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BGASC Changes Shipping Policy – Orders over $199 Ship Free

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vintage gold coins

Changes have been happening behind the scenes at BGASC since being acquired by A-Mark Precious Metals earlier this year.

Over the last few months we’ve seen the launch of a new website incorporating a deep catalog of new and historic products.

For many years BGASC has had the reputation of being the best place to buy 1 oz gold coins. Even though they have the lowest silver prices on many popular items, their high order minimum for free shipping kept a lot of buyers away.

Newly minted custom branded silver rounds and silver bars minted by Silvertowne with the BGASC logo have been added in the new product offering.

The low premium generic 1 oz silver rounds have quickly become on the most popular amongst stackers.

Recently, BGASC made changes to their shipping policies that makes it easier for investors to save money on premiums.

BGASC is now offering free shipping on all orders over $199.

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New Global Gold Standard Emerging from Recession

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The dollar emerged as a reserve currency following World War II as part of the Bretton Woods Accord. This was due to the United States having the largest gold reserves at the time. Bretton Woods provided fixed gold prices that was pegged to the USD making it the central spoke for trade.

NPR did a report in 2019 that gives some history on the Bretton Woods agreement, the development of the World Bank and International Monetary Fund or other organizations involved in evangelizing the use of the dollar in international trade.

More About Bretton Woods

In 1971, economic conditions were not entirely different than they are today. At the time, the economy was suffering from a relatively high rate of inflation, the ongoing war in Vietnam led to significant budget deficit and mounting debt, and there had been a longstanding decline in the U.S. monetary gold stock, and a recent, sharp rise in external dollar liabilities held by central banks.

Corruption in government had also reached a tipping point which later led to Watergate, the Church Committee and other investigations.

In August of 1971, Nixon held a top-secret meeting at Camp David with his top financial and economic advisors that included the likes of Arthur Burns, John Connally, Paul Volker and others.

Together they created a strategy for a controversial policy that removed the dollar from the gold standard which disrupted the global economy.

Long term, the decision to remove the dollar from the gold standard led to a decline in central bank holdings that reached the lowest point around 2010.

Since the financial crisis in 2008, Central Banks have been following the lead of BRICS nations and continued their gold buying streak in 2022. Globally, central bank holdings have now reached their highest point since 1974.

The Biden Administration faces additional problems today that didn’t exist in 2008.

Russia began exchanging rubles for gold and requiring foreign nations to pay for gas and oil in rubles to flout US sanctions. Some of this has been factored into gold prices this year.

Recent news of Qatargate involving the arrests of several prominent members of the European Parliament is more evidence of the corruption ingrained in the dollarized financial system.

Although the origins of Bitcoin remain up for debate, the original cryptocurrency also developed in response to the 2008 Global Financial Crisis that resulted from the US recession.

Cryptocurrency ledgers provide a shared and public transaction record that could provide central banks with more transparency.

However, the adoption of CBDC as proposed by the G7 as a programmable currency is fraught with controversy. Much of this causes confusion with consumers who are already struggling with mass adoption of crypto.

The recent crash of the FTX crypto exchange highlights significant issues of corruption within the current system that continues to spread to other sectors of the economy. plus the evidence of the emergence of a global BRICS currency backed by the combined gold reserves of member nations are just two of the additional challenges.

Discussions of a BRICS mixed basket currency began to emerge following the global financial crisis in 2008. Which was triggered by lax lending standards, record amounts of consumer debt and other factors that fueled the first housing bubble.

BRICS countries have been in discussion to establishment of a new digital reserve currency that is a mix of member countries.

The BRICS reserve basket currency allows member nations to engage in trade bypassing the USD. The strength of their local currency will help to strengthen their influence in the basket.

Some economist see this as a real threat to the dollar as a global reserve currency, thus reducing the demand for dollars worldwide.

On a macro level many of these things are seen as good indicators of strong demand and long term upward movement in gold prices.



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BRICS, Central Bank Gold and Oil

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BRICS is loose term created by Goldman Sachs to represent the world’s five leading emerging economies. The original list included four: Brazil, Russia, India and China. South Africa was added to the list in 2010.

Combined, the BRICS nations represent 3.21 billion people, roughly 41.5% of the global population.

Over the last year more stories have emerged in the news about the desire for BRICS nations to seek an alternate currency to the US dollar for their international trade. Often referred to as de-dollarization. The removal of the dollar as the reserve currency used in international trade.

Russia has already established the Moscow World Standard to compete with the LBMA and other legacy markets.

In response to economic sanctions following the invasion of Ukraine, Russia’s gas agency began demanding payments for oil and natural gas in Rubles.

