold reserve.

The financial community was caught off guard by this sudden revelation and there was instant chaos in the gold markets that quickly spread to currencies, commodities, stocks, derivatives and even interest rates.

As we celebrate Labor Day the financial landscape is littered with the confetti of worthless paper and firms that had so recently been given great value.

Now the term "precious metal" has been given a renewed meaning to a humbled nation. Gold has suddenly become the standard by which other assets are valued.

With the closing of the COMEX and other official gold exchanges there is no market that establishes an official price.

The value of physical gold can be measured only by comparison with what people are willing to offer for it from day to day.

The government is in a frantic effort to reconfigure the dollar and is threatening to make gold illegal as they did in This has only served to strengthen gold and make the Euro the currency of choice with US producers and consumers.

The most recent rumor is that the US is negotiating to become a member of the Euro system because OPEC will no longer accept the dollar.

This Labor Day is the painful turning point for Americans used to the special status of the dollar. It is labor that toils to mine, extract, refine, and ship gold.

It is labor that builds wealth and fortunes. It is then bankers that cheat laborers out of their wealth by all the tried and true sleight of hand methods.

By issuing worthless fiat that can never be a store of value but rather a depreciating asset. By confiscating gold 70 years ago and using it as a weapon against laborers.

By publicly deriding gold as a "barbarous relic" while secretly knowing it is their only salvation. By devising paper instruments to manipulate and control the POG.

There are many other schemes to mention that would be too lengthy for a simple essay, suffice it to say all schemes eventually fail.

Hedonic deflators, quality improvements and superior technology are trumpeted as deflation adjustments but nowhere does cheapened product, smaller portions, and inferior service get any consideration.

Whether it is a home, car, or pair of jeans products are cheaper and poorer service is the norm.

This is another hidden wealth destroyer. The old axiom about an ounce of gold being able to buy a fine men's tailored suit is still true.

It still isn't as fine tailored as suits were years ago. The service while good by today's standard is still inferior to back then.

To me that represents the true value of gold. Our Gross Public Debt should have increased by a similar amount. Frightening possibilities for all holders of paper wealth.

The battered U. According to a Canadian official, Bush also said the value of the dollar was not up to him. It is Federal Reserve chief Mr.

Alan Greenspan," the Canadian official told reporters in Evian. The Federal Reserve determines interest rates, while the Treasury typically comments on the dollar.

Black Blade: Agreed, the president's moronic comments at the G8 conference were not exactly surprising but defied the reality of the situation.

The direction of the dollar is out of his hands. Treasury Secretary John Snow jumped in with "me too" comments this afternoon. Perhaps he got a nasty phone call from France, who knows.

But neither of them have any real control over Fed Chairman Alan Greenspan or the market. If Mr. Bush wants the dollar to be "strong" then he had better reverse the soaring budget, trade, and current account deficits as well as pay off the soaring national debt.

Somehow I don't see that ever happening. I know and do understand how enormously difficult it is to "understand" the new, coming Gold!

It also took me a lot of efforts to reach some level of understanding and Gold-insights. Yes, fellow goldmeisters, FOA is very VERY heavy stuff and written in a cryptic language.

And I remain surprised that there is nobody out there who even attempted to re-write this whole thing. Answering your questions would take quite some hours of concentration as to be complete.

Certainly because of my poor English. The euro wants to take Gold out of its "money" association! The purpose of Free Physical Gold is to become a tangible representative of all the wealth this globe is producing.

Free Gold is un-manipulated A wealth-reserve-asset that evolves with all the wealth of the world and not with one particular fiat that wishes to claim reserve status.

Gold is the only "REAL" reserve. Gold is NOT a derivative of dollar-fiat-paper. Those trillions of dollar-reserves are NOT representing the globe's wealth.

And it is the dollar-system that contains Gold from doing so representing wealth. Gold is ment for storing your surplusses and function as a transferable wealth tangible.

