Russian Agents Detain Man Smuggling 25 kg of Gold Bars in Luggage
A video circulating on social media shows what appears to be a man in custody in an office with authorities photographing two LBMA-style 12.5 kg gold bars laying out on a desk.
News
Breaking news from the precious metals industry. Gold, silver and platinum group mining, refineries and refining technologies, minting and distribution.
News and information about the global drivers of prices in the precious metals markets. Including central banks, interest rates, industrial manufacturing, electronics and investors.
Florida and Indiana Ban Use of CBDC
Both Florida and Indiana have recently passed laws banning the use of a central bank digital currency (CBDC) as money in those states.
These laws explicitly exclude a CBDC from the definition of money in Florida and Indiana, effectively banning its use as such in these states.
Zimbabwe Sells $14 Million in Gold-Backed Digital Tokens
The token’s initial offering is backed by 140 kilogram gold bars that have been allocated from central bank reserves
The offering from Zimbabwe is causing a ruckus with the IMF that is reminiscent of the outrage posited against El Salvador when it established bitcoin as a legal currency and began issuing bitcoin bonds.
Investors Losing Confidence in the US Mint, while Coin Minting Reports $171 Million Net Loss
Keeping up with investors demand has been a difficult task for the US Mint. The pandemic lockdowns caused a total shut down of mint operations, forced mine closures and caused other widespread disruptions throughout industrial supply chains.
Problems for the Mint only got worse as investor demand for bullion investment coins skyrocketed because of the pandemic. For a few months, the minting of Silver Eagle coins was secretly shifted to the Philadelphia Mint for the first time in history as backorders began to pile up.
FBI Seizes $86 million in Cash from Customer Safe Deposit Boxes
More than $86 million in cash and millions of dollars worth of valuable personal items were seized, most of whom were innocent of any crimes or wrongdoing.
Texas Committee Passes Bill To Create 100% Gold And Silver-Backed Transactional Currencies
Legislators in Texas are leading the charge against the Federal Reserve’s monopoly on fiat money by offering an option for people to conduct business in sound money.
Physical gold and silver that would support the backing of the digital currency would be stored in a pooled account at the Texas State Bullion Depository.
North Carolina joins Texas, Florida and South Dakota in Fight Against CBDC digital dollar
US banks are ramping up in anticipation for the introduction of the FedNow system later this year. Various government agencies actively deny that Fednow is related to CBDC implementation. However, the instant payment service could provide the underpinnings to support institutional transfers that incorporate near real-time settlement.
Earlier this year, legislators in Texas became the first to offer a solution against a federal CBDC by introducing legislation to create a state managed gold-backed digital currency.
This week, legislators in North Carolina pushed forward a law that would ban the state’s agencies and institutions from accepting any payments in central bank digital currency (CBDC).
Silver Institute Report Shows Strong Demand Across All Supply Chains
Investor demand continues to drive up prices for physical silver bullion. Supply chain disruptions at the start of the pandemic led to depletions of wholesale and retail bullion inventories resulting in the prices of physical bullion become far removed from following the paper price.
The US Mint continues struggling during periods of high demand due to ongoing supply chain issues plaguing domestic planchet suppliers.
Fractional Gold Bars from PAMP Suisse
PAMP Suisse fractional gold bars features the same timeless design and are available in a range of sizes for all budgets.
Federal Reserve and the Current Board of Governors
The Federal Reserve system is comprised of 12 Reserve Banks that were established following the outbreak of World War I in 1914 as a way to manage the cashflow of the country and to prevent future bank runs and other banking crisis’.
The Board of Governors, which is appointed by the President of the United States, is responsible for supervision of the reserve banks and regulating certain other financial institutions and activities.