Russia’s Central Bank began exchanging gold for Rubles and many countries are now trading oil on a new gold-standard.

The PBoC, the central bank of China continues adding gold bullion to its reserves and holdings.

Worldwide central Bank gold holdings have now reached their highest point since the 1970s.

The 1970s was a time of global economic crisis. Following the oil crisis of 1973, Nixon led the collapse of the Bretton Woods system as part of his measures to fix the stagnant economy.

Nixon resigned in August of 1974 following the Watergate Scandal. Days later, President Ford signed legislation which repealed Roosevelt’s executive order restricting private gold ownership.

This global appetite for gold has the potential to give emerging nations an advantage over the value of their assets and international trading dynamics.

Many emerging nations are rich in oil, minerals and mining. Some of which are necessary components in the development of batteries, solar panels and other advanced manufacturing.

Private ownership of precious metals now continues to grow every year. During the pandemic, from 2020 until 2022, investors bought more than 75 million troy ounces of American Silver Eagles.

The US Mint has been unable to keep up with investor demand which has caused premiums to rise.

Over the same period gold investors bought more than 5 million troy ounces of Gold Eagle and Gold Buffalo coins.

Government silver coins from Canada, United Kingdom, Austria have become popular alternatives for investors looking for lower premiums.

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Comparing Government Minted Silver Coins

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Modern Silver Coins

Coins are minted by sovereign governments most often for circulating currency and coinage.

Coins are also minted for commemorative purposes. which creates opportunities for both collectors and enthusiasts of the topic being commemorated.

Governments also mint silver coins for investment purposes. These bullion coins can be the solid foundation that investors and stackers know will provide added financial security.

The economy already in a recession, inflation and interest rates are both out of control. Government silver coins can help provide some peace of mind during tough times that lie ahead.

Circulated or Junk Silver Coins

In the United States and Canada, coins minted from silver alloys were in common circulation until the 1960s. Congress passed the Coinage Act of 1965 after the assassination of Kennedy. The Act authorized the debasement of the dollar continued during President Johnson’s Administration. In the early 1970s Nixon removed the US from the gold standard entirely.

All coinage in the United States were minted of an alloy that contained 90% silver until 1964. With with the exception of the penny and nickel. Many of these coins were slowly removed from circulation by savvy savers. Coin roll hunters continue to find silver this way.

Each $1 in face value of circulated junk silver coins contains roughly .715 troy ounces of pure silver. The coins contain an alloy with copper to give it more rigidity and strength to endure day to day handling.

Junk silver is popular amongst investors, preppers and stackers. Circulated 90% silver coins can be bought, sold and traded locally at Pawn Shops, local coin stores, jewelers and “We Buy Gold” stores. However, the best deals can often be found with trusted and reputable online bullion dealers.

Premiums on a random selection of 90% silver coins can vary greatly from dealer to dealer.

Beginning in 1965, the silver alloy content for the 50 cents or half dollar coins was reduced to 40% silver.

Modern 1 oz Silver Bullion Coins

The first modern 1 oz silver bullion coin was the Mexican Onza. The Mexican Onza was first produced by the Mexico City mint in 1949. It would be another 29 years before the next release in 1978.

The more familiar Mexican Libertad coin was first released in 1982.

China introduced the world to the Panda bullion coin series in 1983.

The US Mint introduced the American Eagle silver bullion coin to investors in 1986.

The Royal Canadian Mint added a 1 oz Silver coin to the Maple Leaf series in 1988.

The Perth Mint of Australia produces a variety of silver bullion coins that are perfect for investors and collectors. The first edition of the Kookaburra 1 oz Silver Coin was minted in 1990. The design shows the native bird perched on a log surrounded by the jungle.

Over the last 30 years more and more sovereign governments have issued legal tender bullion coins for investors.

These coins have a legal tender face value. This means that they can be legally be used to pay for everyday goods and services in their respective country. However, the face value is nominal and doesn’t reflect the true intrinsic value of the silver bullion.

Austria Silver Philharmonic Coins

The Philharmonic is often the least considered. However, its history shows that it is one of the best sovereign coins for building a solid stack.

The Philharmonic series includes Platinum, Gold and Silver. The same design is shared coins in this series.

The obverse shows the Musikverein Pipe Organ which stands 36 feet tall and weighs 28 tons. The organ is operated with both manual and electronic controls and has 6,138 pipes. Some of the pipes used in the construction were recycled and reused from an 1872 Ladegast organ.

The reverse shows a variety of orchestral instruments that are part of the Vienna Philharmonic which performs at the Golden Hall.