Fiat is not suitable for doing this because of its permanent depreciation. That's why Gold must be contained. The euro project wants to promote Gold as a permanent appreciating wealth reserve.

That's why the ECB has introduced the marking to market of its goldreserves in anticipation of Free Gold that evolves, valuewise, with the total, wealth that we are producing and wish to consolidate in something tangible for all seasons and times.

The dollar or any other currency can never, ever compete, permanently, with Free Gold! The present dollar-standard has evolved into a debtmeter!

The euro as an alternative fiat is will become as worthless as the dollar over time if the euro-system should copy the dollar-system with unfree, contained Gold!!!

But this will NOT be the case! The ECB has made its intentions, for Freeing Gold, very clear with openly exposing its goldreserves to the present dollar-paper-gold-market pricing.

Even one gram of Gold could theorethically revalue as to represent a bigger and bigger amount of wealth on the only condition that one has a free Physical goldmarket.

The dollar hates Gold, wich you all agree. The euro loves Gold OK guys, for the last time Euroland's financial media have never, ever bashed Gold in private possession!

On the contrary, all our banks do sell Gold, everywhere, anytime Any fiat-digit-system, for trade settlement, that tries to imitate some new form of gold-backing will always remain unworkable, managed, frauded, flawed!

Yes, we need enough political will to take that step to Free Gold! This political will will reach enough critical mass when the dollar-system calf is drowning Fixing a new reference-POG is non-sense.

It is another attempt to keep the dollar-system alive. Free-Gold that is everyones instrument to control all those who desire to control you!

That's why the dollar-system hates the euro-project, wich is perfectly understandable. Output from western Canada, a region that supplies 20 percent of U.

That could mean even higher prices next winter, forcing some industrial users to switch to other fuels or curtail production.

About three-quarters of the growth in U. Setbacks due to weather have been compounded by a shortage of crews, drillers said.

Construction of the oil sands facility in Fort McMurray, Alberta, is drawing away skilled labor, as are projects in other countries.

Without enough skilled operators, drilling rigs can't be run safely, Precision's Swartout said. Black Blade: No surprise as I have hammered away at this before.

Worse yet is that drill rig activity is actually up in Canada over last year but no real production gains while storage lags at critical levels.

The US is not much better off either as drill rig counts are woefully low in the face of the crisis.

Today oil and gas prices are ticking higher but no substantial increase in rig activity. This will obviously hurt an already crippled US economy with higher energy costs.

The widening gap would send the dollar into a tailspin and force the Federal Reserve to raise interest rates to keep capital coming into the U.

With U. Berkshire Hathaway Inc. But it's started to happen in the last year, and unless the underlying conditions change it's going to continue.

The U. Two-thirds of the increase in the current account gap last year stemmed from a rise in the U.

At the same time, net investment income fell as receipts from abroad fell more rapidly than payments on foreign investments in the U.

Black Blade: Moronic government officials aside, the dollar must weaken as there is absolutely nothing there to support it. Besides, to stimulate economic growth the Fed must provide massive liquidity and that translates into a weaker dollar and higher inflation.

Something that the Fed does not want to do but must do. They have no other choice as they are out of bullets and they are surrounded on all sides.

Unemployed workers, struggling for traction in a stagnant labor market, are slogging through some of the longest job searches in 20 years.

The time the average jobless worker remains unemployed stretched to nearly 20 weeks in April. That is up from about 12 weeks in early , and is the longest since late , according to the federal Bureau of Labor Statistics.

Many searches take even longer. Nearly 22 percent of unemployed workers, 2 million people, have been out of a job more than six months.

That is double the number of two years ago. About 13 percent have been out for a year or more. Black Blade: This Friday we get the unemployment data for May.

Oh yeah, the BLS is changing their statistical approach for unemployment yet again. This should be amusing if not totally bogus.

Funds were seen buying into the close of the session as skepticism crept into the market about the president's "strong dollar policy" comments and less that stellar data from the ISM manufacturing index and rising oil and natural gas prices.

