Apple Pushing a Proprietary Payments System for iOS

Apple, Inc. (NASDAQ:AAPL) have removed a number of Bitcoin-related iOS applications from their proprietary online App Store. While in some cases, Apple failed to even give a proper reason for their move, other app developers have received notifications from Apple , Inc. that Bitcoin payment functionality, in a stricter sense, needed to be removed for apps to stay “acceptable” for Apple’s platform. The measure taken by Apple, Inc. has resulted in the extinction of usable payment applications for Bitcoin on Apple iOS devices such as iPhone, iPad or iPod touch. Only a few apps that show just Bitcoin wallet balances...

Hidden in Plain Sight: a Truly New Economy, Web 3.0 and Virtual Currencies

With the economic crisis officially declared in 2008, and far from solved despite some conflicting news suggesting otherwise, there has been set in motion a more fundamental process of change with a potential to affect overall economics and world trade as fundamentally as the invention of the Letter of Exchange in medieval Venice or the concept of limited liability in 17th century maritime commerce. The emerging commercial vehicle is an array of virtual currencies. While actually experimented with since the late 1980s in the San Francisco Bay and other local areas, the latest generation of virtual currencies evolving are of...

Finland’s Central Bank Gold: Another Goner

The Finnish government had to admit on Wednesday that up to 25 metric tonnes of the country’s gold reserves may be lost. This translates to just over 50% of the country’s meager anyway total of 49 metric tonnes. An amount of “up to 25 tonnes” is said to have been leased out into the market by the Finnish central bank, a measure said to provide cash income for gold owning entities. These 25 tonnes equal — to the T — the amount of Finnish gold stored in the vaults of the Bank of England in London. Where gold has a...

Financial Crisis: Lessons from Cyprus for Everyone

Although officially “solved”, the Cyprus crisis is of significance to investors, savers and actually every private household in many countries. Seen as a “small scale” model scenario for a “real” crisis in the euro or, in fact, any paper currency worldwide, the handling of the Cyprus crisis offered very interesting reading and insight into how bureaucrats handle — or intend to handle in the future — any kind of lack-of-trust problem in the economy. Said German finance minister Wolfgang Schäuble: “Touching personal savings always is a very sensitive area, and we need to be very careful when doing so. In...

Gold, Silver Markets on the Up Again

With the recent breakout to the upside confirmed in both Gold and Silver markets and the current move gathering momentum, it appears likely that we are entering the next substantial leg upwards in precious metals. Watch for next week’s preliminary decision of the Constitutional Court in Germany though, the outcome of which may severely affect further goings-on around the troubled euro currency and could — even if just for a relatively short period of time — upset both European and wider international markets and, thus, might offer an additional short window of opportunity for getting long the market.

Currency Fear (Rightly) Continues

Hardly unexpectedly, physical gold and silver continue to be in demand and markets continue to be worried as the initial ‘euphoria’ about that Draghi commen has long been fading, with the euro falling back to lower levels against the US dollar and hitting new lows against European minors (current EUR-SEK 8.2450) as well as continued weakness against sterling (around EUR-GBP 1.2690). These appear to be the ‘more natural’ current levels — watch for more of that. Meanwhile, the popularity of US bonds seems to reappear with the benchmark 30-year US long bond back at the 149 level despite  the fact...

Silver Spot Apparently Finding Hard Floor

After recent downward action is coming to a halt, both silver and gold prices seem to be set for at least solid support around $26 and $1560 per ounce respectively. Speculative short positions are falling rapidly and are nearing historic lows comparable to early September 2001, just days before silver broke out to the upside. With similarly low net short positions observed in futures markets, a fresh upswing appears likely as physical demand will no longer be offset or squeezed by leveraged short selling. If silver resumes its rally, $50 per troy ounce may appear cheap, a bullion dealer added.

Jim Rogers Buying More Gold

Jim Rogers, chairman of Rogers Holdings and one of the most successful traders in the world, is Buying More Gold. Not only is Rogers buying gold, but he is buying physical bullion. Not gold mining stocks, not god ETFs but real, tangible gold. Just on his way back from the dealership in New York City, he presented a few gold coins from his pocket right on the table. Asked why these were all new, Rogers replied, “I don’t buy the collector side. […] In the world that might happen, where there’s so much chaos and turmoil, they’re not going to...