Random Year Silver Philharmonics are a favorite for investors that keep close track of premiums and dollar-cost average the stack.

South African Silver Krugerrand

The silver Krugerrand bullion coin from South Africa was introduced in 2017 with a special proof finish. Beginning in 2018 the mint began to produce and export these coins with a bullion finish.

The Silver Krugerrand design is derived from the famous gold bullion coin of the same name.

The obverse design features a left facing portrait of Paul Kruger. He was a politician and former President of South Africa who was important in helping the country to gain independence.

Of all the currently minted sovereign coins the silver Krugerrand is often priced the lowest. Make no mistake, these coins are the same purity of eagles but with a much better price.

Secondary Market American Silver Eagles

Investor demand for silver bullion is the highest it has been since the Hunt Brother’s tried to corner the silver market in the 1980s. The premiums for the upcoming release of the 2023 American Silver Eagle coin series are the highest they have ever been in history.

Some investors and stackers insist on only buying sovereign silver coins due to the assurance that comes with government mints. In the secondary market, when Silver Eagles are traded back to a dealer by an investor, they become available to buy, often as a significant discount over newly minted coins.

Many of these coins are backdated silver eagle coins that had been originally sold in the year in which they were minted.

In many cases, these coins may still be in brilliant uncirculated (BU) condition still in the original mint tube. It is most common that these coins will exhibit some type of minor imperfections such as tarnish. They may also include slight fingerprints or maybe some tiny scratches or imperfections from being handled. Each coin will always maintain its intrinsic value.

This does not have any impact on the monetary value or intrinsic value of the gold. Buying previous year silver eagles is one ways investors can save on premiums.

Canadian Silver Maple Leaf Coins

The Canadian Maple Leaf Silver 1 oz Coin is the number one alternative to the American Silver Eagle Coin. The Silver Maple Leaf coin was introduced by the Royal Canadian Mint in 1988 after much demand from investors.

Since the introduction of the silver coin into this series, the obverse of the coin displays well known portraits of Queen Elizabeth II. With her death in 2022 it is likely that future versions of the coin will be minted with an effigy of King Charles.

The Maple Leaf 1 oz Silver bullion coin is produced from silver that has been refined to the highest levels of purity. The precious metals used for these coins is sourced from Canadian mines and then refined to 99.99% purity (.9999 fineness).

The reverse of the coin has a very simple design of a national symbol of Canada, the sugar maple leaf.

Britannia Silver Coins

The Britannia series began began in 1997 with a fineness of .958 purity. It was a unique silver coin at the time of it debut and most mintages maxed out with 100,000 coins. The 95.8% pure silver is historically referred to as Britannia silver and it is most often used as a component in making musical instruments, particularly the flute and other woodwind instruments.

In 2013 the Royal Mint began minting the Britannia .999 fine silver coin that continues to be produced annually. This was also the same year that future mintages of this coin would be unlimited, allowing for the coins to be manufactured with a “mint on demand” model in place with other sovereign mints.

The obverse side is adorned with a well known portrait of Queen Elizabeth II. Since her death in 2022, it is assumed that coins beginning in 2023 will include a portrait of King Charles once his official coronation is complete.

2023 Britannia Silver Coins with the Queen obverse are already available and being shipped by dealers. It’s expected that the premiums will shoot up on these coins when the new effigy is introduced this year.

You can expect that these bullion coins sellout and will become extremely popular with enthusiasts and collectors of Royal Family memorabilia.

The reverse face contains the familiar Britannia mythical female warrior.

Previous year Britannia coins are a popular choice for those looking to buy a low premium 1 oz silver coin. The random year silver Britannia coins are bullion coin that are recognized for their .999 purity and legal tender backing.

Premiums are cheaper on previous year Britannia silver coins. Keep in mind that many bullion coins from the Royal Mint may show some milk spotting.`

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Modern History of Silver Coins in the US Economy

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Bag full of Junk Silver Quarters

Precious metals coins have been found by archaeologists and historians that date back thousands of years.

Historians and archaeologists from around the world have unearthed precious metal coins from cultures that vanished long ago. Many notable examples from China, India, Ancient Greece and Egypt are on display in museums.

Silver, Gold and other precious metals are found in natural deposits throughout the world. Coins minted from silver and gold have been valued, exchanged as the purest form of money since ancient civilizations.

The earliest known was the Lydians, an ancient Mediterranean civilization that has been discovered in part of modern day Turkey.

The Lydians are the first known culture to create coins from gold and silver. The earliest coins discovered were minted of an alloy similar to electrum. Electrum is a naturally occurring alloy containing gold and silver that also contains trace amounts of copper and other metals.