Fed's Parry:Repeats,U. Coming in the week leading up to the start of the summer driving season, when U. Signs the Organization of the Petroleum Exporting Countries could be preparing to announce an output cut at a meeting next week have bolstered the price strength.

Venezuelan Oil Minister Rafael Ramirez said last week that the cartel might cut its ceiling by up to one million bpd at the June 11 meeting, but any decision hinges on the extent and speed of recovery of Iraq's battered oil industry.

N , the world's largest gold producer, said Monday that almost half of its offer to pay 50 cents on the dollar for outstanding unprofitable gold sales contracts with its Australian mining subsidiary had been accepted by the hedge counterparties.

Black Blade: Looks like Newmont stuck it to the bankers. In the current economic environment the bankers and investment houses are taking a beating as companies are backing those who bankrolled operations into a corner.

This has been especially true of energy companies since the Enron fallout. I would not be surprised if other miners with mine specific hedges were to renegotiate some contracts down the road.

Just wait as the "weapons of financial mass destruction" aka derivatives blow up. Of course the only thing attracting the fish were "gold" colored Kastmasters.

Maybe a good sign. A little "golden" fried trout on a bed of "golden" safron rice with a "golden" ale for dinner tonight. Off to the gym!

However, the climb in home prices slowed to its weakest quarterly pace in five years, the Office of Federal Housing Enterprise Oversight said.

This could be an worrisome sign for the economy, which has relied on the housing sector for support while other areas, like manufacturing, have struggled.

I'm not sure if anyone is interested in downloading this type of information but thought maybe Belgian, Cobra, Randy, Michael or others might find some value here so I'll post them.

As usual, they are in PDF form. Commodity contracts3 83 75 78 85 Gold 21 20 28 28 Other 62 55 51 57 Forwards and swaps In a surprise move, France announced late on Monday that all eight leaders had agreed, in response to the dollar's recent sharp fall, that currency stability was a key condition for growth and they would monitor market movements closely.

It appeared to be the strongest signal on currencies issued in the name of the G8 since central banks intervened jointly in September to support a weak euro.

But officials said the position on currencies, designed to calm market volatility after a 12 percent fall in the dollar against the euro this year, would not be put in writing.

Participants quoted Bush as saying he did not want a weak dollar and would not use the currency as an economic weapon.

One can see great trouble ahead even without factoring in the Middle East turmoil, a burgeoning Euro-centric economic coalition, oil producer threats to re-price their crude in Euros or any of the other traditional economic indicators that we know to be badly deteriorating.

Previously effective RP utilization seems no longer effective. Intervention in otherwise free markets historically leads to scarcity and falling liquidity.

One need only look to the price control regime of Richard Nixon for examples of this type of government interventional failure.

The penultimate failure in then Fed Chairman Arthur Burn? Today the Fed seems rapidly headed towards a similar event. Considering the offer was for 50 Cents on the Dollar on Yandal's hedge position, doesn't it highlight the weak position these counterparties may find themselves entangled in?

As an aside, such things tend to happen, when the messianic message as Joe Gutnik claimed takes priority over common or business opr even ethical sense.

IMO, this tough take it or leave it stance of NEM might mark the beginning of the demise of gold hedging practises for both producers and bullion banks - while the de-hedging of producer forwards have been further accelerating in the first quarter.

Lastly the Dollar enjoyed only the briefest of all dead cat bounces - thanks to the briefest statements of GWB at the G8 Evian meetings The call to arms, eh?

GOLD becomes more distinct by the day - cb2. I wonder if anything can be read into that. Dollar carry trade? From Why not call this a dollar-carry-trade?

Because of the market stress a low overnight rate might cause, many economists on Wall Street think the Fed could turn to so-called unconventional policy tools once the rate reached 0.

Dallas Fed Research Director Harvey Rosenblum has said Fed policymakers would discuss "unconventional" tools at their next meeting on June The Fed currently conducts open market operations in short-term securities only.

