Swiss America’s
Gold News Daily
5.10.18 – Cash: The Last Vestige of Freedom
Gold last traded at $1,322 an ounce. Silver at $16.75 an ounce.
NEWS SUMMARY: Precious metal prices rose Thursday on geopolitical tension and weaker-than-expected inflation data. U.S. stocks traded higher, gaining a boost from tech stocks and the energy sector.
Gold firms as dollar rally pauses, geopolitical tensions simmer –Reuters
“Gold rose on Thursday as the dollar edged away from 2018 highs after weaker than forecast U.S. inflation data and as simmering tensions between the United States and Iran lent the precious metal further support. The dollar slipped from a 4-1/2 month peak after U.S. data showed the consumer price index rose 0.2 percent in April versus forecasts for a 0.3 percent increase. Also helping gold, viewed as a safe-haven investment, was U.S. President Donald Trump’s move on Tuesday to withdraw from a nuclear accord with Iran, raising the risk of conflict in the Middle East. Israel said on Thursday that it had attacked nearly all of Iran’s military infrastructure in Syria after Tehran fired rockets at Israeli-held territory for the first time. ‘We’ve seen a (dollar rally) in the last few weeks, but actually gold hasn’t gone down as far as you might think, so political tensions are helping,’ said Macquarie commodities strategist Matthew Turner….North American gold-backed exchange-traded funds registered inflows in April at their highest level since September 2017, with safe-haven purchases ushered in by a trade stand-off between the United States and China, Syria tensions and worries about possible U.S. sanctions on Russia.”
A Cashless Society – It is Coming –Gold Telegraph
“You love your credit cards, right? Handy and easy, you just whip it out and purchase whatever you want. No cash; no hassle. And everyone makes it so easy for you Before you bask in all this convenience, consider just who is gaining from this war on cash. The banks, of course, are charging as many fees as they can think of. More importantly, your cash card leaves a wide data trail detailing your buying preferences, used by merchants and advertisers to entice you into more buying…Cash offers the ultimate in privacy….No one, however, discusses the insidious dangers inherent in the move toward a cashless society. One of the largest perils is that it all but eliminates financial prudence. You’re not handing over cash, but a mere card. The psychological difference is enormous….Cash transactions are declining globally, and the poorest members of society are feeling the backlash. Approximately 7 percent of Americans do not have bank accounts, and the number of homeless has increased for the first time since 2010. The lack of cash has marginalized those who are most vulnerable….Cash in hand has always represented freedom, and that is now being eroded at an alarming rate. Private, legal transactions will become illegal or impossible in a cashless society when every financial transaction is being monitored and scrutinized. Without cash, people become purely dependent on big banks. What happens when the banks fail? During times of crisis, banks could shut their doors and prevent depositors from accessing their money….Banks and governments are amassing the ultimate power by gradually removing the last vestige of freedom – cash. Those who are ready to give up their cash will surely pay the price.”
Learn what your must do now to protect your freedom and privacy in our FREE Special Report: THE SECRET WAR, PART II: Weapons of Cash Destruction.
Australia Bans Payments Over $10k, Unleashes “Mobile Strike Teams” In War On Cash –Zero Hedge
“As Australia struggles to maintain its unprecedented 104-quarter-long streak of uninterrupted economic growth, lawmakers are intensifying the country’s ‘war on cash’ – ostensibly part of a crackdown on ‘criminal gangs’ that are smuggling drugs and/or people into the island nation and companies that are trying to cheat their taxes. Australia’s government has introduced an economy-wide payment limit of $10,000 for transactions conducted in cash, which, according to News.au, will help (in the aussie slang) ‘keep dishonest tradies and businesses from rorting the system by taking cash in hand.’ From July 1, 2019, cash payments of more than $10,000 made to businesses for goods and services will be banned as the Turnbull Government seeks to crack down on the $50 billion ‘black economy.’ The law was purportedly inspired by instances of large purchases – yachts, sports cars and other luxury items – being made in cash and the tax not being reported….Meanwhile, Australia’s federal law enforcement are setting up a hotline for people to call in and ‘dob on their neighbors’ who are violating the cash payments rule….Of course, while the government says its new system is targeted at criminals, we suspect there might be an ulterior motive: Given the rash of foreign investment that has propped up Australia’s housing and asset markets, the government is merely trying to stop a flood of capital from leaving the country – particularly now that rising interest rates in the developed world are making its bonds and currency less attractive by comparison.”
Gold is beating the stocks so far this year –Holmes/Business Insider
“Gold was up half a percent year-to-date through last Friday. This doesn’t sound very exciting, but over the same period, the S&P 500 Index was in the red – the first time in nearly a decade that stocks have been negative for the year through the beginning of May. The yellow metal is doing the one thing for which many investors have it in their portfolio – namely, it’s trading inversely to the market. This highlights its longstanding role as an attractive diversifier and store of value. Gold has been under pressure from a strengthening U.S. dollar, and May has historically delivered lower prices. As I’ve pointed out before, this makes it an ideal entry point in anticipation of a late summer rally before Diwali and the Indian wedding season, during which gifts of gold jewelry are considered auspicious. Demand in China for the remainder of the year also looks promising….Looking ahead, it’s estimated that India will have a ‘normal’ monsoon season this summer. This is good news for gold’s Love Trade. A third of India’s gold demand comes from rural farmers, whose crop revenues depend on the rains from a healthy monsoon….In China, the world’s largest importer of gold, jewelry demand rose 7 percent in the first quarter to 187.7 metric tons, a three-year high…fears of a potential trade war with the U.S. could be driving Chinese investors into safe haven assets, including gold bars and coins.”
RealMoneyBlog – Free daily/weekly email
THE FUTURE OF MONEY, Swiss America’s 36th Anniversary issue of REAL MONEY PERSPECTIVES discusses the biggest wildcards to prepare for in 2018, cryptocurrency mania and why gold and silver are the safest forms of wealth insurance.
Other features include: * a 2018 economic outook * Bitcoin’s future * When you should file for Social Security benefits * Eight axioms to understand the fake economy and more… Request a FREE copy HERE
Latest Feature Commentary
2018: Year of the Bubble?
By Craig R. Smith, Chairman, Swiss America – Today a growing number of highly respected business leaders, such as Bill Gates and BlackRock CEO Larry Fink, are recommending urgent preparation for a major drop in the U.S. stock indexes. In March, Bank of America analysts warned that 13 of 19 Bear Market indicators for stocks have now been triggered. More…
A Cashless Society – It is Coming –Gold Telegraph