The Lydian stater coins have often been reported to be struck from this naturally-occurring alloy. However, modern analysis has shown that many were actually made from a specific and rather consistent alloy. A mixture of approximately 55% gold, 45% silver, and a small balance of copper.

In Ancient Greece, the silver drachma was the standard used for hundreds of years even into the early Roman Empire. Each drachma was minted with 4.3 grams of silver. the largest know, the Decadrachm contained 43 grams of silver.

Colonial times and long ocean voyages to the new world helped to establish a new routes for international trade. The economies of the Europe were funded by exploits gained through colonial expansion. Ships returning to Europe brought goods like sugar, corn and tobacco. The New World was also filled with treasures made from gold and silver.

Locally struck coins dating to as early as 1497 have been discovered at early settlements in the Caribbean.

The Spanish were the first to establish a mint in the New World in what is today in Mexico City. La Casa de Moneda was built by Spanish Colonial settlers in 1536 by order of King Charles I of Spain.

La Casa de Moneda has operated continuously as the oldest operating mint in North America. The flagship bullion coin is the Mexican Libertad Silver Coins which are minted on an annual basis.

Silver coins were also struck in mints established throughout the British colonies. The US Mint was established in Philadelphia in 1792 following the American Revolution.

Silver Coinage in the US economy

Silver is a store of value and wealth that has stood the test of time and technology. Silver was part of the bedrock that the American economy was built on. The Founding Fathers even included a mention of gold and silver in the Constitution.

Everyday Americans carried and used silver coins in everyday life for more than 173 years. Coins minted from alloys of silver were in circulation up until the 1960s.

Congress passed the Coinage Act of 1965. The passage of this act led to further debasement and ushered in the transitioned the dollar away from a gold-standard.

Prior to 1965, all dimes, quarters, half-dollar and dollar coins were 90% silver. Half dollar coins were debased to 40% silver in 1965. The final 40% silver coins intended for circulation were minted in 1970.

The debasement of the dollar and removal from the gold standard continued during Nixon’s first term as president.

For good reason, people began to horde old circulated silver coins. Sometimes old jars of these coins are found buried in someones backyard while doing renovations.

Today, these old circulated silver coins are referred to as Junk Silver. They are bought, sold, traded by investors, stackers, preppers, collectors. Having a few rolls or stacks of old silver coins provides some additional financial security. It’s easy to buy

Modern Silver Bullion Coins

In the late 1970s the Hunt Brothers manipulated prices in the silver market. Their manipulation led to the famed Silver Thursday event in 1980.

The price of silver was driven up to over $50 per ounce on January 18, 1980. At the time the Hunt Brothers were reported to have been holding over 100 million physical ounces at the time.

In response, COMEX created a new trading rule called the “Silver Rule 7”. The new rule suddenly forced the brothers into covering debt borrowed to finance futures contracts. The abrupt change of rules caused the price of silver to drop by more than 50% in just four days.

American Silver Eagle Coins

The US economy suffered through a three year long recession in the early 1980s. In 1985, Congress passed the Liberty Coin Act as a way to help restore faith.

The law established that the first coins were to be released the following year meeting specifications for composition. The US Mint debuted the 1986 American Eagle, minted from .999 fine silver with a design that remained for 35 years.

In 2021, the US Mint updated the reverse with a new design that was introduced part-way into year. There are two distinct reverse designs for the 2021 American Silver Eagle.

During the first part of the year, the coins continued to be minted using the existing design. The coins featuring the new reverse that shows an eagle grasping an olive branch with both talons.

Type 2 – Silver Eagle Design

Today, American Silver Eagle investment coins are considered to be the most widely trusted and recognized silver bullion coin worldwide.

The number of coins manufactured each year varies on demand from investors. The coins are minted based on sales. This helps the US Mint to implement a business model that allows for flexibility in scaling capacity.

Silver bullion coins are sold only to Authorized Purchasers who are approved US Mint. The wholesalers acquire freshly minted silver eagle coins from the mint at a fixed premium over spot price. The premium from the mint to wholesalers is $2.35 over the LMBA silver spot price.

The list of Authorized Purchasers includes investment banks and online bullion dealers APMEX and A-Mark. A-Mark is the parent company of well-known online bullion dealers including JM Bullion, Silver.com, Provident Metals and BGASC.

This year, it has been widely reported that the US Mint has been unable to keep up with investor demand. This is the first time in the 36 year history of minting bullion coins. High premiums at retail have led to some investors to buy generic silver bullion.

Manufacturing delays of planchets from private refineries forced the mint to cancel several eagerly anticipated releases.

The American Silver Eagle coin is only available in a one troy ounce denomination which has a $1 USD face value legal tender designation.