They warn, however, that calibrating such operations could prove difficult. But the arrows that remain are less familiar and, perhaps, not quite as straight as the ones that have already been fired.

But they cautioned that a policy of foreign exchange intervention would, in effect, be conducting a monetary contraction in the economies of U.

My simple pragmatic, trader-type mind is not always fired up enough to fully comprehend all your words, although I often try.

A total economic understanding or as near as I can get to that, is much more difficult than trading. After reading your , I found myself thinking or postulating from your thoughts that..??..

Am I catching on here or am I way off as usual? Thanks Rich. Excerpted from "The Straits Times" The French leader was more reserved, avoiding any such direct personal praise for Mr Bush, but expressing total support for his efforts to bring peace to the Middle East.

Their minute meeting, which the White House billed as a 'courtesy call', was one of the most scrutinised encounters at this year's summit.

It followed on their brief exchanges on Sunday, characterised by a cool handshake, stock smiles for the press and a Bush gift of three books on Native American culture.

Despite the upbeat signs, many areas for disagreement remain - notably on trade, agriculture and managing the post-Cold War world. Mr Chirac also champions a vision of 'a multipolar world', where US dominance is kept in check by Europe and emerging powers such as China and India.

Some observers believe that US-French ties may not recover fully until both leaders leave office. They were very close to divorce.

The Republican-led government agency voted to allow the broadcast networks to own television stations that reach a combined 45 percent of the national audience, up from 35 percent.

That's a very strange way to talk about administering a public trust. Maybe two viewpoints in these troubled times is just one too many.

Hey, Rupert Murdoch did such a fine job disseminating war info and pretending to be an all-American, we should let him run the rest of the US media, as well.

By the way, be extra grateful for this fine forum and our Hosts, as political dissent may soon find its outlets more and more difficult to obtain.

You wrote Forbes offers a much less upbeat description of the meetings than BBC. I'm also glad that Cavan Man found an even more diverse opinion from "the Straits Times".

I don't pretend to know how the leaders are actually reacting, but I was intrigued by the different media slants on opposing sides of The Pond.

I'm a firm believer in the adage that one can tell a politician is lying based on the movement of his lips. Mexico has approached investors about a sale of year bonds through Citigroup Inc.

Demand among some European investors for euro-denominated assets has risen amid the common currency's You're a good thinker and I am not, so let's see if we can pound this answer out, Ari-style!

Whaddaya think a foreign-held U. Treasury note represents? CBs hold a lotta them, yes? That's my contribution.

I will purport to know nothing on this matter until you instruct me under your gentle whip. In the meanwhile Get you some.

Interestingly, today's Au rally preceded the SM selloff by about two hours. Any corelation? Possible Trader scenarios: 1 Gold is going up again, so I better get me some Gold and take some profits from the wall paper investments.

All of the above. Chickens will roost. Securities and Exchange Commission had begun a formal investigation of how the world's largest computer company accounted for some revenue in and IBM shares fell almost 3 percent on electronic trading network Instinet after the announcement, which raised the specter of the accounting scandals of Enron, WorldCom and others that have undermined investor confidence.

A plumber to comment on the electrical wiring? Thanks Cavan Man for the news Refco bought Lind-Waldock a few years ago much to my chagrin but both are commodities brokers, not stock brokers.

At the risk of offending Socrates with my premature comments, let me remind you of some standard banking ops. Treasury notes, etc.

Standard stuff. Look at March for an illustrative sketch on the way the world has worked for many years -- the continuation of which in good faith is on borrowed time.

Foreigner companies, with the CBs representing the ultimate decision makers, can choose to hold this excess in dollars or perhaps more logically their native currency.

Then, depending on its various motivations of price stability versus export advantage, a foreign central bank may choose to absorb these dollars into its pile of currency reserves asset side of ledger and newly emit a corresponding value of domestic national currency.

In this circumstance, it is a subsequential no-brainer to turn these sterile dollar assets into interest bearing assets by lending them back to the United States Government as a loan represented in the form of U.

Treasury notes. Of course, the international governments and CBs of the world may adopt a policy shift whereby "enough is enough!

We've all gotta get this through our heads. After all, what would be the point of that??? A lot of effort for no material improvement???

I don't think so! The direction is clear Catch the wave of the future. You said, "all our banks do sell Gold everywhere, anytime..

All you can buy is certificates. Are you telling us that it just isn't so? The article referenced by Misetich , "U.

Debt in Asia Has Its Costs", began with an interesting quote from Keynes, "If you owe the bank pounds, you're the one with the problem.

But if you owe a million pounds, the bank's the one with the problem. The other leaders also prefer a strong dollar as unrealistic as it is , insofar as a strong dollar protects their precious export market.

Well, as the U. As it expands further into the stratosphere, the debt owed by the U. At the G8, it seems, a plan involving "mutual advantage" is being sought between the debtor U.

Morgan went on to describe how that's the type of spending behavior that follows with the loss of purchasing power.

Nobody at the G8 dared use that term. But if one connects the various dots that get uncovered from time to time, a not-so-wholesome economic picture emerges quite clearly.

As it is so aptly said, "interesting times". The American media industry is dominated by just a few companies.

With the the Federal Communications Commission, under Michael Powell son of Secretary of State Colin Powell , set to relax ownership rules later this month [today, in fact], this consolidation and the lack of choice that goes with it will get worse before it gets better.

And with a war that is endless against a foe that is stateless terror has no nationality , invisible it could be anyone and ubiquitous they could be anywhere , the potential for these media distortions to become both pervasive and permanent is very real indeed.

Goldilox: Certainly a more perilous warning about the media trend than the CNN post, but I would expect no less from the Guardian.

However, if we allow dissent to be "demonized", gold ownership may come face-to-face with a desperate battle to save the FIAT currency.

The idea that this even needs to be published is discomforting. Perhaps I am sounding alarmist, but the latest erosions of the Bill of Rights also have some very strong historical analogues, some only a single generation past.

Gold, get you some and bury it deep! Greetings Aristotle, I have another post for you, but this one is about this comment in the post below.

How to replace the US as deficeit nation? If the US does not play this role, how do all the various nations handle thier imbalances? The asian idea floated here today sounds minor league because the main trade beween those nations is with the US.

I am looking for a bridge to another way, but I cannot see it. Taking down the US is not the answer, I am guessing that some joint CB agreement to share the ponzi scheme is the only way to avoid global depression.

Chirac is low on details on how to make this "multipolar world". MK has on his site a quote from DeGaulle, Nice idea, but like Chirac, low on details on how to make it work.

No one here or elsewhere ever mentions that the strong dollar policy is not criticized when Bush mentions it now or earlier.

The other nations prefer it. They are happy that the US plays deficeit nation for the global benefit. They are ok that the US gets itself into fantastic levels of debt.

By that I mean that it has been to thier advantage also. What is Chirac thinking? And then the EU can run up thier own deficeits till the Chinese take over?

MK says he thinks the very top guys are cooperateing. That would get me again thinking that the future path is cooperative CB embrace of the infinite debt world where CB's will pour money as they see fit.

If not that, then a much uglier world system. A system that no one is articulating yet but they are trying.

This multipolar mush. A large manufactured article like a vehicle has origins in many countries. The more imbalanced volatile currency exchanges are, the greater the difficulty for both parties to conduct the many transactions necessary to complete the manufacture and sale of the finished goods.

There are few industries that are not multi-national in today's market place. It seems too simplistic to pick an outright winner in the manufacturing arena based on currency exchange.

The oposite side of this is that customers face the reverse challenge of manufacturers in that they must buy goods at an inverse exchange imbalance to the sale.

Countries exporting natural resources have a less complex algorithm of exchange to deal with, except that they often depend on customers for the technology to deliver the resource, so it is not completely unilateral.