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Is It Time To Sell Silver?

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buy silver

Will this be the year to sell your silver investment?

Perhaps the most difficult part of collecting precious metals and coins is deciding when will be the best or most opportune time to cash out.  You have been patient, watching and waiting while values and markets go up and down.  But it is very difficult to guess what the price of silver will be in the future. Is now the time to sell silver?

It doesn’t matter if you are just at the beginning stages or have been a lifelong stacker. It is important to think about future divestment. When holding sterling silver flatware, jewelry or coins, trying to figure out when to buy or sell can be confusing. Many investors choose to own physical silver as a long term store of value for reasons of financial security. However, silver can also be a way to get quick cash should you need it.

What is my Silver Worth?

Precious metals trading activity happens in worldwide futures markets in New York, London and Singapore. The silver spot price fluctuates because of the commodities trading markets. The price is based upon buying a futures contract, typically for very large wholesale orders of at least 5,000 troy ounces.  You can find the today’s spot price on our website.

Silver is the affordable precious metal. It’s relatively easy to acquire more metal for the same amount of money.  One downside of silver is that it is not very portable.

For example, a Monster Box of Silver American Eagles (500 coins, 500 troy ounces) weighs roughly forty-two pounds. Imagine trying to carry that, along with all your other gear in a situation where you need to leave home quickly.

In comparison, you could easily carry $10,000 worth of gold in your pockets.

The premium over price for silver can also be higher than that for gold.  It’s typical to find premiums in the 1-4 percent range when buying gold. Silver is a different story.

Even though the Mint charges wholesalers only around $2.50 per coin to cover the cost of manufacturing and distribution, the dealer premiums over for 1-ounce Silver American Eagles was over $15.00 per coin during parts of 2023 due to production issues. As a result, many dealers are also paying record high returns on buy backs due to the shortages of these coins.

To calculate the value of your silver, add up the total number of troy ounces. Take into account any items that may have a lower purity, such as 90% junk silver coins or sterling silver, multiplying the weight of the item times the purity. Then multiply the total amount by today’s silver spot price and you have the estimated melt value.

Coins can carry a numismatic premium over their melt value, including government issued silver bullion coins. The amount of numismatic premium is determined at the time of sale.

Where Can I Sell my Silver?

There are typically four avenues to consider when choosing where to sell your silver. Knowing where you can get the best price for silver is important. Waiting until you need to sell can often lead to settling for a low payout. 

The easiest and quickest way to sell is to use a broker that is willing to exchange silver for cash or in some cases via direct deposit to your bank account.

Using a broker is not complicated and there are many different types of companies that deal in precious metals. It’s like that you are already familiar with some.

Online Bullion Dealers

Online bullion dealers are an excellent choice to consider when looking to sell silver. Virtually every online bullion dealer will make an offer to buy your silver.

In some cases, online bullion dealers will list their “buy back” prices directly on their website. This allows you to figure out a rough idea of what each piece in your collection is worth.

For some pieces, it can also be helpful to look at completed auction listings on eBay for pricing.

You will need to contact each dealer to get their requirements for packaging and shipping.

Each dealer has different requirements for shipping them your silver to sell, such as insurance requirements.

There are two other things to consider when selling your silver investment to an online bullion dealer.

The turnaround time can take a week or two before you get paid. This delay may not be important if you are selling for the best possible price.

It’s also important to ask if shipping insurance is included. Shipping insurance can add additional cost which eats into your profits. It’s good to know in advance if you will need to insure your silver from being lost in transit. Some people prefer to use USPS Registered Mail service.

It becomes a waiting game once your silver is in the mail. The first thing that the dealer will do is take an inventory and assay any pieces that may need it.

After the shipment is received and inventoried, the dealer will contact you with the amount they will pay. The dealer will most likely mail you a check once you’ve agreed upon an amount. Some dealers may offer to send you the money via ACH bank transfer.

The entire process, from selecting a dealer, to shipping and receiving your payment can take several weeks. This is not ideal if you’re in a situation and you need to liquidate your silver investment in a hurry.

Local Coin Shops

Local Coin Shops are one of the most ideal places to liquidate your silver investment. Most people think of these stores as only a place for numismatics and collectors.

Historically, coins have often been minted from gold and silver. So most coin shops are also in the business of trading precious metals with their customers on a daily basis.

In most cases, you won’t need an appointment or provide the Shop with any advanced notice. You can often just walk in with your silver and lay it on the counter. The clerk will inventory what you’ve brought and assay any pieces they may need additional confidence in.

Many Local Coin Shops have a similar pricing model for their buying and selling activity. They will often buy generic silver slightly below spot price. Typically $1 to $2 below the current silver spot price per ounce.

Before the pandemic, you could buy government items like American Silver Eagles slightly above the current silver spot price. Today’s premiums on silver eagles are still at unprecedented levels and you can usually expect to receive above the current spot price for sovereign government produced bullion products.

Numismatic and semi-numismatic items will fetch prices that are reasonable and based on their resale value. Dealers may also pay a better price on an item they know they can sell quickly.

eBay and Other Online Marketplaces

There are many bullion investors that shop eBay to buy silver bullion. Many are skeptical and cautious when using eBay due to the increase in counterfeit bullion sales. It is quite common to find counterfeit coin reproductions among the listings.

Most bullion buyers on eBay look to make their purchases through sellers with significant and recent positive feedback. Some reputable online bullion dealers such as APMEX, Bullion Exchanges, Liberty Coin often offer lower premiums through their eBay stores.

In addition to buyer skepticism, another major factor is to consider the fees charged. Final valuation fees on auctions can be as high as 13% of the winning price. On top of that, eBay requires sellers to accept only PayPal for payment. This can add an additional 4% in fees.

With combined fees as high as 17%, selling on eBay can be a losing proposition.

There are exceptions. eBay can often the best option when selling graded bullion, numismatic or semi-numismatic items that carry a significant premium.

Pawn Shops & “We Buy Gold” Stores

Local Pawn Shops and “We Buy Gold” stores have always been a place to sell your precious metals investments.

Keep in mind that these places are in business to make a tidy profit. They have overhead costs of operating a storefront, paying rent, utilities, employees, etc.

In many cases, the prices that they are willing to pay are significantly lower than other options. But if you’re in a hurry, these stores can quickly turn your precious metals into cash.

Conclusion – Is Now the Time to Sell Your Silver?

Ultimately, the right time to sell your silver depends on several factors. 

  • The current state of the precious metals market.
  • The value of your specific piece/pieces.
  • Finding the best place to sell.
  • and most importantly, your own financial plans, goals and ambitions.
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Tokenizing Gold Bullion Bars with Blockchain Technology

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cbdc blockchain for tracking gold bars

Public trust in government central banks and global banks continues to erode as the world economy staggers to recover from issues caused by the pandemic response.

Many central banks have begun working on CBDC projects as a means of implementing programmable and controllable currencies even though popular opinion opposes the implementation of the G7, WEF and BIS recommendations, further eroding trust in the bankers who have a long history of corruption.

One way that blockchain ledger technology can help enable public trust in central banks, governments and global banks is by providing a means of transparency into the asset being held on behalf of customers.

The Dubai Multi Commodities Center recently announced a partnership with Comtech Gold to create TradeFlow warrants using Comtech Gold Tokens (CGO) based on customers depositing gold in approved vaults.

Comtech Gold is built on the XDC blockchain network with each contract on the network being represented with one gram of pure physical gold.

The DMCC TradeFlow project is already backed by 122 kilo gold bars.

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NY Federal reserve launches CBDC “trial” on the heels of FTX collapse

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central bank digital currency

Several weeks ago, the New York Federal Reserve quietly launched a 12 week long trial of a CBDC “digital dollar” pilot program in partnership with global banking giants like Citigroup Inc, HSBC Holdings Plc, Mastercard Inc and Wells Fargo & Co.

The NYFR describes the project as an attempt to test the feasibility of using blockchain tokens and distributed ledger technology as a mechanism for settlement of liabilities.

This is one of many software and technology projects that the Federal Reserve Bank of New York has been developing through their New York Innovation Center.

The Biden administration has been attempting to take control over the digital assets markets through a combination of Executive Orders and enforcement with the hiring of 70,000 new IRS agents.

On March 9, 2022, Biden signed Executive Order 14143, titled “Ensuring Responsible Development of Digital Assets”.

Government agencies have been funding research projects at private institutions aimed at implementing a fully programmable digital currency such as those endorsed by the G7 and World Economic Forum (WEF).

What is the Federal Reserve New York Innovation Center?
The Federal Reserve Innovation Center is a group within the bank who’s mission is to collaborate on technology research, experimentation and prototyping with banking regulators, the banking industry, academia and international central banks, the Federal Reserve System, the Bank for International Settlements (BIS) Innovation Hub, academia, and the private sector through technical research, experimentation, and prototyping.

The team is chartered to generated insights into high-value central bank-related opportunities, enabling stakeholders and the central bank community to enhance the functioning of the global financial system.

Much of the G7 are following recommendations for CBDC systems endorsed by the WEF that are designed to be centrally controllable and programmable which is the opposite of having a decentralized blockchain.