In summary, currency exchange imbalances alone do not hinder trade as much as currency volitility, and trade imbalance eventually affects volitility, as we are currently witnessing.

The biggest battle I see is not about exchange rates, but more about exchange reserves. The US dollar has been hugely proliferated as a result of being the world's reserve currency.

Herein lies a large impetus for more volitility. Thanks for that sharp insight Goldilox. I was thinking as I walked the dog, if the Euro actually had a decent gold backing, todays posts indicate otherwise, The slogan on thier fiat could be "In Gold We Trust" Wouldnt a more gold system quickly work to the advantage of China?

If the EU did go the route of a gold tie in, wouldnt those dollars awash in the system, includeing all the more that the fed could just print up electronically in a second, just make mincemeat out of that effort on day one?

Arent we stuck? Married to the buck? Till death do we Dreams of multipolar divorce court will just make us all poorer?

Arent the Arabs, and Persians, iran , stuck also? Their countries are big welfare states. A global depression will wack them hard. The threat of disturbing the system will probably keep all the players in line.

Politicians in russia, france, germany may grouse and stir up agitation for change, but the Central Bankers will probably not want instability.

Will not take any big leaps out of the present system. I am guessing that the real big currency flows are heavily controlled or able to be controlled when needed.

Again, just guessing. On your foremost point, "isn't it a key issue for a country to work for a lower currency for trade reasons?

It is a political reality that governments find great comfort in a fully employed citizenry. This is true even at the cost to national welfare of spoiling the population's savings through beggar-thy-neighbor type currency depreciation.

But there's a political limit citizen tolerance to the acceptible level cost incurred. That's to say, a trade advantage to support full employment through currency depreciation will not be tolerated or politically acceptible to the degree where the lost purchasing power effectively impoverishes the population.

If many citizens are unemployed they are likely to riot vote officials out of office because they have no purchasing power in the form of income; and by a similar stroke of the brush even the fully employed are likely to fuss if their currency noticeably collapes and their savings and salaries lose significant purchasing power.

Think Asian Contagion or Argentina on that one. Ultimately, the various governmental monetary authorities must strike a fine balance between exporting their nation's goods and their race to the bottom regarding currency valuation.

Further evidence that your hypothesis isn't completely accurate can be found in a few examples to the contrary. Before it structurally failed in its effort a year and a half ago, Argentina tried to halt its long trending currency decline by pegging for a whole decade to the U.

How about the Hong Kong dollar peg as another example to halt a race to the bottom? And hey! Think, therefore, we can chalk up some of that perception of yours as coming from observations and residue of a complex international league of semi-independents all struggling together to learn and evolve out of infancy?

That's my shorthand explanation for that bit of "conventional wisdom" folklore. When you then pose this question: "How to replace the US as deficit nation?

If the US does not play this role, how do all the various nations handle their imbalances? For every nation to complacently continue exporting net wealth for the primary benefit of the United States seems to me to be the most unnatural state of affairs.

And yet, if you can tacitly accept the U. Implement a new system where you set physical Gold at the center of the international reserve structure and you'll take a huge step toward eliminating the longtime exorbitant privilege held by the U.

Not to worry. The Fed is also considering unconventional means if money velocity shrinks. Fed senior vice president Marvin Goodfriend of the Richmond Federal Reserve branch first proposed a study of implementing a "carry tax.

Essentially this tax would be designed to eliminate the problem of zero-bound interest rates. The tax would lower the value of the currency the longer it is held without making a transaction.

In effect, it becomes a negative interest rate, which punishes cash holders for preferring to hold on to their cash.

It would be designed to eliminate the Japanese problem where consumers and investors have preferred to hold on to cash as their assets deflated in the stock and real estate markets.

In my opinion, besides the constitutional problems this would present, it would most assuredly backfire. As the government continues to depreciate the currency, implementing a carry tax would force investors and savers into "things" as they see the value of their assets depreciate such as paper assets and real estate and the value of things they need go up in costs.