Back in 2019, the General Manager of the International Bank of Settlements openly spoke about their intent to use CBDC to control which products citizens will be allowed to spend their digital dollars.

The Federal Reserve New York Innovation Center is likely following suggestions endorsed and suggested by the WEF, IBS, G7 and other organizations that have no absolutely no legal authority over the US economy or any other economy.

According to data provided by CBDCTracker.org, more than 60 countries are currently researching or launching pilot programs using CDBC blockchain ledger technology.

Many of the political rank and file in Congress reportedly received donations from FTX and affiliated crypto organizations in the run up to the mid-term elections.


Republicans in Congress have already announced their intent to hold hearings on the collapse of the FTX crypto exchange and into influence peddling by the White House.

In the current bankruptcy petition, the company discloses that it owes its top 50 creditors a total of $3.1 billion dollars but has yet to publicly disclose the list of names.

Shortly after signing EO 14143, former US President Bill Clinton and former UK Prime Minister Tony Blair were both guest speakers at the Crypto Bahamas Conference.


Private Gold Ownership in the United States

During the pandemic the US Mint sold more ounces of gold, silver and platinum coins than ever before.

As a result of the pandemic, private ownership of gold and silver is now the highest it has been since Roosevelt confiscated gold in 1933.

Looking at only cumulative bullion sales of the American Gold Eagle coin series, the US Mint has sold roughly 45.5 million troy ounces of gold eagles from 1986 until 2021.

So far in 2022, it’s reported that the US Mint has sold roughly 976,000 ounces of gold coins as of November.

There have been a variety of problems reported by the US Mint in recent years related to supply chain and planchets that have effected the production of both Gold and Silver bullion coins.

Many investors have been fleeing from the stock and crypto markets due to ongoing inflation, mass layoffs, rising interest rates and fears of a recession or worse. Millions of Americans continue to lose faith in the US economy as millions face layoffs the war in Ukraine drags on without any end in sight.

Buyers demand low premiums on gold and silver. Investors, preppers and many every day Americans continue to search for a safe haven investment as some lobby for a return to a gold-standard economy.

As of March 5 2021, the US Mint stores 147.3 million troy ounces of gold at Fort Knox, down from the highest highest historic gold holdings of 649.6 million ounces in December 31, 1941.

According to the US Mint more than 512.3 million troy ounces of gold has been removed from the Fort Knox Gold Repository since 1941.

According to weekly published reports by the Federal Reserve, roughly 20 million troy ounces is stored in the New York Federal Reserve system.

Monthly Gold Report data provided by the Department of Treasury shows 261,498,926.2 million troy ounces in their inventory, with roughly 147.6 million ounces being held in Fort Knox, 43.8 million in Denver, CO and 54.0 million in West Point, NY. The DoT reports gold holdings at the Federal Reserve to be around 13.5 million ounces.

Between 1941 and 2022, the Department of Treasury seems to have a discrepancy of roughly 388 million troy ounces of gold.

Maybe someone should be asking where did all the gold that was removed from Fort Knox go?

Blockchain Backed Gold Ownership

Many central banks that increased their gold holdings during the pandemic, including Russia, China and other BRICS nations are experimenting with blockchain technology and how it may be able to help their economy.

Bitcoin and other decentralized blockchain technologies are a perfect use case to establish trust amongst sovereign central banks and in developing and emerging nations to validate their gold, other precious metals and minerals holdings to allow for fair participation in world trade and wealth building.

The first mined Bitcoin’s Genesis block contains an encrypted message attached to the blockchain that reads, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” 

Cryptocurrency technology was created in response to the crash of the financial markets in 2008.

The purpose behind the bitcoin, cryptocurrency and blockchain movements have evolved over the last decade.

Most importantly, these technologies can enable trust for the banking and financial system that has been plagued by corruption and mistrust since Roosevelt helped the bankers at the Federal Reserve steal the gold from the American public in 1933.

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2022 Black Friday, Cyber Monday and other Holiday Bullion Deals

FindBullionPrices.com

The Holiday Season has become a time to stack some extra precious metals near the end of the year.

Putting some of your savings into a physical asset like silver, gold and platinum is a smart way to have some extra financial security with all the talk of a recession and other problems with the economy.

Already this year several online bullion dealers have announced early Black Friday deals.

Including at least one gold at spot price offer from SD Bullion.

With premiums on silver at their highest levels since the last financial crisis that started in 2011 it’s awesome to find some great deals this time of year.

With gold prices and premiums comparatively low, fractional gold is a great option for stacking in a small space.

More Spot Price Deals

Online Bullion Dealer Black Friday Week & Cyber Monday Offers

SD Bullion

10 Gram Gold Kinebar at Spot Price
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Weekly Precious Metals News and Gold Prices

FindBullionPrices.com

Gold, Silver and Platinum began trading higher in the lead up to the midterm elections.

There continues to be controversy surrounding the counting of votes in some states and precincts. Most mainstream media outlets have confirmed that the balance of power in the House of Representatives will shift across the aisle to the Republican party.

Gold prices surged leading into the midterm elections resulting from the state of the economy and the Biden administrations ongoing support for the war in the Ukraine.

Millions of Americans were already facing difficult economic times resulting from the lasting effects of problems caused by forced shutdowns and additional failed government policies during the pandemic.

The Biden Administration’s handling of the pandemic response is one of the leading factors that the mainstream media has blamed for the shift in control of congress to the Republican party following tabulation of election results.

The Federal Reserve and the Treasury continue their strategy of increasing interest rates in an attempt to bring down the rate of inflation.

Global commodities markets, particularly those involved in the trading of precious metals such as gold and silver, and those involved in petroleum, oil and natural gas, have been a lot of unexpected price swings and short selling as traders look for opportunities among the market chaos.

The latest CPI from the Bureau of Labor Statistics (BLS) shows that inflation and stagnant wage growth are two of the biggest ongoing problem for most working Americans.

October 2022 data released last week shows that all items index prices increased more than 7.7%, with the sharpest increases in food, housing, gasoline and fuel oil.

The price of fuel oil has surged to the highest peak since the 2008 Housing Crisis, leaving millions of underpaid Americans with concerns about how to pay for heat this winter.

The problems for the US economy continue to get worse as major companies announce mass layoffs to reduce their employee headcounts now that the midterm elections have been completed.

Crime continues to surge in major cities, particularly in States that are heavily controlled and governed by Democrats with growing homeless encampments and criminal gangs looking to exploit opportunities.

Bitcoin and crypto investors are beginning to realize that the current fiat based system that has been led by the Federal Reserve is not likely to provide the stimulus needed to bring about a full economic recovery in the short-term.
Many leading industry experts and executives have suggested that Blockchain technology can be implemented to assist central bankers with international trade and other economic growth with the support and agreement of foreign trade organizations that are backed by precious metals, particularly gold.

Representatives from countries that belong to the G20 are meeting this week in Indonesia to layout a strategy for global economic recovery.

Industry observers expect that many of the G7 countries will promote the use of CBDC as a mechanism to control the flow of digital and crypto currency between nations as a leading solution to the problems with the fiat and global credit system. https://www.kitco.com/news/2022-11-08/Gold-price-soars-on-short-covering-bargain-hunting-crypto-rumors.html

Financial experts continue to warn that the fallout from the FTX fiasco is likely to be bigger than the housing bubble and collapse that proceeded the recession and financial crisis that began in 2008

The collapse of FTX and the founder being investigated for related financial and election related crimes is beginning to shed some light on further corruption by government officials in the United States and Ukraine, with millions of dollars of military aid suspected of being laundered through various crypto exchanges being donated to hundreds of Democrat candidates and Soros funded lobbying organizations throughout the country.

Over the last few years central government banks have been adding tons of gold bars to their vaults while attempting to repatriate additional gold stored in foreign vaults. https://www.kitco.com/news/2022-11-08/Silver-holdings-in-London-vaults-drop-to-record-lows.html

Venezuela, which has had much of their gold reserves stored in vaults in the UK, United States and Canada, has been attempting to repatriate their gold bars since the Presidency of Hugo Chavez.

In 2012, Venezuela was able to repatriate some gold reserves, valued at roughly $9 billion at the time. Attempts to move an additional 14 tons of gold reserves in 2018 were refused by government officials in the United States due to economic sanctions against the Maduro presidency which continues to cause economic harm to millions of Venezuelans seeking asylum.

Global demand for gold and silver is stronger than ever, especially in Asia where gold is viewed as a store of family wealth.

The Perth Mint of Australia continues a record breaking year, with exports and sales of gold coins reportedly shipping more than 183,000 troy ounces of gold in October.

Random Year Canadian Maple Leaf 1 oz Silver Coins – available from Silver Gold Bull and other dealers from $30.29 per troy ounce.

The best price for Random Year Silver Eagle coins this week can be found on eBay.

Fractional gold bars maintain their popularity and intrinsic value with investors and stackers searching for some economic security. The most savvy investors use the Closest to Spot tools to find the best prices on fractional gold bars in sizes that range from 1 gram to 20 grams.