People would simply put their money into "things" and avoid paper. The most valuable asset under these conditions would be the only real money that has ever existed throughout history: silver and gold.

We may soon be revisiting history as the alchemist take us back to the days of John Law, something I never thought I would see. However, it looks even more likely in the days ahead more of which will be written about in the future.

Black Blade: Unconventional methods to stave off the coming financial disaster. This is "interesting" reading in tonight's article.

Definitely worth reading! We already know that the Fed is desperate after 12 rate cuts that did absolutely nothing and the problems just pile up.

This debt ridden nation is fast approaching the end of the line and if foreign investors bail, then the dollar craps out, while on the other hand as debt piles up and if US investors bail, then the dollar craps out.

Quite a catch we got here. The Fed is outta bullets and all that's really left is to push for rapid massive inflation but even that is a hard pill to swallow.

Aristotle, Hate to make an email type post, give me couple days to respond, have to mull. Snippit: Discounts will be perhaps most generous in apparel, where inventory growth -- up 8 percent -- was higher than a 2.

That marks the first time in at least a decade that inventory growth is higher than sales growth in apparel, he said. The inventory buildup is extending to other areas including electronics and home furnishings, said Frank Badillo, senior retail economist at Retail Forward, a consulting firm in Columbus, Ohio.

In March, it took 1. People are worried about jobs and the economy. Costs are rising and necessities come first, and many now find themselves stuck deep in debt and are struggling to meet obligations after years of spending like drunken sailors.

To make matters worse many have mortgaged their future by risking the family home to keep spending.

It's going to get very ugly. Back in early March, before the launch of the U. Everyone knew those lofty prices weren't sustainable, and the flat performance of many energy stocks reflected that.

Boy, were they wrong. Falling U. Gas storage levels remain low and some analysts predict North American production capacity will drop this year, setting the stage for another price spike next winter.

Certainly the energy analysts at Merrill Lynch are convinced that the era of cheap oil is finished. In a page report issued last Thursday, Merrill Lynch says major energy stocks are poised for their best run since the s.

At the same time, the number of geologists and other technical personnel in the upstream end of the business has plunged by half since So even though oil producers are awash in cash, they won't have the ability to quickly ramp up exploration and development, the report says.

Black Blade: yeah, I know and I am not one bit surprised either. It was relatively cheap, burned cleanly and polluted less.

Power plants that used the fuel were easy to build with reliable construction schedules. But it's become apparent that the early hosannas extolling the wonders of natural gas were overblown.

He went on to describe the issue as "very serious. Greenspan said the reasons for the tight supplies were a "colder-than-average winter," the country's "limited capacity to import liquefied natural gas" and the failure of increased drilling to raise production.

Greenspan also remarked on the contradictory federal policy toward natural gas. Said Jewell: "What he meant by that is that federal policy encourages consumption of natural gas, particularly in the electric power sector.

At the same time, federal policy becomes more restrictive and more limiting as to where we can drill for natural gas.

There are places in the U. It's not just federal policy, he said, "It's state policy and concerns of the public that are limiting the areas we can drill.

The technology is improving. But it seems they're running faster and harder and making no progress. Even if we are somehow lucky enough to squeak by this year, the long term problem remains that there are simply not enough drill rigs in existence, land access remain a delicate issue, permitting is often too slow to prevent repeated crises, and infrastructure is woefully inadequate to get supply to where it's needed.

This year will likely be just the first of many with low NatGas supply while demand continues to grow.

That figure is absurdly low. These are the people with many years of experience like my self that have permanently left the industry.

You cannot ramp up exploration quickly without those people who have the hands on experience. There is no body of memory and experience to avoid trouble and know where the secrets of the underground lay hidden.

It takes years to develop that kind of experience and body of memory. We don't need those dollarreserves anymore, because we have our own euroreserve NOW!

The euro-project want to see a compensation for the total loss on these accumulated dollarreserves. That compensation is the permanent Gold-Revaluation, only possible when the old dollar papergoldmarket dies and is replaced with the Free Physical euro Goldmarket.

A Free Goldmarket means that "Physical" trade of Gold will almost totally replace the dollar-paper-goldcontract-market wich has been containing Gold, up until now!

Individuals, corporations and nation states will consolidate their "wealth" surplusses in Physical Gold in possession as a temporary store of wealth.

When you need fiat, just sell your taxed physical Gold on the Free euro Goldmarket for euro and settle your trade with it.

The whole world is going to like this! The dollar-reserve out and Physical Gold in. This tiny amount of Physical investment-Wealth Bullion is guaranteed for each and every individual that desires to hold it.

ALL : I would like to learn "why" there is almost zero interest, on this forum, in what a "Free Goldmarket" could mean?

I think one of the reasons is perhaps relatively few people understand the concept. I don't mean to come across with an "us" and "them" vibe, but lets face it -- I've noticed a whole lotta "them" passing through have said they found FOA's Gold Trail to be cryptic.

Howzabout the subset group of "them" that are actually belligerent about it all and suggest that FOA has been purposefully and unnecessarily cryptic.

They don't even try to come up to speed. Then there's the group that can't fathom that a market's low current price for something relative to all other things might not even closely portray that item's relative value seen at a later point in time.

Poisonous plutonium to a man with a stone age mind will always be priced worthless when he can't fathom a new age of nuclear energy.

Of course, there's always that group of addicts playing their leveraged games who reject any and all visions of a world where they can't get their gambling fix from the paper world of Gold fakery or where bankrupted counterparty majorities deny them the minority their longfought jackpot.

Then there's probably a final set of silent people around here who do understand Free Gold, but are probably reluctant to allow themselves to accept that they yes, "hapless little ol' them" may indeed be on the threshold of a once-in-a-lifetime achievement in wealth transfer.

Too heady and too scary to even imagine! How many dare not whisper to the night, "What if I, too, were suddenly wealthy?!! Better to leave the "wild dreaming" to other less practical men.

Like you, I'd like to see this latter group put their scepticism aside and try to paint us a picture of their own little corner of the world as seen through the lens of an in-place-and-fully-functioning Free Gold market.

What would change? What would stay the same? Would you be able to cope with the change? Good questions for everyone to allow themselves to ponder aloud for mutual enlightenment.

How perfect it is! Yep, a gold PAPER gold conference exactly in a country Portugal that brags with its goldreserve sales, present 90 tonnes and future tonnes!!!

Sickening perfect! Papergold feels, sees, experiences Clown on duty is Kazakstan. Ridicule Gold, further, in a subtle way Why not!

That's the main message, dearest forumers. Don't you think this is "strange"??? Someone mentioned the Dollar "lease-rate" We could also recommend Physical "Dollars" in Possession.

Amazingly all the reasons, almost;- for holding Gold close at hand can also apply to Cash at present Labor Department have been briefing economists for months on the looming overhaul of the jobless report, but deciphering the vital numbers come Friday morning will still be a tall order.

The Bureau of Labor Statistics will unveil four changes to its closely watched payrolls report for May, incorporating a new industry classification system, the final phase-in of a new sampling method, updated seasonal adjustments and changes to the way government jobs are counted.

Black Blade: New ways to "cook the books" unveiled this Friday when May jobless data comes out. Nice to find your answer that I secretly was expecting.

Not as a confirmation for the inevitable future Free Gold, but rather as an encouragement to keep posting as to provoke "mutual enlightment"!

Because, sometimes Falls du nicht riesige Beträge investieren willst, würde ich dir MultiCurrency Wallets empfehlen, erspart dir einiges an Research und erleichtert die Handhabung enorm im Vergleich zu einer Full-Node Wallet.

Coinomi, Ethos, Freewallet,.. Gibt mehrere Möglichkeiten wie man an die Coins kommt, die benutzerfreudlichste Variante wird wohl über Coinbase sein und weiter über eine Exchange wie Binance.

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